Dublin, Dec. 19, 2019 (GLOBE NEWSWIRE) -- The "North America Well Intervention Market by Service (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation), Type (Light, Medium, Heavy), Application (Onshore, Offshore), Well Type (Horizontal, Vertical), Country - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The North America well intervention market was valued at USD 2.9 billion in 2018 and is projected to reach USD 4.2 billion by 2024, at a CAGR of 6.5% during the forecast period.

Rising production from the existing oil & gas reserves has driven the North America well intervention industry growth. Furthermore, shale developments and rising drilling activities are driving the market. However, strict government regulations for exploration and production activities are likely to hamper the growth of North America well intervention market.

The horizontal well segment, by well type, is expected to be the largest and the fastest-growing market from 2019 to 2024

The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 80% of the wells drilled in North America. This is majorly due to the increasing drilling activities in Texas, Kansas, and Alberta, where horizontal drilling is more prominent. More well intervention operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation. US is expected to dominate the horizontal well market in 2018, driven by continuous shale developments in lower-48 states in the US.

The offshore segment, by application, is expected to be the fastest-growing market from 2019 to 2024

The offshore segment is expected to be the fastest-growing application sub-segment during the forecast period, owing to the discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well intervention operations due to the challenging geographic conditions and regulatory standards by nations. Moreover, recent discoveries in the Gulf of Mexico and East offshore Canada indicates that oilfield operating firms aim at focussing on deepwater exploration. This is driving the growth of the offshore segment of North America well intervention market.

Texas: The largest and the fastest-growing state in the US well intervention market

Texas is expected to dominate the US well intervention market between 2019 and 2024. The oil production is rising exponentially in Texas, with a growth rate of 23.7% from 2017 to 2018. Moreover, the continuous shale activities in the state are driving the demand for well intervention operations. The upstream operators, such as Conoco Philips, ExxonMobil, Chevron, and Anadarko, also have a significant presence in Texas. This creates more opportunities for oilfield service providers to capture long-term contracts.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in North America Well Intervention Market During the Forecast Period
4.2 North America Well Intervention Market, By Country
4.3 US Well Intervention Market, By Well Type & States
4.4 Market, By Application
4.5 Market, By Service
4.6 Market, By Intervention Type
4.7 Market, By Well Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Well Intervention Services to Ramp Up Production From Maturing Oil & Gas Fields
5.2.1.2 Proliferating Shale Activities in the US and Canada are Increasing the Demand for Well Intervention Services in North America
5.2.1.3 Expanding the Offshore Reach of Oil & Gas Exploration & Production in the Gulf of Mexico and East Offshore Canada
5.2.2 Restraints
5.2.2.1 Strict Government Regulations on Drilling Activities
5.2.2.2 Fluctuating Oil Prices are Affecting Operational Spending on Well Maintenance and Well Intervention Services
5.2.3 Opportunities
5.2.3.1 Digitalization of Intervention Services
5.2.3.2 Rising Exploration & Production Activities are Expected to Drive the North America Well Intervention Market
5.2.4 Challenges
5.2.4.1 Challenging Intervention Operations in High-Pressure High-Temperature (HPHT) Drilling
5.2.4.2 Application of Artificial Lift Techniques of Well Intervention in Horizontal Wells
5.3 Supply Chain Overview
5.3.1 Key Influencers

6 North America Well Intervention Market, By Service
6.1 Introduction
6.2 Logging & Bottomhole Survey
6.2.1 Operators are Determined to Better Understand the Geology of the Reservoirs, Which is Driving the Logging & Bottomhole Survey Service Across North America
6.3 Tubing/Packer Failure & Repair
6.3.1 Growing Focus for Maintaining the Well Integrity During Well Life is Driving the Tubing/Packer Failure & Repair Well Intervention Services Segment in North America
6.4 Stimulation
6.4.1 Demand for Hydraulic Fracturing in the US Offers A Lucrative Opportunity to Stimulation Service Providers
6.5 Remedial Cementing
6.5.1 Complexity in Carrying Out Squeeze Jobs in Offshore and Shale Reserves is Expected to Drive the Remedial Cementing Segment in North America
6.6 Zonal Isolation
6.6.1 Increase in Oil & Gas Production From Mature & Horizontal Wells is Expected to Drive the Zonal Isolation Market
6.7 Sand Control
6.7.1 Redevelopment of Aging Reservoirs in Oil Sands in Canada Provides A Lucrative Opportunity for the Sand Control Market
6.8 Artificial Lift
6.8.1 Increasingly Challenging Production Environments From Mature Oil & Gas Fields
6.9 Reperforation
6.9.1 Increasing Production From Mature Wells is Likely to Support the Growth of the Reperforation Segment
6.10 Fishing
6.10.1 Prevention of Significant Nonproducing Time in the Oil & Gas Wells is Driving the North American Fishing Service Segment
6.11 Others

7 North America Well Intervention Market, By Intervention Type
7.1 Introduction
7.2 Light Well Intervention
7.2.1 Increasing Demand for Riserless Light Well Intervention (Rlwi) Vessel Assists the Growth of the Light Well Intervention Segment
7.3 Medium Well Intervention
7.3.1 Medium Well Intervention Segment is Growing at the Highest Rate Owing to the Rising Developments of Unconventional Reserves With the Support of Snubbing Units
7.4 Heavy Well Intervention
7.4.1 Developments in Mature Fields Support the Adoption of Heavy Well Intervention Services

8 Well Intervention Market, By Well Type
8.1 Introduction
8.2 Horizontal Well
8.2.1 Wells Drilled Horizontally Into Tight Oil, and Shale Gas Formations Continue to Account for an Increasing Share of Horizontal Wells in North America
8.3 Vertical Well
8.3.1 Demand for Well Intervention Services in the Ageing Oil & Gas Fields is Likely to Drive the Vertical Well Segment

9 North America Well Intervention Market, By Application
9.1 Introduction
9.2 Onshore
9.2.1 Growing Shale Activities in the Onshore Region and Rising Rate of Onshore Oilfields Reaching Maturity Drive the Onshore Well Intervention Services
9.3 Offshore

10 North America Well Intervention Market, By Country
10.1 Introduction
10.2 US
10.3 Canada

11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping, 2018
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic
11.2.4 Emerging
11.3 Market Share Analysis, 2018
11.4 Competitive Scenario
11.4.1 New Product Launches
11.4.2 Expansions & Investments
11.4.3 Contracts & Agreements
11.4.4 Mergers & Acquisitions

12 Company Profile
12.1 Halliburton
12.1.1 Business Overview
12.1.2 Product Offerings
12.1.3 Recent Developments
12.1.4 SWOT Analysis
12.2 Schlumberger
12.3 Baker Hughes, a GE Company
12.4 Weatherford
12.5 C&J Energy Services
12.6 Superior Energy Services
12.7 Archer
12.8 Expro Group
12.9 Trican
12.10 Welltec
12.11 Altus Intervention
12.12 Basic Energy Services
12.13 RPC
12.14 Pioneer Energy Services
12.15 Calfrac Well Services
12.16 Oceaneering
12.17 Key Energy Services
12.18 Nine Energy Services
12.19 Step Energy Services
12.20 Legend Energy Services

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