Asia-Pacific Well Intervention Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Asia-Pacific well intervention market is expected to record a CAGR of greater than 2.1% during the forecast period, 2022-2027. During the COVID-19 outbreak, oil and gas production activities were negatively affected due to a lack of demand, which directly impacted the Asia-Pacific well intervention market. Most of the oil and gas oilfields have been discovered and matured. As a result, it is challenging to recover hydrocarbons through conventional methods. Well intervention plays a significant role in recovering those hydrocarbons through unconventional methods, thus driving the market. In addition, reducing cost and improving well intervention technology may drive the market as profitability increases and attract producers to use well intervention methods to recover through unconventional methods. However, the rapid adopting of renewable energy and increasing restrictions by the government on exploration and production will likely restrain the Asia-Pacific well intervention market.
Key HighlightsThe Asia-Pacific well intervention market is moderately consolidated. The major companies include Baker Hughes Co., Schlumberger NV, Oceaneering International Inc., WellMax Oilfield Technologies Pvt. Ltd, and Expro Group.
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