Well Intervention Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Well intervention refers to any operation that is carried out during the productive life of an oil and gas well. Depletion in oil reserves backed by increasing demand for energy is leading to improved production activities to extend the life of the well. Reduction in well pressure, sand production, flow restriction of oil, mechanical failure, change in reservoir condition, scaling and numerous other oil, and gas field issues results in the need to perform well intervention operations, which in turn is driving growth of the well intervention market. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1296 Companies are focusing on developing new technologies to facilitate well intervention operations. For instance, in 2017, C6 Technologies, an oilfield technology company, launched ComTrac system, which can be operated onshore as well as offshore, consisting of injector unit, control unit, internal electrical conductors, and a head that provides well pressure control. Increasing energy demand, increase in production activities of oil and gas wells and establishment of new oil and gas wells are giving rise to well intervention activities in the existing and new wells, thereby, driving this market, globally. However, harsh downhole environments such as high pressure and temperature, increasing water depths and the increase in the number exotic trajectories or well profiles pose are the major challenges in growth of well intervention market worldwide. Moreover, slump in oil price from US$ 117.80/bbl in June 2014 to US$ 51.70/bbl in August 2017 has affected the production activities of major players and further the global well intervention market. Light intervention segment held the largest market share in the global well intervention market in 2016. Light intervention are done using slickline, wireline and coiled tubing unit allowing the operator to gather downhole data or to adjust or change any downhole equipment. These operations provide increased oil recovery and safety and hence, proves to be largest segment in the global well intervention market.