According to a recently released Fact.MR report, the global market of well intervention reached an estimated value of nearly US$ 6 billion in 2017, and is likely to expand at an impressive 6% value CAGR during the 2018-2026 period. Heavy investments in discovery of new oilfields reserves on the account of rapid depletion of existing reserves and incessant demand for oil and gas are anticipated to translate into the growth of well intervention market. Growing at a predicted CAGR of 6.4% during 2018-2026 period, the North America well intervention market may earn high traction on the back of technical advances along with a surge in exploitation of unconventional oil reserves.
Increasing Offshore Exploration and Production (E&P) Activities to Impact Well Intervention Market Growth
Depletion of onshore oil and gas assets and declining shallow water resources have spurred technical advances that enable offshore exploration and production in deeper environments, which may largely contribute to the demand for well intervention solutions and services. Rising subsea well counts and the need to improve recovery rates from developed fields are likely to be the key factors driving the growth of well intervention market. Further, escalating demand for energy has led to increasing expenditure in various oil & gas assets including shallow, deep, and ultra-deep water which may fuel the growth of well intervention market.
The global market of well intervention is likely to gain high traction in the near future, with many E&P companies and oilfield operators shifting their investments and exploration efforts toward offshore assets to uncover large discoveries. So far, over 70% of new discovered are deemed to be found in offshore areas.
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North America to Account for Relatively High Revenue Share in Well Intervention Market
North America was registered to be the largest market of well intervention in 2017, contributing a total revenue of more than US$ 3 billion, and the trend is likely to continue during the assessment period. The North America well intervention market is anticipated to be concentrated in the United States which has drilled over 14,000 wells in 2016 and is envisaged to explore more field wells in the years to come.
Scaling Demand for Light Well Intervention Fosters Market Expansion, Coiled Tubing Services Take the Center Stage
Light well intervention is projected to lead the overall market, holding more than half of the share in 2017, followed by the segment of medium wells. In 2016, over 6,000 subsea well existed worldwide; pressure to enhance oil recovery rates from wells are expected to propel the demand for subsea light well intervention services in the near future. In addition, advances in technologies have significantly reduced the intervention cost by nearly 50%-60% as compared to drilling rigs, which is expected to be highly impactful on the growth of light well intervention market. Apart from being a cost-effective alternative, light well intervention enables more operations, resulting into better repair and exploration of subsea wells. This, in turn, will continue to complement the future expansion of well intervention market.
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Coiled tubing services have gained speedy momentum for their efficient and reliable intervention for different types of wells including live, horizontal, vertical, and highly deviated wells. In addition to rising scope of application, coiled tubing services are mostly sought-after for their ability to improve well and reservoir performance, which will remain one of the important factors to accelerate the overall growth of well intervention market.