Published Date : Aug 08, 2016
Albany, NY, Aug 08, 2016: MarketResearchReports.biz has added a new report on the global well intervention market to its online repository. As per the report, the demand for energy has been growing, especially in the U.S., which has been driving the exploration and production (E&P) activities. Maturing wells and the expansion of new oil fields has driven the global well intervention market.
The report, titled ‘Global Well Intervention Market (By Service, By Application, By Region): Opportunities And Forecasts (2016-2021)(By Service - Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Sand Control Services, Re-Perforation, Remedial Cementing, Zonal Isolation, Artificial Lift, Fishing: By Application - Onshore & Offshore: By Country -USA, Saudi Arabia, China, Nigeria, Russia, Brazil),’ states that the global market is predicted to exhibit a steady CAGR of 4.34% from 2016 to 2021. The rising demand for crude oil is the primary factor responsible for the growth of the global well intervention market.
Aging of wells result in the reduction in the productivity of numerous oils and gases. This will hamper the global well intervention market, predict the analysts. However, the market is expected to benefit from the rising preventive steps taken by well owners to control the aging of wells.
On the other hand, strict government regulations regarding water contamination, oil and gas leakage, public health, and environmental health are a key factor expected to challenge the global well intervention market in the coming years.
Well intervention finds application in offshore as well as onshore activities. Among the application segments, the offshore well intervention segment is expected to be the dominant segment owing to the rising discoveries of offshore petroleum reserves.
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Logging and bottom hole survey, tubing/packer failure repair, stimulation, sand control services, re-perforation, remedial cementing, zonal isolation, artificial lift, and fishing are some of the vital services comprised under well intervention. The logging and bottom hole survey segment is currently dominating the global market for well intervention, followed by the stimulation services segment.
For a detailed competitive reports, the analysts have regionally divided the global well intervention market into the Middle East, Africa, Asia Pacific, North America, Europe, and South America and Central America. The global market is primarily driven by the rising demand for well intervention in Asia Pacific and Africa. Going forward, North America is predicted to be the largest market for well intervention. However, the South America and Central America well intervention market is also expected to register a moderate growth rate through the forecast period.
Schlumberger, Baker Hughes, Halliburton, Nabors Industries Ltd., Archer The Well Company, Aker Solutions ASA, FMC Technologies Inc., Helix Energy Solutions Group Inc., and Weatherford International Ltd. are some of the key organizations listed in the report on the global well intervention market.
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