Well Intervention Market

Market Leaders - Well Intervention Market

The global Well intervention market is projected to reach USD 11.0 billion by 2023 from an estimated USD 8.5 billion in 2018, at a CAGR of 5.35%. In 2018, the market in North America is estimated to be the largest, followed by Europe. Factors such as reactivation of mature oilfields and shale gas boom in the Americas and Asia Pacific are driving the Well intervention market.

The Well intervention market is dominated by a few major players that have a wide global presence. The leading players in the Well intervention market include BHGE (US), Halliburton (US), Schlumberger (US), and Weatherford (Switzerland).

The major strategies adopted by the players include new product launches, contracts & agreements, investments & expansions, and mergers & acquisitions. New product development was the most commonly adopted strategy from January 2015 to September 2018. Industry players also adopted mergers & acquisitions, which was the second most widely followed strategy during the same period.

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Baker Hughes, a GE company (BHGE) provides systems, products, and oilfield-related services across the oil and gas value chain. BHGE was formed as a result of a merger between GE Oil & Gas (UK) and Baker Hughes Incorporated (US) in 2017. The intention of the merger was to form a new full-stream digital industrial services company to increase its financial performance, strengthen its competitive position, and increase its shareholders’ returns. The company operates its business primarily through 4 segments, which are oilfield services, oilfield equipment, turbomachinery & process solutions, and digital solutions. Under the oilfield services segment, the company offers products and solutions for supporting exploration and field development activities. The product portfolio for the oilfield services segment includes drill bits, drilling services, drilling and completion fluids, wireline services, completion and well intervention, international pressure pumping, artificial lifts, and chemicals. Moreover, in September 2018, BHGE was awarded an integrated services contract by Saudi Aramco for its Marjan field to provide drilling services, coiled tubing services, and drilling fluids engineering services. BHGE intends to expand its customer base through such contracts.

Schlumberger Limited 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’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company manages its business through 3 segments, namely, reservoir characterization, drilling, and production. It provides artificial lifts, well services, completions, well intervention, water services, integrated production services, and production management services under its production group. The wireline services are provided under the reservoir characterization segment. In September 2018, Schlumberger launched the CemFIT Shield mud-sealing cementing system, which is a zonal isolation technology. The technology helps in reducing the risk of fracturing fluid migration between the zones. The company intends to develop advanced technology to expand its product portfolio.

Related Reports:

Well Intervention Market by Services (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Sand Control, Artificial Lift, Fishing, Others), Type (Light, Medium, Heavy), Application (Onshore & Offshore) & Region - Global Forecast to 2023

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Report Code
EP 3333
Published ON
Dec, 2018
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