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Growing Demand Of Well Intervention Market And Its Global Outlook
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The global Well intervention market is projected to reach USD 11.0 billion by 2023 from an estimated USD 8.5 billion in 2018, at a CAGR of 5.35%. In 2018, the market in North America is estimated to be the largest, followed by Europe. Factors such as reactivation of mature oilfields and shale gas boom in the Americas and Asia Pacific are driving the Well intervention market.
The Well intervention market is dominated by a few major players that have a wide global presence. The leading players in the Well intervention market include BHGE (US), Halliburton (US), Schlumberger (US), and Weatherford (Switzerland).
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The major strategies adopted by the players include new product launches, contracts & agreements, investments & expansions, and mergers & acquisitions. New product development was the most commonly adopted strategy from January 2015 to September 2018. Industry players also adopted mergers & acquisitions, which was the second most widely followed strategy during the same period.
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Baker Hughes, a GE company (BHGE) provides systems, products, and oilfield-related services across the oil and gas value chain. BHGE was formed as a result of a merger between GE Oil & Gas (UK) and Baker Hughes Incorporated (US) in 2017. The intention of the merger was to form a new full-stream digital industrial services company to increase its financial performance, strengthen its competitive position, and increase its shareholders’ returns.
Schlumberger Limited is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. Schlumberger’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning.
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The research methodology used to estimate the market size includes the following:
The key players in the industry and markets have been identified through extensive secondary research.
The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
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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