Rigless Intervention Systems Market Size, Share & Trends Analysis Report By Location, By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

The global rigless intervention systems market is expected to witness significant growth over the forecast period, driven by increasing E&P in onshore and offshore oil & gas reserves. Increasing offshore drilling in deep water and ultra deep sea is anticipated to propel the demand over the next seven years. Rigless intervention systems include services such as wireline, coiled tubing, and hydraulic work over and do not require any conventional rig to be used. Ability of these systems to perform downhole activities in currently producing wells is anticipated to drive the market growth over the forecast period. Growing demand for carrying out remedial activities on producing oil wells to either restore production to original levels or to increase the production rates is projected to drive the market expansion over the next seven years.

On the basis of location, rigless intervention system market has been segmented into offshore and onshore. Most of the rigless intervention systems are currently employed in onshore locations and the segment is expected to increase market share over the forecast period on account of increasing shale plays in the U.S. and Canada. Rigless intervention system in offshore locations is anticipated to gain market share over the forecast period owing to increasing deep sea drilling activities particularly in the North Sea, Gulf of Mexico, and the South China Sea.

On the basis of application, rigless intervention system market has been segmented into abandonment services, pre-installation services, and wireline services. Pre-installation services were the largest application segment in 2014. Increasing demand in well site preparation activities particularly in unconventional and tight reserves may be attributed to the growth in this segment. Abandonment services are expected to gain market share over the forecast period owing to depleting production rates in mature oilfields. On the basis of techniques, market has been segmented into coiled tubing, hydraulic work over and wireless. Coiled tubing was the largest employed well intervention technique in 2014 and is expected to gain market share on account of efficient extraction coupled with reduced rig up and trip times.

North America dominated the global rigless intervention systems market in 2014 and is expected to remain the largest regional market over the forecast period. Increasing shale plays as well as large number unexplored offshore oilfields in the region may be attributed to the growth in regional market. Asia Pacific is expected to witness above average growth over the next seven years on account of increasing offshore drilling activities coupled with surging demand for efficient extraction techniques at reduced cost. European market is anticipated to witness moderate growth over the next seven years on account of rising E&P in onshore as well as offshore areas. Large number of unexplored offshore hydrocarbon reserves in Latin American and African regions is expected to provide lucrative opportunities for rigless intervention systems over the foreseeable future.

Leading companies in global rigless intervention systems market are investing heavily to develop cost-effective and innovative technologies such as smart wells to collect real time data for downhole characteristics. Effective selection for an appropriate and targeted intervention response is expected to create immense opportunities for market expansion over the forecast period. Major players operating in global market include Schlumberger Limited, Baker Hughes, Halliburton, and Weatherford International.