Rigless Intervention Services Market by Application and Geography - Forecast and Analysis 2022-2026

The rigless intervention services market share is expected to increase to USD 783.33 million from 2021 to 2026, at a CAGR of 3.1%.

This rigless intervention services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rigless intervention services market segmentation by application (onshore and offshore) and geography (North America, Middle East and Africa, Europe, APAC, and South America). The rigless intervention services market report also offers information on several market vendors, including Acteon Group Ltd., Aker Solutions ASA, Attollo Ltd., Baker Hughes Co., Destini Bhd, EFC Group Ltd., Expro Group Holdings NV, General Electric Co., Gulf Intervention Services DMCC, Halliburton Co., Helix Energy Solutions Group Inc., Hunting Plc, Keppel Corp., NOV Inc., Oceaneering International Inc., Odfjell Technology Ltd., Sapura Energy Bhd, Schlumberger Ltd., Vietnam Oil and Gas Group, and Weatherford International Plc among others.

What will the Rigless Intervention Services Market Size be During the Forecast Period?

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Rigless Intervention Services Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increase in oil rig count is notably driving the rigless intervention services market growth, although factors such as rise in renewable energy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rigless intervention services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Rigless Intervention Services Market Driver

• One of the key factors driving the global rigless intervention services industry growth is the increase in oil rig count owing to the gradual recovery of the global crude oil price from 2016. 
• The rise in rig counts is mainly attributed to the gradual increase in onshore and offshore drilling projects, especially in the Gulf of Mexico region.
• As of April 2022, North America has 779 land oil and gas rigs.
• According to Baker Hughes International, as of May 2022, the total world rig count is 1628.
• The rise in the number of projects is due to the stabilization of crude oil prices, which has increased the profit margin for drilling and production companies.
• The rise in the rig count due to high investments in the oil and gas industry is expected to drive the growth of the market in focus during the forecast period.

Key Rigless Intervention Services Market Trend

• Advances in 4D seismic survey technologies is one of the key rigless intervention services market trends that is expected to impact the industry positively in the forecast period.
• Advances in 4D seismic survey technologies will help to gain information about the remaining oil left in existing oil fields and exploration in newer areas.
• The 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.
• The data is used to create a cube along with its height, width, and depth. The changes observed could be related to the fluid saturation and location, temperature, and pressure.
• Schlumberger performs and analyzes the 4D seismic survey technology.
• As the technology evolves and gains momentum in its adoption, the market in focus will continue to grow in the forecast years.

Key Rigless Intervention Services Market Challenge

• One of the key challenges to the global rigless intervention services industry growth is the rise in renewable energy, especially in Asian countries, owing to a rise in the demand and consumption of power.
• Due to the increase in emissions of GHG, various governments across the world have started focusing on sustainable and renewable energy resources such as biomass, wind, and solar.
• Increasing mandates on the use of renewable energy resources by governments have also resulted in an increased share of renewables in the global energy mix. Such factors have a negative impact on the power generation from oil and gas drastically.
• There was a decline in the oil and gas capital expenditure (CAPEX) after the oil price slump in 2020. However, the CAPEX spending will increase now with the recovering crude oil prices.
• The possible diversion of investment from oil and gas projects toward renewable activities may hamper the oil and gas industry during the forecast period.

This rigless intervention services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global rigless intervention services market as a part of the global oil field equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rigless intervention services market during the forecast period.

Who are the Major Rigless Intervention Services Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Acteon Group Ltd.
• Aker Solutions ASA
• Attollo Ltd.
• Baker Hughes Co.
• Destini Bhd
• EFC Group Ltd.
• Expro Group Holdings NV
• General Electric Co.
• Gulf Intervention Services DMCC
• Halliburton Co.
• Helix Energy Solutions Group Inc.
• Hunting Plc
• Keppel Corp.
• NOV Inc.
• Oceaneering International Inc.
• Odfjell Technology Ltd.
• Sapura Energy Bhd
• Schlumberger Ltd.
• Vietnam Oil and Gas Group
• Weatherford International Plc

This statistical study of the rigless intervention services market encompasses successful business strategies deployed by the key vendors. The rigless intervention services market is fragmented and the vendors are deploying growth strategies such as investment in exploration and production to compete in the market.

Product Insights and News

• Acteon Group Ltd. - The company offers rigless intervention services through systems such as Wellraizer Rigless Recovery System.
• Baker Hughes Co. - The company offers rigless intervention services through systems such as Mastiff rigless intervention system.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The rigless intervention services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Rigless Intervention Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the rigless intervention services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Rigless Intervention Services Market?

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51% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for rigless intervention services in North America. Market growth in this region will be faster than the growth of the market in South America, Europe, and MEA.

The increased E and P activities in the region owing to an increase in the demand for oil in the US, Canada, and Mexico will facilitate the rigless intervention services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The US was among the worst-affected countries in the region due to the outbreak of COVID-19. In 2020, the rise in the number of deaths from the disease in the region led to lockdowns in countries such as the US, Canada, and Mexico. However, post the lifting of lockdown restrictions, major oil and gas companies resumed their operations in H2 2020. Hence, the regional market is expected to witness growth during the forecast period, owing to increasing demand for fuel and government initiatives to increase oil and gas extraction in North America. Such factors indicate a rise in oil and gas drilling operations in North America, which will increase the demand for rigless intervention services during the forecast period.

What are the Revenue-generating Application Segments in the Rigless Intervention Services Market?

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The rigless intervention services market share growth by the onshore segment will be significant during the forecast period. Onshore E&P activities are a key part of oil and gas drilling. These activities have a low cost of operation compared with offshore E&P activities, which is the main reason for their adoption. 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. The onshore segment will benefit from the relatively lower capital and operational costs involved in intervention activities.

This report provides an accurate prediction of the contribution of all the segments to the growth of the rigless intervention services market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Rigless Intervention Services Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive rigless intervention services market growth during the next five years
• Precise estimation of the rigless intervention services market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the rigless intervention services industry across North America, Middle East and Africa, Europe, APAC, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of rigless intervention services market vendors

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