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Well Intervention Market for Onshore Applications to grow at a CAGR of 6% from 2018 to 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-27 

Well Intervention Market size is set to exceed USD 18 billion by 2024.growing number of matured oil fields coupled with rising concerns toward depletion of conventional reserves will foster the well intervention market. Ongoing development of urban areas across the emerging economies along with rising demand for petroleum products will propel the industry growth. In addition, rapid technological advancements across the oil field services sector will enhance the technology adoption. 

Indonesia market will surpass USD 350 Million by 2024. Increasing need toward revitalizing of aging oil fields on account of escalating demand for crude oil will boost the industry growth. In addition, the changing regulatory scenario along with introduction of favorable policies by the government authority will positively influence the technology adoption. Upsurge in investments toward development of advanced technologies to enhance the production from maturing fields will further compliment the business landscape. 

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Favorable regulatory policies toward the development of deep and ultra-deep drilling projects coupled with expansion of subsea production systems will propel the offshore well intervention market. In addition, the availability of large volume of offshore reserves across the Northern Continental Shelf (NSC) and Persian Gulf will encourage the technology adoption. 

High well intervention market will witness gain of over 7% by 2024. Increasing investments toward exploration and production activities across the offshore areas will positively influence the business growth. The technology is widely used to replace futile parts including tubing, pumps and valves from the wellbore and to plug & abandon the well which are not feasible for production. 

Browse key industry insights spread across 400 pages with 564 market data tables & 32 figures & charts from the report, “Well Intervention Market Size By Service (Logging & Bottom Hole Survey, Tubing/Power Failure & Repair, Reperforation), Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/well-intervention-market 

Accelerating number of stripper and marginal wells along with increasing demand for crude oil will foster the artificial lift systems market. Reliability, limited risk exposure, and ease of drilling across the subsea intervention are some of the key features which will propel the business growth. Increasing focus toward development of unconventional wells coupled with favorable regulatory policies to enhance oil production primarily across OPEC countries will fuel the well intervention market. 

Increasing exploration activities across the subsea areas including Norwegian basins will stimulate the Norway market. In addition, increasing government focus toward the development of aging oil and gas fields along with favorable regulatory schemes pertaining to offshore production will complement the industry landscape. 

Increasing investments by national oil companies coupled with ongoing shale revolution across the U.S., Middle East and China will propel the remedial cementing market share. The service is used to rectify the issues related to the primary cementing and to deal with issues which are caused during production. It further involves the use of cement plugs and squeeze cementing which prevents the mixing of other fluids with the cement. 

Key players across global market includes Archer, Haliburton, Exxon, Weatherford, Schlumberger, Calfrac, Tenaris, Cudd Energy, GE, National OilWell Varaco, DeepWell, Superior Energy, Technipfmc, Trican, Weltec, Omega, Basic Energy, Expro, Hunting Energy, Helix, Oceaneering, and Altus.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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