According to IMARC Group’s latest report, titled “Well Intervention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global well intervention market reached a value of US$ 7.1 Billion in 2020. Well intervention is an operation performed on oil and gas wells to improve or restore their production. It is carried out by mobile offshore drilling units (MODU) or light or medium intervention vessels. Some of the common types of well intervention operations include pumping, slick line, braided line, snubbing, workover, and tubing. Well intervention aids in removing debris and preventing sand, paraffin, and hydrates from falling into the well.
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The growing demand for crude oil and gas due to rapid urbanization and industrialization is majorly driving the global well intervention market. In line with this, the emergence of new oilfields and revitalization of conventional brownfield is fueling the market growth further. Moreover, the introduction of initiatives, such as the provision of customized packages to well operators to enhance output and reduce production cost, is creating a positive outlook for the market. Furthermore, governments of various nations are implementing and providing tax relaxations to the oil and gas industry, which is strengthening the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Aker Solutions
- Archer Limited
- Baker Hughes Company (General Electric)
- China Oilfield Services Ltd. (China National Offshore Oil Corporation)
- Expro Group
- Halliburton Company
- Schlumberger Limited
- Scientific Drilling International Inc.
- Superior Energy Services Inc.
- Weatherford International Plc.
Breakup by Service Type:
- Logging and Bottomhole Survey
- Tubing/Packer Failure Repair
- Sand Control
- Zonal Isolation
- Artificial Lift
Breakup by Well Type:
- Vertical Well
- Horizontal Well
Breakup by Application:
- Onshore Applications
- Offshore Applications
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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