Increase in demand for crude oil and fuel along with preventive steps for ageing wells from well owners, increasing number of drill rig count and decrease in the productivity of various gas and oil wells
Date: 19 July 2016
According to recently published Azoth Analytics report “Global Well Intervention Market (By Services, By Application): Opportunities and Forecasts (2016-2021)
”, Global Well Intervention Market is forecasted to grow at a CAGR of 4.34% during 2016 – 2021F, on account of rising demand in the oil and gas energy along with ageing well assets. The increasing trend in the well intervention market is set to continue further with the current surge in offshore and onshore activities and unconventional resources exploratory activities.
Africa is the highest growing market with Nigeria being major market, North America is having high growth with U.S. providing momentum, and Europe is having sluggish growth with Russia being the major market. North & Central America shows moderate growth in Well Intervention industry.
Logging & Bottomhole Survey and Tubing/Packer Failure Repair Service is expected to dominate the Well Intervention Market with Stimulation Services showing the highest growth rate. Boost in the Africa and Asia Pacific Market with North America to dominate in future. Offshore region will be the emerging market while Onshore will cater to most of the demand of Well Intervention Services Market.
There has been the growing need for prolongation of well life due to ageing well assets. Hike in Exploration & Production (E&P) activities especially in U.S. has led to increase in demand for energy. But stringent government regulations regarding oil & gas leaks, water contamination, environmental & public health is one of the biggest restraints faced by this industry. The level of spending in the energy industry is heavily influenced by changes in the current and expected future prices of oil and natural gas, drilling rig counts, well counts, well completions and workover activity.
The report Global Well Intervention Market (By Services, By Application): Opportunities and Forecasts (2016-2021)
:’’ has analysed the potential of Global Well Intervention Market and provides statistics and information on market size, shares and growth factors. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the global well intervention market. Additionally, the report also highlights market entry strategies for various companies across the globe.