Growing number of matured fields coupled with increasing focus toward heavy oil reserves will boost the industry growth.

Sellbyville, DE -- (SBWire) -- 03/06/2019 --The growing preference for well intervention services considering their cost-effectiveness is certain to positively impact well intervention market share. Lately, the surging oil and gas exploration & excavation activities across the globe for fulfilling the increasing energy needs have been propelling the requirement of well intervention services on a large scale. In addition to oil excavation activities, well intervention services are required to maintain the productivity of the plant by increasing efficiency and performance and for reducing risks.

Expansion of subsea production platforms along with favorable regulatory policies toward development of deep & ultra-deep drilling activities will drive the offshore well intervention market. In addition, the large volume of available reserves across the subsea areas in Persian Gulf and NSC area will complement the business growth.

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The U.S. market is set to exceed USD 3 billion by 2024. Growing existence of low-pressure oil wells along with continuous increase in energy consumption will propel the industry growth. In addition, the increasing number of matured oil fields along with growing focus toward shale reserves will complement the business landscape. According to BP statistical Review, the oil consumption across the U.S. was 12,336 million barrels per day in 2016 which increased to 13,057 million barrels per day in 2017.

Light well intervention market size accounted for over 50% in 2017. Increasing need to enhance recovery rate from maturing oil & gas wells on account of rising pressure to meet the demand supply mismatch will encourage the technology adoption. Lowering of tools and sensors including slicklines, coiled tubing and wireline to reduce the possibility of blockages are some of the underline parameters which will enhance the technology growth. In addition, it also measures the downhole flow data, pressure and temperature range in the well.

High well intervention market is set to witness a gain of over 7% by 2024. Upsurge in investments toward E & P activities across the subsea areas will complement the industry growth. The high intervention technology is primarily used to replace parts including valves, pumps and tubing from the wells and to abandon the wells that are not viable for production.

As oil companies continue to focus on cost-reduction and heavy revenue returns, the requirement for well intervention service will increase remarkably over the years ahead. Moreover, the involvement of intervention service providers in the development of flexible and unique products to accelerate productive oil recovery will also stimulate the industry growth. For the record, overall well intervention market will grow at a CAGR of 6% over 2018-2024.

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Increasing investments pertaining to technological advancements to improve the efficiency across the complete spectrum of exploration & production activities will stimulate the global market growth. In addition, the increasing subsea production along with ongoing government focus toward development of aging fields will propel the industry growth. Favourable government taxation schemes to develop these reserves will positively influence the technology adoption.

Key players across global market includes Calfrac Well Services, Cudd Energy Services, Superior Energy Services, Trican Well Service Ltd., Expro, Basic Energy Services, Welltec, TechnipFMC.