At 3.3% CAGR, Middle East & Africa Well Intervention Market is Projected to be Worth US$ 11,451.49 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa well intervention market was valued at US$ 8,841.32 million in 2023 and is expected to reach US$ 11,451.49 million by 2031, registering a CAGR of 3.3% from 2023 to 2031. Increasing oil & gas demands and integration of AI and subsea well intervention are among the critical factors attributed to drive the Middle East & Africa well intervention market growth.

According to information provided by the International Energy Agency in October 2024, global oil demand is projected to increase by 900,000 barrels per day (kb/d) in 2024 and by 1 million barrels per day in 2025. The Russian Federation's invasion of Ukraine has threatened the global energy supply with an upsurge in oil and gas prices. Sourcing oil from more far-flung locations is expected to keep prices high. Elevated crude oil prices compel oil and gas companies to focus on extracting oil more profitably and ramping up the production levels with advanced techniques such as well intervention. Well intervention services are critical to the oil and gas industry because they help maintain the productivity of onshore and offshore oil and gas wells. Neglecting well conditions can result in lower production outcomes, ultimately resulting in financial losses for the company, as well as for national economies. Early-well intervention is, therefore, crucial to ensure that wells are productive and profitable. Its benefits include higher production rates, improved safety, and reduced expenses associated with deferred maintenance. On the other hand, overlooking the upkeep of the matured wells can increase the risk of equipment damage or failure, which can lead to safety hazards and expensive repairs. Hence, the demand for well intervention services increases with the growing demand for oil and gas across the world, as these services aid in the optimal production of oil and gas wells.

On the contrary, the shift from conventional fuels to renewable energy hampers the growth of Middle East & Africa well intervention market.

Based on service, the Middle East & Africa 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 47.8% market share in 2023, amassing US$ 4,227.23 million. It is projected to garner US$ 5,672.50 million by 2031 to register 3.7% CAGR during 2023–2031.

In terms of application, the Middle East & Africa well intervention market is bifurcated into onshore and offshore. The onshore segment held 61.0% share of Middle East & Africa well intervention market in 2023, amassing US$ 5,390.25 million. It is anticipated to garner US$ 7,247.65 million by 2031 to expand at 3.8% CAGR during 2023–2031.

By intervention, the Middle East & Africa well intervention market is categorized into light, medium and heavy. The light segment held 43.6% share of Middle East & Africa well intervention market in 2023, amassing US$ 3,854.99 million. It is projected to garner US$ 5,237.63 million by 2031 to expand at 3.9% CAGR from 2023 to 2031.

Based well type, the Middle East & Africa well intervention market is bifurcated into horizontal and vertical. The vertical segment held 70.0% share of Middle East & Africa well intervention market in 2023, amassing US$ 6,190.89 million. It is predicted to garner US$ 7,836.53 million by 2031 to expand at 3.0% CAGR between 2023 and 2031.

In terms of country, the Middle East & Africa well intervention market is categorized into Saudi Arabia, the UAE, Iran, Kuwait, Qatar, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 33.9% share of Middle East & Africa well intervention market in 2023. It was assessed at US$ 2,997.91 million in 2023 and is likely to hit US$ 3,868.31 million by 2031, registering a CAGR of 3.2% 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 June 2023, Expro Group Holdings NV secured a five-year contract with TotalEnergies EP Uganda for the multi-well Tilenga project, worth over $30mn, securing innovative environmental solutions and national recruitment in collaboration with TotalEnergies and the Petroleum Authority of Uganda.
• In Jan 2023, Expro Group Holdings secured a 10-year Production Solutions contract with Eni Congo for a liquified natural gas (LNG) pre-treatment facility in Congo. The 10-year deal is expected to generate over $300 million in revenue for Expro, a leading energy services provider.

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