The client engaged Markets and Markets for identification of opportunities in the well-intervention services market in North America, which is the world’s largest oil-producing region and a lucrative market for oilfield services. For this purpose, we defined a series of problems and helped in solving them for client’s profit maximization. Few of the key problems solved during the engagement were-
We offered detailed insights into industry-specific market size potential and key trends in the well intervention market across North America in the US and Canada through our market intelligence platform, KnowledgeStore. The insights also included profiling of major companies and furnishing the competitive leadership mapping for the top 25 companies operating within the well intervention market. In addition to this, the leading well intervention services providers operating in this market ecosystem were ranked based on their product portfolio and business strategy.
Analyst hours were utilized to understand the state/province level analysis of all services in the US and Canada from state by service insights offered. We also provided business-critical insights into the major oil-producing states in the US and major provinces in Canada. Further, valuable information on factors and trends, such as oil production trends, shale developments, and maturation of oilfields, that not only influenced the market dynamics but also affected the revenues of client’s clients and their clients operating within the well intervention services market ecosystem was offered.
Our client services team utilized these data points to identify critical information regarding the well intervention market and understand the key strategies employed by the companies operating within the regional ecosystem. Client services team further helped the client with useful information and strategic analysis around the well intervention market across North America in the US and Canada, on the state/province level. As a result, the client generated a revenue impact of USD 250 Mn.
Revenue Shifts Identified
Increasing investments in E&P activities especially within unconventional resource in North America is likely to cause shifts in revenue sources of client’s clients and their clients. Majority of the demand for oil & gas services in the North American region are for directional/horizontal wells. This, in turn, is presumed to impact the strategic decisions of the client.
The revenue streams of companies providing well intervention services in the oil & gas industry are impacted by offshore drilling, well casing & cementing, coiled tubing, hydraulic workover unit, offshore decommissioning, floating power plant, offshore support vessel, offshore wind, asset management and predictive maintenance etc. Insights were offered across interconnected ecosystems for finding opportunities and potential blindspots.
The oil & gas operators have shifted their focus towards production, and extracting the remaining oil amounts, rather than exploring & drilling new wells. This ultimately has driven the demand for well intervention and artificial lift operations. The well intervention market, and the artificial lift market is expected to grow at 5.7%, and 4.5% during the forecast period respectively. Secondly, well complexity & developments in unconventional reserves, along with rise in multi stage cement jobs provide lucrative opportunities to casing & cementing solution providers.
Our insights helped the client to identify USD 250 million worth potential for the well intervention service market in North America. Our team also assisted the company to identify the competition within the well intervention services market ecosystem.
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