At 5.7% CAGR, Asia Pacific Well Intervention Market is Projected to be worth US$ 19,554.60 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific well intervention market was valued at US$ 12,541.04 million in 2023 and is expected to reach US$ 19,554.60 million by 2031, registering a CAGR of 5.7% from 2023 to 2031. Developing offshore oil & gas industries and increasing oil & gas demands are among the critical factors attributed to drive the Asia Pacific well intervention market growth.

A few of the key developments that took place in recent times in the offshore oil and gas industries across the world are mentioned below:

• In May 2023, China announced the completion of the construction of a new offshore drilling rig with a capacity of 12,000 ton. The country is pushing its offshore drilling activities to cut down the dependency on oil and gas imports. In June 2023, China announced its intentions to undertake deeper drilling operations into offshore oil and gas platforms to lower import dependency.
• In July 2022, the Philippines announced a plan to redevelop its 30-year-old Cadlao Oil Field in order to boost its offshore oil production in the coming years.
• In May 2022, the Hoang Long joint operating company (a venture of two different joint operating companies) in Vietnam secured a jack-up drilling rig for their planned offshore development wells in the Cuu Long basin.
• In January 2023, Masirah Oil, a subsidiary of Singapore-based Rex International, announced the completion of an offshore drilling campaign in Oman's Block 50.

The planning of new offshore plan construction projects, discovery of new offshore oil & gas field locations, rise in investments in offshore locations, and refurbishment of existing offshore oil and gas rigs are a few crucial factors contributing to the growth of the offshore oil and gas industries, which subsequently bolster the well intervention market.

On the contrary, the shift from conventional fuels to renewable energy hampers the growth of Asia Pacific well intervention market.

Based on service, the Asia Pacific well intervention market is segmented into logging and bottomhole survey, tubing or packer failure and repair, and stimulation. The logging and bottomhole survey segment held 46.8% market share in 2023, amassing US$ 5,869.07 million. It is projected to garner US$ 9,555.27 million by 2031 to register 6.3% CAGR during 2023–2031.

In terms of application, the Asia Pacific well intervention market is bifurcated into onshore and offshore. The offshore segment held 56.4% share of Asia Pacific well intervention market in 2023, amassing US$ 7,077.88 million. It is anticipated to garner US$ 12,090.74 million by 2031 to expand at 6.9% CAGR during 2023–2031.

By intervention, the Asia Pacific well intervention market is categorized into light, medium and heavy. The light segment held 43.1% share of Asia Pacific well intervention market in 2023, amassing US$ 5,411.17 million. It is projected to garner US$ 8,865.88 million by 2031 to expand at 6.4% CAGR from 2023 to 2031.

Based well type, the Asia Pacific well intervention market is bifurcated into horizontal and vertical. The vertical segment held 69.9% share of Asia Pacific well intervention market in 2023, amassing US$ 8,770.13 million. It is predicted to garner US$ 13,402.57 million by 2031 to expand at 5.4% CAGR between 2023 and 2031.

In terms of country, the Asia Pacific well intervention market is categorized into Australia, China, India, South Korea, Indonesia, Malaysia, and the Rest of Asia Pacific. Our regional analysis states that India captured 29.5% share of Asia Pacific well intervention market in 2023. It was assessed at US$ 3,704.99 million in 2023 and is likely to hit US$ 6,061.93 million by 2031, registering a CAGR of 6.3% during 2023–2031.

Key players operating in the well intervention market are Halliburton Co, Baker Hughes Co, Weatherford International Plc, Expro Group Holdings NV, Oceaneering International Inc, Archer Ltd, Schlumberger NV, Forum Energy Technologies Inc, Helix Energy Solutions Group Inc, and Trican Well Service Ltd., among others.

• In May 2024, Expro acquired Coretrax, a technology leader in performance drilling tools and wellbore cleanup, from Buckthorn Partners. The acquisition will expand Expro's portfolio of cost-effective, technology-enabled Well Construction and Well Intervention and integrity solutions.
• In September 2021, Helix Energy Solutions Group Inc secured riser-based well intervention work in the Gulf of Mexico, with the Q5000 and 15K intervention riser system set to begin in 2022. The system, part of the Subsea Services Alliance, combines Helix and Schlumberger's capabilities.

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