Global Well Intervention Market to Expand With 4.1% CAGR Through 2026

SELBYVILLE, Del., November 27, 2019 (Newswire.com) - ​According to the latest research report titled ‘Well Intervention Market Share, Size, Trends, & Industry Analysis Report, By Service (Logging & Bottom Hole Survey, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control Services, Artificial Lift, Fishing, Re-perforation); By Intervention; By Application, By Regions: Segment Forecast, 2018 – 2026’ available at MarketStudyReport.com, the global well intervention market is expected to grow with a CAGR of 4.1% through the year 2026.

Well intervention services include lubrication and cooling of drill bits, maintenance of wellbore stability, removal of cuttings from wellbore, formation pressure control, well control and sealing of permeable formations during drilling. Rising environmental concerns, coupled with unique requirements of rigs and wellbores are boosting the demand for these services, thereby propelling the growth of well intervention market.

As per the report, the global well intervention market was worth US $8.53 billion in 2017. An increasing population leading to a rising demand for energy and rapid industrialization have encouraged numerous exploration activities. This factor, along with various deep-water discoveries are fueling market growth.

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Moreover, the focus of service providers towards developing new solutions using nanotechnology to address environmental challenges, in consort with the introduction of high-performance equipment like rotary steering drilling systems, reservoir analysis & navigation services, disintegrating drilling plugs, and formation evaluation services will further augment outlook for the well intervention market.

Based on type of service, the well intervention market is classified as remedial cementing, logging & bottom hole survey, sand control services, stimulation, zonal isolation, re-perforation, artificial lift, and fishing while as per application spectrum, the industry is divided into onshore and offshore.

Considering the regions, the global well intervention market is analyzed for five main geographies, namely, Asia-Pacific, North America, Latin America, Europe, the Middle-East and Africa.

The key companies of well intervention market profiled in the report are Trican Well Service Ltd., C&J Energy Services, Inc., Cudd Energy Services, Superior Energy Services Inc., Archer Limited, Calfrac Well Services Ltd., Halliburton, Schlumberger Limited, Weatherford International Inc., and Baker Hughes.

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Question & Answer: Well Intervention Market

Question 1: Why is the well intervention market displaying robust growth?

Answer: A booming population leading to rising demand for energy and rapid industrialization have encouraged numerous exploration activities. This factor, along with various deep-water discoveries are fueling the market growth. Moreover, the focus of service providers toward developing new solutions using nanotechnology to address environmental challenges, in consort with the introduction of high-performance equipment like rotary steering drilling systems, reservoir analysis & navigation services, disintegrating drilling plugs, and formation evaluation services will further augment the outlook for the well intervention market.

Question 2: What was the valuation of the well intervention market in 2017?

Answer: The global well intervention market was worth US $8.53 billion in 2017 and is expected to grow with a CAGR of 4.1% through the year 2026.

Question 3: How is the well intervention market segmented for analysis?

Answer: Based on type of service, the well intervention market is classified as remedial cementing, logging & bottom hole survey, sand control services, stimulation, zonal isolation, re-perforation, artificial lift, and fishing while as per application spectrum, the industry is divided into onshore and offshore.

Question 4: Which companies define the competitive landscape of the well intervention market?

Answer: The key companies of the well intervention market profiled in the report are Trican Well Service Ltd., C&J Energy Services, Inc., Cudd Energy Services, Superior Energy Services Inc., Archer Limited, Calfrac Well Services Ltd., Halliburton, Schlumberger Limited, Weatherford International Inc., and Baker Hughes.

Related Report:

Global Enhanced Oil Recovery (EOR) Market 2019-2024

A comprehensive research report created through extensive primary research (inputs from industry experts, companies and stakeholders) and secondary research, the report aims to present the analysis of Global Enhanced Oil Recovery Market. The report has analyzed the Enhanced Oil Recovery Market by Method (Thermal, Gas Injection, Chemical) and By Application (Offshore, Onshore). The Global Enhanced Oil Recovery Market has been analyzed By Region (North America, Latin America, Europe, Asia Pacific, MEA) and By Country (US, Canada, Rest Of North America, Mexico, Brazil, Rest Of Latin America, Russia, Rest Of Europe, China, Indonesia, Rest Of Asia Pacific, Qatar, Kuwait, Algeria, Nigeria, Rest Of MEA) for the historical period of 2014-2018 and the forecast period of 2019-2024.

The Global Enhanced Oil Recovery Market was valued at USD 11.60 Billion in the year 2018. Key factors for the high demand of Enhanced Oil Recovery include an upsurge in the number of aging and mature wells, an increase in deepwater drilling activities and the rising number of offshore projects. Moreover, the growing economies of underdeveloped nations as well as a rise in demand for global energy, product performance and durability will boost the demand for Enhanced Oil Recovery in the future period. The Global Enhanced Oil Recovery market has gained importance as increasing consumption requirements influence the exploration of already matured oilfields. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences, and growing concerns to reduce greenhouse emissions and the overall strength of the economy.

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