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Global Well Intervention Market is projected to grow at a CAGR of 3.9% By 2032: Visiongain Research Inc

Visiongain has published a new report entitled the Well Intervention Market Report 2022-2032. It includes profiles of Well Intervention and Forecasts by service type (logging and bottomhole survey, stimulation, tubing/packer failure and repair, remedial cementing, sand control, zonal isolation, others), Well Type (horizontal, vertical), Application (onshore, offshore) PLUS Regional Market Analysis and COVID-19 Recovery Scenarios.

The global well intervention market was valued at US$ 7,114.0 million in 2021 and is projected to grow at a CAGR of 3.9% during the forecast period 2021-2032. The global market is expected to reach US$ 8,170.6 million in the year 2025 whereas it is anticipated to reach US$ 10,919.4 million in 2032. Re-activation of mature oilfields and growth of oil & gas wells across the global market are the key propelling factors for the logging and bottomhole survey, fishing, and well intervention services. On the other hand, maturing wells require well intervention services such as tubing/packer failure & repair and stimulation to increase the depleting production capacity.

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The existing scenario of maturing wells in the Middle East, North America, Africa, and Europe has made these regions the potential markets for well intervention. The development of heavy oilfields is responsible for the high demand artificial lift methods in Latin America. Furthermore, the presence of scattered reserves and highly deviated well in Latin America has increased the scope for geosteering in logging-while-drilling operations.

North America along with Europe and the Middle East, is the lucrative region for various well intervention projects owing to a large number of mature wells that require well intervention solutions to enhance the production and an increase in drilling activities.

How Has COVID-19 Had a Negative Impact on the Well Intervention Market?

COVID-19 pandemic has hindered the growth of oil & gas industry of the country. In the US, as of June 2021, 10.3% of the population was affected with COVID-19, out of which 82.5% have recovered. The oil supply declined by 31%. The US oil prices went below zero for the first time in the history, as a result, contract future prices for West Texas Intermediate (WTI) plummeting from USD 18 per barrel to around to negative USD 37 per barrel.

However, the industry in the US is steadily recovering from the effects of the pandemic. The US had the highest rig count accounting for 39.7% of the global rig count in 2021. Moreover, an increase in the drilling and production activities and the increase in rig count by 60.1% in 2021 as compared to 2020 in the US have resulted in a rise in demand for stimulation, artificial lifts, and wireline activities in the US.