Rigless Intervention Systems Market is Expected to Register a CAGR of 6% through 2028
The rise in the rig count and advancement
in 4D seismic survey technologies is expected to drive the Global Rigless
Intervention Systems Market.
According to TechSci
Research report, “Global Rigless Intervention Systems Market-
By Region, Competition, Forecast & Opportunities, 2028”, the Global Rigless Intervention Systems
Market is expected increase during
the forecast period, owing to growing exploration and production of onshore and
offshore oil and gas reserves.. Rigless intervention techniques, which do not
involve a standard rig, include hydraulic work over, wireline, and coiled
tubing. The capacity of these devices to carry out downhole operations in
already producing wells is anticipated to drive market expansion over the
anticipated timeframe.
The gradual increase in onshore and
offshore drilling projects, particularly in the Gulf of Mexico, is primarily
responsible for the rise in rig counts. North America had 779 land oil and
gas rigs as of April 2022.
The total number of rigs in use
worldwide as of May 2022, according to Baker Hughes International, is 1628. The
increase in projects is a result of the crude oil prices stabilizing, which has
enhanced the profit margin for drilling and production businesses.
Based on location, onshore segment is
expected to register a significant growth during the forecast period as oil and
gas drilling involves a significant amount of onshore E&P activity. The
primary factor driving their adoption is that these activities have minimal
operational costs as compared to offshore E&P activities. Due to the recent
recovery in the price of crude oil on a worldwide scale, US oil and gas
producers are boosting their investments in shale oil and gas. The considerably
reduced capital and operational expenses associated with intervention actions
will be advantageous to the onshore segment.
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In terms of region, the Global Rigless
Intervention Systems Market is segmented into North America, Asia-Pacific,
Europe, South America, and Middle East. North America will experience rapid
expansion, and is expected to account for 51% of the market's growth throughout
the projection period. The two biggest markets in North America for rigless
intervention services are the US and Canada. The market in this region is
expected to grow more quickly than the markets in South America, Europe, and
MEA combined. The expansion of the rigless intervention services market in
North America is expected to grow throughout the projected period owing to the
region's increased E&P activity as a result of rising oil demand in the US,
Canada, and Mexico. In order to help vendors create effective business plans,
this market research report includes comprehensive information on the
competition intelligence, marketing gaps, and geographical prospects available
to them.
Key market players in the
Global Rigless Intervention Systems Market include:
- Acteon Group Ltd.
- Baker Hughes Co.
- EFC Group Ltd.
- Expro Group Holdings NV
- Gulf Intervention Services DMCC
- Halliburton Co.
- Helix Energy Solutions Group Inc.
- Oceaneering International Inc.
- Schlumberger Ltd.
- Weatherford International Plc
Increased
exploration and production of onshore and offshore oil and gas reserves, an
increase in the number of deepwater and ultradeepwater offshore drilling
operations, and the ability of these systems to perform downhole operations in
currently producing wells are some of the most significant factors that will
likely increase the global oil and gas production.
Moreover,
rising energy demand growth globally, soaring demand for effective extraction
techniques at reduced cost, and growing demand for remedial activities to be
performed on oil wells that are currently producing oil will all further
contribute to generating massive opportunities that will lead to the growth of
the rigless intervention systems market during the forecast period.
One of
the major market trends for rigless intervention services that is expected to
have a beneficial effect on the sector during the forecast period is the
development of 4D seismic survey technologies. The development of 4D seismic
survey technologies is expected to aid in learning more about the oil still
present in active oil fields and exploration of additional regions. In order to
obtain improved and more accurate information on the oil fields, the seismic
surveys are transitioning from three-dimensional (3D) seismic surveys to
four-dimensional (4D) seismic surveys.
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“The Global Rigless
Intervention Systems Market is expected to expand during the forecast period. Logging,
well cleaning, perforating, fishing, selective simulation, fluid displacement,
thru-tubing sand control, remedial cementing, artificial lift services,
re-entry drilling services, and surface controlled subsurface safety valve
repair are just a few of the activities that use rig-less intervention
services. It can help a rig save over 20 days of time. Because rig-less
intervention does not require the deployment of a traditional workover rig, it
is expected to accelerate market growth during the projection period,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Global Rigless Intervention Systems Market By Type (Shelf-Stable
Creamers, Refrigerated Liquid Creamers) , By Location (Offshore, Onshore), By
Application (Abandonment Services, Pre-Installation Services, Wireline
Services), By End Use (Supermarkets/Hypermarkets, Convenience Stores, Other),
By Technique (Coiled Tubing, Hydraulic Workover, Wireless), By Region, Competition, Forecast &
Opportunities, 2028”, has evaluated the future growth potential of
Global Rigless Intervention Systems Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Rigless Intervention Systems Market.
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