Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.
SHERIDAN, WYOMING, UNITED STATES, October 19, 2021 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “Well Intervention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global well intervention market reached a value of US$ 7.1 Billion in 2020. Well intervention is an operation performed on oil and gas wells to improve or restore their production. It is carried out by mobile offshore drilling units (MODU) or light or medium intervention vessels. Some of the common types of well intervention operations include pumping, slick line, braided line, snubbing, workover, and tubing. Well intervention aids in removing debris and preventing sand, paraffin, and hydrates from falling into the well.
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The growing demand for crude oil and gas due to rapid urbanization and industrialization is majorly driving the global well intervention market. In line with this, the emergence of new oilfields and revitalization of conventional brownfield is fueling the market growth further. Moreover, the introduction of initiatives, such as the provision of customized packages to well operators to enhance output and reduce production cost, is creating a positive outlook for the market. Furthermore, governments of various nations are implementing and providing tax relaxations to the oil and gas industry, which is strengthening the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Baker Hughes Company (General Electric)
China Oilfield Services Ltd. (China National Offshore Oil Corporation)
Scientific Drilling International Inc.
Superior Energy Services Inc.
Weatherford International Plc.
Breakup by Service Type:
Logging and Bottomhole Survey
Tubing/Packer Failure Repair
Breakup by Well Type:
Breakup by Application:
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Source: EIN Presswire