NEW YORK, Dec. 10, 2018 /PRNewswire/ --The Well Intervention market is projected to grow at a CAGR of 5.35%, from 2018 to 2023.
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The Well Intervention market is projected to reach USD 11.0 billion by 2023 from an estimated USD 8.5 billion in 2018, at a CAGR of 5.35%. This can be attributed to the growth of the technological developments in the oil & gas industry. Increasing demand for well intervention in subsea and discoveries of new oilfields offer promising business opportunities for the growth of the well intervention market. The strict environment regulations on E&P activities can act as a restraint for Well Intervention market.
The Stimulation segment is expected to dominate the Well intervention market from 2018 to 2023.
The Stimulation segment held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period.It is majorly driven by the increasing demand for hydraulic fracturing & matrix treatments.
These services are performed to restore and enhance the production of a well that is hindered by skin formation near the wellbore area.This is a frequent problem in producing wells.
There are two types of remedial stimulation methods: hydraulic fracturing and matrix treatments. The demand for hydraulic fracturing is increasing in the Americas, making it a lucrative market.
Offshore segment is expected to be the fastest growing segment in Well intervention market during the forecast period.
The Offshore segment led the Well Intervention market in 2018 and is expected to be the fastest growing market during the forecast period. This growth is majorly driven by increasing deep water drilling and production activities and by the increasing number of maturing subsea wells.
North America: The fastest growing market for Well intervention.
North America is expected to be the largest market for Well intervention in 2023 and is projected to grow at the highest CAGR, during the forecast period.The market growth is driven by investments in the power generation and oil & gas sectors.
The region has abundant reserves of hydrocarbons and is one of the leading petroleum producing regions in the world.The Middle East is the primary exporter of oil & gas globally, mainly to Asian countries such as China and India.
In January 2016, the oil export sanctions on Iran were lifted, allowing the country to export oil, which led to an increase in E&P activities, further leading to a rise in oil production.Moreover, as per the Baker Hughes' International Rig Count December 2017, there was a considerable drop in the rig count in 2016 compared to that in 2014 and 2015.
These developments would trigger the growth of the Well intervention market in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 70%, Tier 2- 20%, and Tier 3- 10%
• By Designation: C-Level- 50%, Director Level- 20%, and Others- 30%
By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, Middle East & Africa- 13%, and South & Central America- 11%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The leading players in the Well Intervention market include BHGE (US), Halliburton (US), Schlumberger (US), Weatherford (Switzerland).
Research Coverage:
The report defines, describes, and forecasts the global Well Intervention market by intervention type, service, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Well Intervention market.
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this market information on the closest approximations of the revenue numbers for the overall Well Intervention market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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