PUNE, India, June 21, 2019 (GLOBE NEWSWIRE) -- The Well Intervention Market is expected to grow at a CAGR of 4.82% during the forecast period of 2019-2025. The market growth is mainly driven by the rising number of rig counts and wells finishing point activities in traditional and non-traditional fields. Growing demand and cost of the hydrocarbons has driven the expansion in upstream sector and pushing oilfield service and equipment market. The latest weakening of oil prices is also projected to drive the demand for production with key focused service areas such as Well Intervention.
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The Well Intervention Market is expected to reach USD 12.46 Billion by 2025 from USD 8.55 Billion in 2018, at a CAGR of 4.82% from 2019 to 2025. The market is analyzed across four geographical regions, namely, North America (U.S., Canada and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). North America region holds the highest market about 56% of total market share in 2018. Further North American market is also considered as the fastest growing region with the CAGR of 5.19%. As the oil or gas production goes to deeper water, subsea well count is growing exponentially. Subsequently, as the number of subsea wells increases and they age, the demand and frequency of required servicing through intervention grows. This isone of the key drivers for the market. It is expected that at a country level, the U.S account for the largest share of revenue by 2025. The Well Intervention Market is segmented on the basis of Types, Application, By Service and by Region. The two types in this Market are, Light Well, Medium Well and Large Well. In which Light Well holds the 49% of market share. And is expected to be growing at a CAGR of 5.16% in the forecasted period.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). North America region holds the highest market about 56% of total market share in 2018. Further North American market is also considered as the fastest growing region with the CAGR of 5.19%.
Major market players in Well Intervention Industry are HELIX ESG, GE, Halliburton, Schlumberger Limited, Oceaneering International, Inc., Expro Group, Hunting Energy Services, National Oilwell Varco, Deepwell AS, Weatherford International Plc and brief overview of 10 companies is also provide in the report.
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