Well Intervention Market Size

Well Intervention Market Size

Well Intervention Market size in 2017 was valued over USD 11 billion and is predicted to grow over 6% by 2024.

Growing number of matured oil & gas fields coupled with increasing demand for refined petroleum products on account of rapid urbanization and industrialization across the emerging economies will foster the well intervention market. A sturdy growth in the aging oilfields accompanied by a lower exploration rate of newer fields will accelerate the industry growth. In addition, the increasing demand for logging services on account of change in geological sub structure of the wells will further propel in the industry growth.
 

Increasing investments pertaining to technological advancements to improve the efficiency across the complete spectrum of exploration & production activities will stimulate the global market growth. In addition, the increasing subsea production along with ongoing government focus toward development of aging fields will propel the industry growth. Favourable government taxation schemes to develop these reserves will positively influence the technology adoption.