The Global Rigless Intervention Systems Market is poised for growth, driven by an increase in rig count and advancements in 4D seismic survey technologies.
According to TechSci Research report, “Global Rigless Intervention Systems Market– By Region, Competition, Forecast & Opportunities, 2028,” the market is expected to expand due to growing onshore and offshore oil and gas exploration and production. Rigless intervention methods like hydraulic workover, wireline, and coiled tubing, which don’t require a standard rig, are anticipated to fuel market growth by enabling downhole operations in existing wells.
The rise in rig counts, particularly in the Gulf of Mexico, is driven by increasing onshore and offshore drilling projects. As of April 2022, North America had 779 land oil and gas rigs. Globally, there were 1628 rigs in use as of May 2022, according to Baker Hughes International. Stable crude oil prices have boosted drilling and production businesses’ profitability, leading to an increase in projects.
The onshore segment is expected to see significant growth, driven by extensive onshore exploration and production activity with minimal operational costs compared to offshore activities. The recent recovery in crude oil prices has spurred US oil and gas producers to invest more in shale oil and gas. The onshore segment benefits from reduced capital and operational expenses associated with intervention activities.
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The Global Rigless Intervention Systems Market is categorized into North America, Asia-Pacific, Europe, South America, and the Middle East by region. North America is poised for significant growth, projected to contribute 51% of the market’s expansion during the forecast period. The US and Canada represent the largest markets for rigless intervention services in North America, with growth expected to outpace that of South America, Europe, and the Middle East combined. This growth in North America is driven by increased exploration and production activity, fueled by rising oil demand in the US, Canada, and Mexico. The market research report provides vendors with comprehensive data on competition, marketing opportunities, and geographical prospects to aid in developing effective business strategies.
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, along with a rise in deepwater and ultradeepwater drilling operations, are key factors driving global oil and gas production. Additionally, the ability of these systems to conduct downhole operations in existing wells further enhances production.
Furthermore, escalating global energy demand, increasing need for cost-effective extraction techniques, and growing demand for remedial activities in operational oil wells contribute to significant opportunities, driving growth in the rigless intervention systems market.
A notable trend in rigless intervention services expected to positively impact the sector is the advancement of 4D seismic survey technologies. This advancement allows for better understanding of active oil fields and exploration of new regions. Transitioning from three-dimensional (3D) to four-dimensional (4D) seismic surveys enables obtaining more precise and enhanced information about oil fields.
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“The Global Rigless Intervention Systems Market is poised for expansion in the forecast period. Rigless intervention services encompass various activities like logging, well cleaning, perforating, fishing, and more, offering efficiency gains of over 20 days compared to traditional methods. As it eliminates the need for a conventional workover rig, rigless intervention is expected to drive market growth significantly,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Global Rigless Intervention Systems Market By Type, Location, Application, End Use, Technique, Region, Competition, Forecast & Opportunities, 2028,” assesses the market’s growth potential and provides comprehensive insights into its structure, size, and future prospects. Aimed at offering advanced market intelligence, the report assists decision-makers in making informed investment decisions. Additionally, it identifies and analyzes emerging trends, drivers, challenges, and opportunities within the Global Rigless Intervention Systems Market.
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