DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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%.
Rising production from the existing oil & gas reserves has driven the North America well intervention industry growth. Furthermore, shale developments and rising drilling activities are driving the market. However, strict government regulations for exploration and production activities are likely to hamper the growth of North America well intervention market.
The horizontal well segment, by well type, is expected to be the largest and the fastest-growing market from 2019 to 2024
The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 80% of the wells drilled in North America. This is majorly due to the increasing drilling activities in Texas, Kansas, and Alberta, where horizontal drilling is more prominent.
More well intervention operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation. US is expected to dominate the horizontal well market in 2018, driven by continuous shale developments in lower-48 states in the US.
The offshore segment, by application, is expected to be the fastest-growing market from 2019 to 2024
The offshore segment is expected to be the fastest-growing application sub-segment during the forecast period, owing to the discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well intervention operations due to the challenging geographic conditions and regulatory standards by nations. Moreover, recent discoveries in the Gulf of Mexico and East offshore Canada indicates that oilfield operating firms aim at focussing on deepwater exploration. This is driving the growth of the offshore segment of North America well intervention market.
Texas: The largest and the fastest-growing state in the US well intervention market.
Texas is expected to dominate the US well intervention market between 2019 and 2024. The oil production is rising exponentially in Texas, with a growth rate of 23.7% from 2017 to 2018. Moreover, the continuous shale activities in the state are driving the demand for well intervention operations. The upstream operators, such as Conoco Philips, ExxonMobil, Chevron, and Anadarko, also have a significant presence in Texas. This creates more opportunities for oilfield service providers to capture long-term contracts.
North America well intervention market is dominated by a few major players that have a wide regional presence. The leading players in the North America well intervention market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and C&J Energy Services (US).
- Growing Demand for Well Intervention Services to Ramp Up Production From Maturing Oil & Gas Fields
- Proliferating Shale Activities in the US and Canada are Increasing the Demand for Well Intervention Services in North America
- Expanding the Offshore Reach of Oil & Gas Exploration & Production in the Gulf of Mexico and East Offshore Canada
- Strict Government Regulations on Drilling Activities
- Fluctuating Oil Prices are Affecting Operational Spending on Well Maintenance and Well Intervention Services
- Digitalization of Intervention Services
- Rising Exploration & Production Activities are Expected to Drive the North America Well Intervention Market
- Challenging Intervention Operations in High-Pressure High-Temperature (HPHT) Drilling
- Application of Artificial Lift Techniques of Well Intervention in Horizontal Wells
Supply Chain Overview
- Altus Intervention
- Baker Hughes Incorporated
- Baker Hughes, A Ge Company
- Basic Energy Services
- C&J Energy Services
- Calfrac Well Services
- Expro Group
- GE Oil & Gas
- Key Energy Services
- Legend Energy Services
- Nine Energy Services
- Pioneer Energy Services
- Step Energy Services
- Superior Energy Services
For more information about this report visit https://www.researchandmarkets.com/r/q940s0