Well intervention in the Asia Pacific (APAC) region is expected to witness significant growth in the coming years.
According to a report by Allied Market Research, an increase in energy demand and revitalisation of aging brown field wells are factors propelling the growth of the market. However, environmental risks coupled with strict government regulations are key factors that slow down market growth.
The well intervention services market is categorised based on service type, applications, and countries. China, Australia, India, Indonesia, and Malaysia are among the handful of APAC countries that are set to experience remarkable market growth. Companies such as FMC Technologies, Nabors Industries Limited, Archer Limited, and Expro International Group Holdings Ltd., have adopted various innovative strategies, that have enabled them to gain a strong foothold in the market.
Driven by increasing energy demand, exploration activities and technological advancements in well intervention, the market is projected to expand to around US$2.7bn by 2032.
