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Increase in demand for enhancing the production of oil & gas by oil & gas companies to fulfill the increasing demand is driving the growth of the market.

PORTLAND, OREGON, UNITED STATES, August 18, 2022 /EINPresswire.com/ -- Global Well intervention market size was valued at $8.7 billion in 2020, and is projected to reach $15.3 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. Rise in demand for crude oil and other oil & gas products and surge in usage of dual fuel or hybrid vehicles drive the growth of the global well intervention market. However, rise in electric vehicle demand hinders the market growth. On the other hand, increase in investments toward oil & gas exploration and production activities present new opportunities in the coming years.

Significant development of the end-use industries, such as mining, manufacturing, offshore, automotive, and building & construction, and others, is fueling the demand for oil and gas products, which, in turn, is expected to drive the growth of the well intervention market during the forecast period. In addition, increase in demand for enhancing the production of oil & gas by oil & gas companies to fulfill the increasing demand is driving the growth of the market, globally. However, implementation of stringent government regulations toward environmental pollution from burning of conventional fuels and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the coming years.

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The report offers detailed segmentation of the global well intervention market based on service, intervention type, well type, application, and region.

Based on service, the logging and bottomhole survey segment accounted for the largest share in 2020, holding more than two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. However, the tubing/packer failure and repair segment is projected to manifest the highest CAGR of 6.4% from 2021 to 2030.

Based on well type, vertical segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in exploration & production activities and vast presence of vertical wells across the globe. In addition, rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with well intervention of vertical wells, such as low cost, and increased productivity, are the factors expected to fuel the well intervention market growth in the coming years.

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Based on application, the onshore segment held the highest share in 2020, accounting for around three-fifths of the total share of the global well intervention market, and is expected to maintain its dominance during the forecast period. However, the offshore segment is estimated to register the highest CAGR of 6.2% from 2021 to 2030.

Based on region, North America contributed to the highest share in 2020, accounting for nearly one-third of the total share, and is estimated to maintain its leadership status in terms of revenue by 2030. However, Europe is estimated to portray the largest CAGR of 7.4% during the forecast period.

The global well intervention market analysis covers in-depth information of the major well intervention industry participants. The key players operating and profiled in the report include Altus Intervention, Archer, Baker Hughes Company, Halliburton, Helix Energy, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.
Other players operating in the value chain of the global market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, Hunting Energy Services, and others.

COVID-19 impact on the market
The global well intervention market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including conventional fuels. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in well intervention production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global well intervention market.

David Correa
Allied Analytics LLP
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