Well Intervention Market Expected to Reach $15.3 Billion by 2030

According to a new report published by Allied Market Research titled, “Well Intervention Market by Service, Intervention Type, Well Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the well intervention market size was valued at $8.7 billion in 2020, and is projected to reach $15.3 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. Well intervention is the operation or work referred to increase in the production of oil and gas wells by performing various types of services on oil and gas wells. According to Schlumberger, mature oilfields account for up to 75% of the total oil production across the globe. Thus, it is expected that there will be rise in demand for well intervention to enhance the productivity and efficiency of wells. Different types of well interventions services performed on wells include slickline & wireline intervention, subsea intervention, coiled tubing interventions, hydraulic workover interventions, remedial services, stimulation, and others.

Significant development of the end-use industries, such as mining, manufacturing, offshore, automotive, and building & construction, and others, is fueling the demand for oil and gas products, which, in turn, is expected to drive the growth of the well intervention market during the forecast period. In addition, increase in demand for enhancing the production of oil & gas by oil & gas companies to fulfill the increasing demand is driving the growth of the market, globally. However, implementation of stringent government regulations toward environmental pollution from burning of conventional fuels and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the coming years.

Depending on service, logging and bottomhole survey segment held the highest market share of about 43.1% in 2020, and is expected to maintain its dominance during the well intervention market forecast period. This is attributed to rise in number of active rigs and flexibility of conducting logging and bottomhole survey during drilling, completion, production, and in case of shut-in. In addition, rise in awareness toward maintenance and recovery of aged & abandoned oil wells to enhance the production is anticipated to propel the market growth from 2021 to 2030.

On the basis of intervention type, light segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to benefits associated with light well intervention such as reduced intervention time and cost of intervention services.

In addition, rapid growth of mature oilfields across the globe increases the need for well intervention to enhance the production of wells, which is expected to fuel the growth of the market during the analyzed time frame.

On the basis of well type, vertical segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in exploration & production activities and vast presence of vertical wells across the globe. In addition, rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with well intervention of vertical wells, such as low cost, and increased productivity, are the factors expected to fuel the well intervention market growth in the coming years.

On the basis of application, the onshore segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 60.9%. This is attributed to effectiveness of onshore well intervention as compared to offshore wells and rise in number of mature onshore oil wells across the globe. In addition, rise in onshore sites propels the market growth, as onshore sites are easily operatable and it takes less years for production in comparison to offshore. Moreover, 70.0% of the world’s oil and gas come from onshore sites, which notably contributes toward the growth of the well intervention market.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America garnered the dominant share in 2020, and is anticipated to maintain this dominance in well intervention market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.

In addition, rise in number of new exploration fields, improvements in shale oil in North America, and rise in well intervention services in onshore oilfields to enhance the productivity are anticipated to fuel the growth of the global well intervention market during the analyzed time frame.

The global well intervention market analysis covers in-depth information of the major well intervention industry participants. The key players operating and profiled in the report include Altus Intervention, Archer, Baker Hughes Company, Halliburton, Helix Energy, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.

Other players operating in the value chain of the global market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, Hunting Energy Services, and others.

COVID-19 impact on the market

The global well intervention market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including conventional fuels. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in well intervention production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global well intervention market.

Key Findings Of The Study

• In 2020, the logging and bottomhole survey segment accounted for about 43.2% of the share in the global well intervention market, and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the light intervention segment accounted for 60.7% well intervention market share in 2020, and is anticipated to grow at a rate of 5.3% in terms of revenue, increasing its share in the global market.
• In 2020, the horizontal well segment accounted for about 55.7% of the share in the global well intervention market, and is expected to maintain its dominance till the end of the forecast period.
• Offshore accounted for 60.8% market share in 2020, and is anticipated to grow at a rate of 5.5% in terms of revenue, increasing its share in the global well intervention market.
• Offshore is expected to grow at the fastest rate, registering a CAGR of 6.2% during the forecast period.
• In 2020, North America dominated the global well intervention market with more than 33.0% of the share, in terms of revenue.