Pune, India -- (SBWIRE) -- 06/10/2019 -- Light intervention emerged dominant among types of product available in the Global Well Intervention Market. It accounted for 58.8% of the global market in 2018. Light-intervention wells are cost effective, which is the major factor fueling their demand. The demand for riserless light intervention is on the rise and gaining attention in offshore assets especially in Gulf of Mexico and North Sea. This is likely to propel growth of the global well intervention market. Besides this, the demand for medium and heavy intervention is likely to increase during the forecast period 2018-2026, in response to the increasing number of intervention activities taking place.

Since the recovery of the well intervention industry in 2016, the number of intervention activities has increased, backed by discovery of new oil and gas wells and increasing number of active rigs around the world. According to a report published by Fortune Business Insights, titled "Well Intervention: Global Market Analysis, Insights and Forecast 2018-2026," the global well intervention market was valued at more than US$ 8 Bn in 2018 and is projected to expand at a CAGR of 5.23%, during the forecast period and reach US$ 12.5 Bn by 2026.

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Recently the global well intervention market has witnessed entrance of certain new players. Among companies operating in the well intervention market, Schlumberger is emerged as the leading player. Besides Schlumberger, other major organizations operating in the global market are Halliburton, NOV, Baker Hughes, Oceaneering, Weatherford, Helix, Expro Group, Hunting Energy Services, Altus Intervention, Superior Energy Services, C&J Energy Services, TechnipFMC, Welltec, and Deepwell AS.

Advent Technology Bridging the Demand and Supply Gap in Global Well Intervention Market

"Initiatives by the market players to derive oil and gas from existing wells at a reduced cost by adopting advanced technology will bridge the demand and supply gap, generating demand in the global well intervention market," said a lead analyst at Fortune Business Insights.

The rapidly increasing demand for oil and gas from offshore areas is the major factor expected to drive the global well intervention market during the forecast period. On the flip side, the high cost associated with well intervention activity is anticipated to hinder the growth in the global well intervention market during the forecast period 2018-2026.

In terms of application in 2018, the offshore segment dominated the global well intervention market owing to its high demand. The offshore segment is also anticipated to be the fastest growing segment during the forecast period due to the increasing investment in gas assets and subsea oil. Besides this, several oil field operators have made huge investment in offshore assets to increase their reservoir performance, well productivity, and overall life cycle of the well. This is likely to increase demand in the global well intervention market.

Well Intervention Market in Africa and Latin America to Grow Swiftly

North America was held dominance in the global well intervention market followed by Asia Pacific and Europe. North America was valued at US$ 3,268.3 in 2018, it is expected to continue leading the global market over the forecast period owing to increasing activities in in offshore assets in the North Sea and Gulf of Mexico. Moreover, the Middle east and Africa is anticipated to grow at a relatively higher CAGR during the forecast period due to implementation of huge investment budget in the Gulf countries.

Fortune Business Insight's report also provides an insightful overview of opportunities, strategies used by the leading organization in the market, and the potential areas of development.

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