North America Well Intervention Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 136 | Report Code: BMIRE00031802 | Category: Energy and Power
No. of Pages: 136 | Report Code: BMIRE00031802 | Category: Energy and Power
The North America Well Intervention Market size is expected to reach US$ 24,108.41 million by 2031 from US$ 17,605.84 million in 2023. The market is estimated to record a CAGR of 4.0% from 2023 to 2031.
The North American well intervention market is experiencing steady growth due to increasing demand for oil and gas production, enhanced reservoir management, and the aging of existing wells. Well intervention services are crucial for maintaining, repairing, or enhancing the performance of wells, which include activities such as wellbore cleaning, pressure testing, perforation, and logging. The market is driven by factors such as rising exploration and production activities, technological advancements in well intervention techniques, and the need for cost-effective solutions in mature oil fields. Operators are increasingly adopting well intervention services to extend the life of existing wells, optimize production, and minimize the risk of well failure. The US and Canada dominate the North American market, with major oil-producing regions such as Texas, the Gulf of Mexico, and Alberta seeing high demand for well intervention services. In particular, the resurgence of shale oil production in the US has led to a steady need for well maintenance and intervention services. Moreover, offshore oil fields, such as those in the Gulf of Mexico, require more advanced well intervention techniques, further expanding market opportunities. Key players in the market provide a variety of solutions, including slickline services, wireline services, hydraulic intervention, and coiled tubing services. Additionally, there is a growing focus on digitalization, automation, and data analytics, which are improving the efficiency and precision of well intervention activities. Overall, the North American well intervention market is expected to continue evolving, driven by technological innovation, an increasing need for well maintenance, and the ongoing exploration and production activities in the region's oil and gas industry.
Key segments that contributed to the derivation of the well intervention market analysis are service, application, intervention, and well type.
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.
Based on country, the North America well intervention market comprises the US, Canada, and Mexico. The US held the largest share in 2023.
The US is one of the largest producers of crude oil in the world. Countries such as Mexico, Canada, China, South Korea, and the Netherlands rely on crude oil exported from the US. Amid the Russia–Ukraine war, many countries discontinued their respective operations with Russian oil and gas businesses, which compelled them to opt for crude oil exported by the US and Saudi Arabia. Such a rise in demand subsequently bolstered the operations of crude oil production across the US. As per the data from the US Energy Information Administration, crude oil production in the US increased from 12.3 million barrels per day in 2019 to 12.9 million barrels per day in 2023. In addition, natural gas production surged by 4% in 2023. A rise in the scale of oil and gas production drives the demand for well intervention services in the US. However, the number of oil rigs declined from 721 in 2022 to 682 in 2023 across the US. Nonetheless, the number of offshore oil and gas rigs rose from 39 to 42 during the same period, which drove the demand for offshore well intervention services in the US. In addition, an upsurge in demand for cost-effective technologies to increase the oil and gas production output is expected to raise the demand for well intervention services in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 17,605.84 Million |
| Market Size by 2031 | US$ 24,108.41 Million |
| Global CAGR (2023 - 2031) | 4.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insights’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America Well Intervention Market is valued at US$ 17,605.84 Million in 2023, it is projected to reach US$ 24,108.41 Million by 2031.
As per our report North America Well Intervention Market, the market size is valued at US$ 17,605.84 Million in 2023, projecting it to reach US$ 24,108.41 Million by 2031. This translates to a CAGR of approximately 4.0% during the forecast period.
The North America Well Intervention Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Well Intervention Market report:
The North America Well Intervention Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Well Intervention Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Well Intervention Market value chain can benefit from the information contained in a comprehensive market report.
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