Bizizz Market Research has recently published a research report, “Well Intervention Market by service type (Logging & Bottomhole survey, Tubing/Packer failure & repair, Stimulation, Sand Control, Zonal Isolation, Artificial Lift, Fishing, Re-perforation, Others), by intervention type (Light, Medium, Heavy), by application (Onshore, Offshore), by well type (Horizontal, Vertical) and by Region – Global Industry Demands Estimation & Forecast 2019-2027”.
As per the report, Global Well Intervention market was valued at US $ 8.8 Bn in 2018 and is anticipated to reach a market value of US $ xx Bn by 2027, witnessing a CAGR of 5.8% during the forecast period. Key drivers of the market are high investments in tasks related to oil and gas to increase production, high energy demand, high emergence of oil fields. Factors such as high investments in the upstream sector, new offshore well drilling operations, continuous shale developments are expected to boost the growth of the market.
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By Application, The Offshore Segment Is Expected To Grow At The Fastest Rate During The Forecast Period.
The offshore segmented is expected to grow at rapid pace during forecast period owing to new oilfield discoveries in ultra-deepwater and deep-water offshore locations. Ultra-deepwater is expected to grow at fastest rate as compared to deep-water segment. Moreover, new oilfield discoveries are expected to boost the drilling operations in various geographies such as North America and Africa. These developments are expected to boost the growth of offshore segment during the forecast period.
By Region, North America held For A significant Share in Global Well Intervention Market in 2018
North America accounted for a maximum share and is expected to remain dominant during the forecast period owing to ongoing shale gas revolution in the region. The growth is attributed to increasing production activities in the region. Asia Pacific and Africa are the regions with a significant share, owing to increased use of intervention services. Companies such as ExxonMobil, Apache, Total, Chevron, also have a good presence in North America. This creates better opportunities for oilfield services in the region.
The Global Well Intervention Market is moderately consolidated with key players holding significant share in global market. Schlumberger and Halliburton are the leading players in the market. This is followed by various other players such as Oceaneering, NOV, Weatherford, Hunting Energy Services, Altus Intervention, Superior Energy Services, C&J Energy Services, TechnipFMC, Welltec, Deepwell AS, among others. Leading companies in the market are following various strategies such as new product launches, acquisitions, expansion in the market. For instnace, BHGE launched expanded its facility in Angola to manufacture, repair and service equipment across its companies. This facility would help provide mobilization and faster response to customer sites. In June 2019, Expo had launched two well access solutions, Riserless Well Intervention & Intervention Riser System
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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