Subsea Well Intervention Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Subsea Well Intervention Market Analysis
The global subsea well intervention market is expected to register a CAGR of over 2% during the period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the long term, increased drilling and completion activities have been driving demand for the subsea well intervention market over the study period.
- On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the demand for subsea well intervention.
- Nevertheless, the increasing oil and gas discoveries, coupled with the liberalization of the industry globally, have led to the creation of new opportunities for the players to invest in. The new emerging markets are several developing nations in the Middle East and Africa, Asia-Pacific, and South America.
- North America is estimated to have the maximum share of the subsea well intervention market in 2021.
Subsea Well Intervention Market Trends
Development of Deepwater and Ultra-Deepwater Reserves
- Investments related to deepwater projects are expected to be limited before 2025. These resources are typically more expensive to develop, take a longer time to reach full production, and require additional investment in infrastructure because of their presence in remote locations. However, most of the projects that are currently under development are expected to continue their operations.
- Despite high fixed costs and the requirement of long lead times from project conception to first production, offshore deepwater oil projects provide large production volumes that can achieve relatively low per-barrel operating costs over the reservoir life cycle.
- In 2021, global crude oil production amounted to approximately 4.2 billion metric tons. With the rising number of maturing oilfields in recent years, there has been growth in offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for discovery in these areas. As a result, the oil and gas industry is shifting toward deeper offshore regions to search for oil and gas to meet the increasing demand.
- Also, offshore projects have a high lead time and are expensive. Before the operators invest in the production infrastructure, they build other infrastructure that requires high CAPEX. Hence, the development of the projects, for which the FIDs have already been taken and development has begun, is likely to continue to recover the investment through oil and gas production revenues. These projects are expected to be significant drivers during the first half of the forecast period.
- As of 2021, the offshore oil and gas industry accounted for about 30% of global crude oil production. The Middle East, North Sea, Brazil, the Gulf of Mexico, and the Caspian Sea are the major offshore oil and gas producing regions. In addition to this, the availability of abundant resources, coupled with increased potential to recover oil and gas from deepwater and ultra-deepwater areas, is expected to provide a great opportunity for the market studied.
- All the above-mentioned factors have been driving the demand for subsea well intervention over the study period.
North America to Dominate the Market
- North America is expected to dominate the subsea well intervention market and grow at a significant rate over the forecast period.
- In North America, offshore oil and gas projects are becoming more competitive owing to improved efficiencies and tightening the supply chain, which has led to declining offshore drilling costs.
- In terms of government support and policy, the federal government of the United States started an auction for more than 80.9 million acres that it would lease for oil and gas production in 2021.
- As the United States invests heavily in expanding its oil and gas production capacity, the Gulf of Mexico has become a global hotspot for offshore drilling. As of 2021, the Gulf of Mexico region was responsible for 97% and 15% of the US offshore and total hydrocarbon production, respectively. The region has one of the highest global densities of offshore oilfield services.
- Several incentives for shallow-water drilling have been provided in the past by the United States, such as low royalty rates and modifications for the already leased shallow-water fields, such as decreasing royalty from 18% to 12.5%, with the aim of increasing E&P activities in shallow waters.
- Therefore, increasing oil and gas activities in the region are expected to increase the demand for subsea well intervention over the forecast period in the North America region.
Subsea Well Intervention Industry Overview
The global subsea well intervention market is partially consolidated. Some of the key players in this market (in no particular order) include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford Plc., and Baker Hughes Company, among others.
Subsea Well Intervention Market Leaders
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Schlumberger Limited
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Halliburton Company
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China Oilfield Services Limited
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Weatherford International Plc.
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Baker Hughes Company
*Disclaimer: Major Players sorted in no particular order
Subsea Well Intervention Market News
- February 2023: TotalEnergies announced that it is in the process of starting a multi-well appraisal and exploration drilling program in Namibia, following the Venus light oil discovery in Block 2913B located in the Orange Basin, southern Namibia. The ultra-deepwater Venus-1X exploration well was spud in December 2021 using the Maersk Voyager drillship.
- September 2022: With Petr贸leo Brasileiro S.A., Helix Energy Solutions Group, Inc. extended its well intervention charter and services contracts for two years for offshore Brazil's Siem Helix 2 well intervention vessel. The negotiated extension is expected to conclude in December 2024, directly following Helix's existing Petrobras contracts.
Subsea Well Intervention Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Major Upcoming Upstream Projects
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitute Products and Services
4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.2 Europe
5.1.2.1 United Kingdom
5.1.2.2 France
5.1.2.3 Germany
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Australia
5.1.3.4 Indonesia
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Colombia
5.1.4.3 Argentina
5.1.4.4 Chile
5.1.5 Middle-East and Africa
5.1.5.1 United Arab Emirates
5.1.5.2 Saudi Arabia
5.1.5.3 Nigeria
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Schlumberger Limited
6.3.2 Weatherford International Plc.
6.3.3 Baker Hughes Company
6.3.4 Halliburton Company
6.3.5 China Oilfield Services Ltd.
6.3.6 National Oilwell Varco
6.3.7 Superior Energy Services Inc.
6.3.8 Expro Group
6.3.9 Archer Limited
6.3.10 Axis Well Technology
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Subsea Well Intervention Industry Segmentation
Subsea well intervention services refer to a range of activities and techniques used to maintain, repair, and enhance oil and gas wells located beneath the seabed. These wells are typically located in deep water and can be challenging to access and maintain. Subsea well intervention services are designed to overcome these challenges and ensure that these wells continue to produce oil and gas efficiently and safely.
The subsea well intervention market report is segmented by geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). The report covers the market size and forecasts for the subsea well intervention market across major regions. For each segment, market sizing and forecasts have been done based on revenue (value in USD billion).
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Subsea Well Intervention Market Research FAQs
What is the current Subsea Well Intervention Market size?
The Subsea Well Intervention Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Subsea Well Intervention Market?
Schlumberger Limited, Halliburton Company, China Oilfield Services Limited, Weatherford International Plc. and Baker Hughes Company are the major companies operating in the Subsea Well Intervention Market.
Which is the fastest growing region in Subsea Well Intervention Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Subsea Well Intervention Market?
In 2024, the North America accounts for the largest market share in Subsea Well Intervention Market.
What years does this Subsea Well Intervention Market cover?
The report covers the Subsea Well Intervention Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Subsea Well Intervention Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Subsea Well Intervention Industry Report
Statistics for the 2024 Subsea Well Intervention market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Subsea Well Intervention analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
