North America well intervention market is projected to reach USD 4.2 billion by 2024 from an estimated USD 3.0 billion in 2019, at a CAGR of 6.5% during the forecast period.
Northrook, IL -- (SBWIRE) -- 10/21/2019 -- According to the new market research report "North America Well Intervention Market by Service (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation), Type (Light, Medium, Heavy), Application (Onshore, Offshore), Well Type (Horizontal, Vertical), Country - Forecast to 2024" published by MarketsandMarkets™, is projected to reach USD 4.2 billion by 2024 from an estimated USD 3.0 billion in 2019, at a CAGR of 6.5% during the forecast period. The rising number of mature fields in the US and Canada, along with rising shale activities are the driving factors for the North America well intervention industry. The well intervention activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.
In North America, the stimulation segment is expected to be the fastest-growing well intervention market, by service, during the forecast period.
The stimulation segment, by service, in North America Well Intervention Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the continuous demand for stimulation services from new shale development activities in the US. Moreover, the process of well stimulation addresses the major challenge of wax formation in the producing wells.
There are two types of remedial stimulation methods, hydraulic fracturing, and matrix treatments. The demand for hydraulic fracturing is robust across the US, with high growth opportunities, making it a lucrative market. Such factors propel the growth of stimulation operations in North America Well Intervention Market.
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The light intervention segment is expected to dominate the well intervention market, by intervention type, during the forecast period.
Light well intervention is carried out using wireline, slickline, or coiled tubing units. These are generally done to service the downhole equipment such as pumps or valves and to gather bottom-hole temperature, flow, and pressure data. The increasing capital expenditure trend from upstream operators to optimize the production of oil & gas from the existing wells is the driving force for the light intervention market during the forecast period.
US: The largest well intervention market.
In this report, the North America Well Intervention Market has been analyzed for two countries, US and Canada. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective; the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the intervention operations to enhance the productivity of the wells. Thus, the US dominated North America Well Intervention Market in 2018.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the North America Well Intervention Market.
Some of the key players are Schlumberger (US), Halliburton (US), C&J Energy Services (US), Weatherford (US), BHGE (US), and Superior Energy Services (US). The leading players are adopting various strategies to increase their share in the North America Well Intervention Market. New product & technology launches have been a widely adopted strategy by the major players in North America Well Intervention Market.
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