HOME Research Insight New Product Launches, Contracts & Agreements, Partnerships, Collaborations in the Well Intervention Market

New Product Launches, Contracts & Agreements, Partnerships, Collaborations in the Well Intervention Market

The global well intervention market is expected to witness a growth rate of 3.78%, from 2017 to 2022. The upsurge in global energy demand, increase in oil & gas production, and revitalization of aging fields/wells are the driving factors for the well intervention market.

The well intervention market includes both global and small regional players. Some of the key players operating in the market include GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Expro International Group Holdings Ltd. (U.K.), Archer Limited (U.K.), Welltec International ApS (Denmark), TechnipFMC plc (U.K.), Trican Well Service Ltd. (Canada), Basic Energy Services, Inc. (U.S.), Superior Energy Services, Inc. (U.S.), Key Energy Services, Inc. (U.S.), and Lupatech SA (Brazil), among others.

The growth strategies adopted by the key players in the well intervention market include new product launches, contracts & agreements, partnerships, collaborations, alliances & joint ventures, expansions, and mergers & acquisitions. New product launches was the most commonly adopted strategy, constituting more than one-third of the total development share. The industry also adopted contracts & agreements, which were the second-most popular strategy in the past 4 years (2014–2017) in the well intervention market.

GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), and Schlumberger Limited (U.S.) were among the leading players in the well intervention market, in terms of development share.

GE Oil & Gas (U.K.) has focused on contracts & agreements as one of its key growth strategies. In January 2017, GE Oil & Gas received a contract worth USD 180 million from Transocean (Switzerland), to provide condition-based maintenance & monitoring services for pressure control equipment, at 7 Transocean’s rigs over the next 10–12 years.

Baker Hughes Incorporated (U.S.) provides a vast range of portfolio for well intervention. The company has focused on new product launches as one of its growth strategies. In September 2015, Baker Hughes released a fracturing service named Ascent. This fracturing service enhances the exposed fracture area to increase/improve the oil & gas recovery from the stimulated wells.

Related Reports:

Well Intervention Market by Services (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Sand Control, Artificial Lift, Fishing, Others), Application (Onshore & Offshore), and Region - Global Trends & Forecast to 2022

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