The Market is expected to grow at a CAGR of XX % from USD XX Billion in 2015 and reach USD XX Billion by 2021. Continuous depletion of oil reserves and increasing demand for oil all over the world, have created a huge market potential for well intervention. The global oil demand is forecasted to reach 96.9 million barrels per day by 2020.
Well intervention operations are carried out during the lifetime of an oil well with the aim of improving production, carrying out repairs or for well maintenance. Rapid urbanization and industrialization are also pushing up the demand for energy globally. This growth in energy demand is a major motivation for the oil and gas industry as a whole. Meeting the growing demand requires an enhancement of production, which is again giving the well intervention market a good push forward.
The well intervention market is hindered by concerns regarding damage to the environment that well intervention processes cause. There are concerns regarding the impact of chemicals used in well stimulation processes like hydraulic fracturing on drinking water, and these result in opposition to such processes from governments, local communities, and environmental protection agencies alike. The volatility in oil prices is another major factor that has negatively affected the market for well intervention, but since well intervention is required for the maintenance and production enhancement of existing oilfields as well, the impact of this factor is not too drastic in the case of well intervention as it is in other fields of the oil & gas industry.
North America and South America together account for almost 40% of the total market. In spite of an economic slowdown in China, the demand for oil and gas is growing in the Asia-Pacific. This factor has been key in driving the demand for well intervention activities in this region.
This report studies the global offshore and onshore markets for well intervention. The market is divided based on operation into well stimulation, fishing, logging & survey, and well plugging & abandonment markets among others. Based on the type of service, the market has been divided into wireline services market, coiled tubing services market, and snubbing/hydraulic workover market among others.
The major companies active in the well intervention market include Schlumberger, Baker Hughes, Halliburton, and Weatherford among others.