The North America well intervention market is expected to grow from an estimated USD 3.0 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 6.5% during the forecast period. With the growing demand for primary energy and the rapid rate of maturing of oil & gas fields, there are high growth prospects for the North America well intervention market during the forecast period.
A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and C&J Energy Services (US).
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The major strategies adopted by these players include new product launches, investments & expansions, mergers & acquisitions, joint ventures, partnerships & collaborations, and contracts & agreements. New product launches were the most commonly adopted strategy from January 2016 to September 2019. These industry players also adopted mergers & acquisitions and contracts & agreements as their major strategies during that period.
Halliburton (US) established in 1919, is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 14 Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation, and completion and production. Further, for supporting both the segments, the company provides consulting and project management services. The completion and production segment offers production enhancement services which include stimulation and sand control services, production solutions including coiled tubing, hydraulic workover units, and downhole tools, and artificial lift services. The drilling and evaluation segment offers Sperry drilling services which include logging while drilling and surface data logging, and wireline and perforating services such as slickline services, pipe recovery services and reservoir monitoring services. The company has its presence in North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia and operates in more than 80 countries. In North America, the company provides solutions to its customers ranging from the Canadian Rockies to the Californian coastline, and from the Great Lakes down to the Gulf of Mexico. The company has more than 15 office in the US and Canada combinedly. Its technology center, R&D laboratory, and corporate office for the completion and production segment is in Lafayette (US), and for drilling and evaluation in Alvarado, Texas (US), Nisku (Canada), and The Woodlands, Texas (US), respectively.
Schlumberger (US), founded in 1926, is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. Schlumberger offers products, services, technology, information solutions, and integrated project management solutions to the worldwide oil & gas exploration & production industry. The company’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company manages its business through four segments, namely, reservoir characterization, drilling, production, and Cameron. It offers wireline and testing services under the reservoir characterization segment. It offers well services for intervention, artificial lift, and completion equipment and services under the production segment. It also offers tools and equipment on a rental basis. Schlumberger has 80 fast-track facilities across the globe and conducts business in more than 85 countries in all continents. The company is present in more than 50 locations in the US and Canada, which include manufacturing & engineering facilities, R&D facilities, operating bases, and sales offices across the US and Canada.
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
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