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Well Intervention Services Market Analysis
The well intervention services market is set to witness a spend growth of nearly USD 3 billion with spend momentum to accelerate at a CAGR of over 4% between 2019-2024. The increase in the crude oil prices is motivating oil and gas suppliers to engage in deepwater oil and gas drilling across the globe. Well intervention service providers are considered indispensable in catering to the periodic requirement of maintenance and repair of such deepwater oil wells for their enhanced oil production and extended life. The adoption of advanced technologies such as slick-line equipment and coiled tubing, along with the development of downhole tools that relay data and measurements in real time is boosting the feasibility of this service among oil and gas companies who seek to develop challenging wells that were previously inaccessible. This is contributing to spend growth in the well intervention services market to a significant extent.
Top Spending Regions in the Well Intervention Services Market
According to forecasts, North America followed by Europe will dominate the global well intervention services market accounting for over 38% and 23% of spend share respectively during the forecast period.
North America
The concentration of a substantial amount of oil and gas reserves will act as one of the chief spend growth drivers in the well intervention services market in this region. Service providers in the region are focusing on hydraulic fracturing technology for the maintenance and repair of shale gas wells in the region.
Europe
The presence of a substantial number of aging oil wells in the North Sea is increasing the prospects of procurement in the well intervention services market in this region. Buyers usually require well intervention services to successfully extract oil from such oil wells, which is driving the demand for intervention services in the region.
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Insights Offered in this Well Intervention Services Market Report
Insights into Some of the Leading Well Intervention Service Providers
The supply market dynamics hint at a substantial hike in service providers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the well intervention services market. This well intervention services market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top well intervention services suppliers. The top well intervention services service providers highlighted in this report include:
Criteria to select service providers in this dynamic well intervention services market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing service providers selection criteria.
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