Well Intervention Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The well-intervention market is expected to witness a CAGR of over 2.3% during the period 2022-2027. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline in demand due to the various lockdowns and restrictions, which resulted in decreased demand for well intervention services. The spread of COVID-19 in Q1 of 2020 resulted in the delay of significant drilling projects worldwide, affecting the market for well intervention services. For instance: in April 2020, Beach Energy announced a termination notice to Diamond Offshore for its year-long offshore drilling program in the Otway basin in Southern Australia with the semi-submersible Ocean Onyx, citing the logistical difficulties caused by the COVID-19 pandemic services. Factors such as increased drilling and completion activities globally have been driving the demand for the well intervention services over the study period. However, 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 well intervention market.
Key HighlightsThe well intervention market is partially consolidated. Some of the key players in this market include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford PLC, and Baker Hughes Company.
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