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Well Intervention Market Set For Rapid Growth And Trend, By 2023
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The global well intervention market is projected to reach a size of USD 11.00 billion by 2023 from an estimated USD 8.5 billion in 2018, at a CAGR of 5.35%. The study involved 4 major activities in estimating the current size for the well intervention market. Exhaustive secondary research was done to collect information on the peer and parent markets.
To provide an in-depth understanding of the competitive landscape, the report includes the profiles of companies such as GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Expro International Group Holdings Ltd. (U.K.), Archer Limited (U.K.), Welltec International ApS (Denmark), TechnipFMC plc (U.K.), Trican Well Service Ltd. (Canada), Basic Energy Services, Inc. (U.S.), Superior Energy Services, Inc. (U.S.), Key Energy Services, Inc. (U.S.), and Lupatech SA (Brazil), among others. The dominant players are trying to gain a foothold in developing economies and are adopting various methods to grab the market share.
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The logging & bottomhole survey segment is expected to hold the largest share of the Well intervention market, by service type, during the forecast period.
The Logging & Bottomhole Survey segment led the well intervention market in 2018 and is projected to have the largest market share during the forecast period. This growth is majorly driven by the well intervention market in North America, due to shale gas revolution and production of oil & gas from shale reserves in the region. It has gained more importance in recent years with increased production of an unconventional resource shale in the Americas and Asia Pacific as shale production fields require more scrutinizing due to rough working environment.
The Offshore segment of the Well Intervention market, by application, is expected to grow at the highest CAGR during the forecast period
The Offshore segment led the Well Intervention market in 2018 and is estimated to be the fastest growing market during the forecast period. This growth is majorly driven by increasing deep water drilling and production activities and an increase in the number of maturing subsea wells.
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Key questions addressed by the report:
1. The report identifies and addresses key markets for Well intervention market, which would help manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and make better strategic decisions.
4. The report addresses the market share analysis of key players in the Well intervention market. With the help of this information, companies can enhance their revenues in the respective markets.
5. The report provides insights about emerging geographies for Well intervention, and the entire market ecosystem can gain competitive advantage from such insights.
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North America: The leading market for Well Intervention
North America is currently the largest market for well intervention. In 2017, the US accounted for the majority share in North America. Ongoing shale gas revolution is the major factor driving the well intervention market in the US. North America is the largest producer and consumer of oil & gas in the global market. The region houses oil & gas proven reserves with major producing fields at Alaska, Gulf of Mexico, and Canada. All these factors are likely to drive the well intervention market in the region
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