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The rigless intervention services market size is forecast to increase by USD 1.41 billion, at a CAGR of 4.58% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for advances in 4D seismic survey technologies, the rise in deep and ultra-deepwater drilling projects, and the digitalization and remote operations in rigless intervention services.
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A key factor shaping the rigless intervention services market growth is the advances in 4D seismic survey technologies. The developments in seismic technology are mainly fuelled by the increased need to gain information about the remaining oil left in existing oil fields and exploration in newer areas. In addition, seismic technology is used by geologists and geophysicists to map and analyze potential hydrocarbon reserves.
Moreover, technology has been in existence for decades. However, seismic surveys are evolving from three-dimensional (3D) seismic surveys to four-dimensional (4D) seismic surveys to attain enhanced and more accurate information about the oil fields. Furthermore, the 4D technique also referred to as the time-lapse technique, monitors a combination of two or three 3D seismic monitoring techniques simultaneously to improve the quality of the image of the potential reservoir. Hence, such factors are driving the market growth during the forecast period.
The onshore segment is estimated to witness significant growth during the forecast period. The demand for rigless intervention services is directly proportional to the number of active rigs, such as both onshore and offshore rigs. In addition, onshore E&P activities are a key part of oil and gas drilling. Furthermore, these activities have a low cost of operation compared with offshore E&P activities, which is the main reason for their adoption.
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Moreover, oil and gas producers in the US are increasing their investments in shale oil and gas due to the recent recovery of the global crude oil price. For instance, in May 2022, the US accounted for more than 59% of the total number of global rigs, including both onshore and offshore facilities. In addition, most of the oil and gas-producing regions in the US are onshore facilities. Therefore, the increase in E&P activities in the US will positively impact the onshore segment of the market during the forecast period.
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North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The constant rise in the demand for oil in the US, Canada, and Mexico makes North America the leading consumer of crude oil across the world. In addition, the growth momentum is accelerating in the Americas, owing to the increased E&P activities in the region. In addition, global crude oil prices are on the path to recovery. As a result, this will lead to a resurgence in the shale oil and gas industry. Furthermore, the US shale industry is growing as high investments are being made because of firmer oil prices. In addition, the shale oil and gas boom had a huge impact on the upstream oil and gas industry. Hence, such factors are driving the market growth in North America during the forecast period.
One of the key factors driving the rigless intervention services market growth is the adoption of supercritical carbon dioxide in fracking. Fracking or hydraulic fracturing can be referred to as a technique used to recover oil and gas from shale rocks. In addition, it is a process of drilling down into the earth, and a high-pressure water mixture is directed at the rock to recover the oil and gas inside. Furthermore, fracking uses vast amounts of water to crack rock formations and release oil and gas.
Moreover, supercritical CO2 can be captured easily and can be reused for the process. It will reduce the huge water requirement for the operation. In addition, it is more efficient in fracturing the rock. Hence, supercritical CO2 makes the whole process easier. Thus the use of supercritical CO2 by replacing water in the fracking process will enhance production and reduce the environmental impact. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Fluctuations in global crude oil prices are one of the key challenges hindering the rigless intervention services market growth. Fluctuations in the prices of crude oil have a significant effect on the performance and profitability of upstream oil and gas players. In addition, it has pressured oil and gas providers to reduce their investments accordingly. In addition, oil and gas companies have stopped or delayed their E&P projects due to these abnormal fluctuations in crude oil prices.
Moreover, ongoing projects of crude oil production generated low revenue, which makes it difficult for companies to sustain themselves in the market. In addition, the variation in oil prices is one of the major problems faced by the industry. Furthermore, such barriers to E&P activities due to fluctuations in crude oil price will hinder the growth of the E&P industry, thereby hindering the growth of the global rigless intervention services market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. The market forecast focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Rigless Intervention Services Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abu Dhabi National Oil Co: The company offers rigless intervention services such as coiled tubing services with thru tubing downhole tools, stimulation services, surface well testing services, wireline, and production logging services and tools, saturation monitoring, and well integrity.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The rigless intervention services market report forecasts market growth by revenue at global, regional & country levels and provides a market analysis and report of the latest market growth and trends and growth opportunities from 2018 to 2028.
Rigless Intervention Services Market Scope |
|
Report Coverage |
Details |
Page number |
98 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.58% |
Market Growth 2024-2028 |
USD 1.41 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.9 |
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
Performing market contribution |
North America at 48% |
Key countries |
US, Canada, Saudi Arabia, China, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABL Group, Abu Dhabi National Oil Co., Acteon Group Ltd., Aker Solutions ASA, Attollo Ltd., Baker Hughes Co., EFC Group Ltd., Expro Group Holdings NV, General Electric Co., Gulf Intervention Services DMCC, Halliburton Co., Havilah Energy Inc., Helix Energy Solutions Group Inc., NOV Inc., Oceaneering International Inc., Odfjell Technology Ltd., Qatar Navigation QPSC, Sapura Energy Bhd, Schlumberger Ltd., and Weatherford International Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technique
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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