A new report from Reports and Reports called "Global Well Intervention Market 2016-2021," says worldwide, well intervention is forecast to grow at a CAGR of 4.34% from 2016-2021, on account of rising demand in the oil and gas energy along with aging well assets. The increasing trend in the well intervention market is set to continue further with the current surge in offshore and onshore activities and unconventional resources exploratory activities.
Increased demand for crude oil and fuel along with preventive steps for aging wells from well owners, increasing number of drill rig count and decrease in the productivity of various gas and oil wells, are the basic reasons behind increased demands for the intervention services in both onshore and offshore areas.
The report says that Africa is the highest growing market with Nigeria being major market, North America is having high growth with US providing momentum, and Europe is having sluggish growth with Russia being the major market. North and Central America shows moderate growth in well intervention industry.
Logging and bottomhole survey, and tubing/packer failure repair service is expected to dominate the well intervention market with stimulation services showing the highest growth rate. Boost in the Africa and Asia Pacific Market with North America to dominate in future. Offshore region will be the emerging market while Onshore will cater to most of the demand of well intervention services market, the report says.
Reports and Reports released another related report called, "Global Coiled Tubing (CT) Market: Trends, Opportunities and Forecasts (2016-2021)." During 2016-2021, Global CT is anticipated to grow at a CAGR of 2.45 % on account of anticipating low crude oil prices leading to an accelerated demand for cost-effective well intervention methods globally.
Moreover, an increase in crude oil prices will induce the US dollar to appreciate making it tougher for the economy to exercise traditional and conventional well practices and will result in worsening the E&P operations in the coming years, Reports and Reports says.