During some point in the lifecycle of oil and gas wells, parts require maintenance, repair or replacement. Well intervention or well work involves operations carried out to alter, manage or diagnose the well health in order to extend its life. Few oil and gas wells yield uninterrupted production however, in wells moving parts and seals wear out, tubular develops leaks, sensors fail or formation pressures declines. Well intervention is the only tool to diagnose the situation to address this problems. It can be carried out on any gas or oil well during or at the end of its productive life.
Factors driving the global well intervention market include upsurge in demand for energy, increase in the production of oil & gas, and latest innovations in well interventions. Availability of rich hydrocarbon reserves irrespective of onshore and offshore basins and high dependence of numerous economies on the oil and gas industry are anticipated to propel the market in the near future. Emerging regions are expected to witness considerable development in the oil and gas fields, which will drive the need for well intervention services. Stringent government regulations regarding oil & gas leaks, water contamination, and environmental & public health is one of the major factors restraining the market. Increase in focus on renewable energy is also a key restraint inhibiting the well intervention service market.
Based on various services offered during well intervention, the market can be categorized into Coiled Tubing, Slickline, Thru-Tubing Intervention, Wireline Cased Hole Intervention, Subsea Landing String Intervention, Fishing, Sidetracking Whipstocks, Stimulation, and Comprehensive Plug and Abandonment Systems. Coiled Tubing and Slickline are expected to dominate the market while simulation services will show the highest growth rate.
In terms of process employed, the global well intervention service market can be bifurcated into light well intervention and heavy well intervention. Light well intervention process can be carried out in live wells without interrupting the production process. While, in heavy well interventions, the rig crew stops the production process before making any major changes in the equipment. Slickline, wireline cased hole intervention, and coiled tubing are examples of light well intervention services. Subsea landing string intervention is an example of heavy well intervention service. The costs and risks involved in light well intervention are lower than that in heavy well intervention. This is expected to significantly which enables the light well intervention segment to expand significantly during the forecast period.
Based on application, the global well intervention service market can be bifurcated into onshore and offshore. Due to availability of many subsea wells and easy mobility on offshore rigs, the offshore well intervention service market is anticipated to show the highest growth during the forecast period owing to the increasing Exploration & Production (E&P) activities in the offshore environment while onshore will cater to most of the demand of well intervention service market.
Based on region, the global well intervention service market can be divided into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America dominates the market due to untapped oil and gas reserves, increase in offshore drilling activities, and presence numerous shale gas reserves. Middle East & Africa is expected to drive the well intervention service market. Africa is anticipated to be one of the fastest growing well intervention service markets owing to the increased oil production activities in Nigeria. Recent developments in offshore activities such as rise in oil production in the Middle East countries such as Qatar and Iran is estimated to drive the market in the near future.
Key players operating in the global well intervention service market include, Schlumberger, Halliburton Company, Baker Hughes Incorporated, Expro International Group Holdings Limited, WISE Intervention Services Inc., Weatherford International, Superior Energy Services, PLC, Aker Solutions, AKOFS Offshore, Hunting Energy Services Inc., and ALTUS Intervention.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.