DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/7flkzf/global_well) has announced the addition of the "Global Well Intervention Services Market 2014-2018" report to their offering.
The analysts forecast the Global Well Intervention Services market to grow at a CAGR of 11.80 percent over the period 2013-2018. One of the key factors contributing to this market growth is the growing demand for energy. The Global Well Intervention Services market has also been witnessing the adoption of multi-data collection instruments and systems. However, the aging shallow water oil reserves could pose a challenge to the growth of this market.
Key vendors dominating this space are Aker Solutions ASA, Baker Hughes Inc., and Schlumberger Ltd.
Other vendors mentioned in the report are Archer Well Company, Inc., EXPRO International Group Holdings Ltd., Halliburton Energy Services Co., Helix Energy Solutions Group Inc., and Weatherford International Ltd.
Commenting on the report, an analyst from the team said: The Well Intervention industry has always had the challenging task of optimizing the production of energy. The key players in the industry have resorted to various innovative mechanisms in order to meet the objective, including minimizing in-hole well time by deployment of multi-purpose tool strings, which has created significant cost advantages to the Well Intervention Services industry. The industry is widely adopting multi-data collection instruments and systems that provide precise information about the health of the well, such as the overall oil reserve content, and the geological characteristics of the terrain. However, intervention service providers need to focus on the integrity and functionality of this cost-intensive equipment as it is largely used remotely. The increasing adoption of multi-data collection instruments and systems is expected to favor the Global Well Intervention Services market during the forecast period.
According to the report, the increasing industrialization of developing countries, mainly in the APAC region, such as India and China, is driving the demand for energy. This is one of the major drivers in this market.
Further, the report states that one of the major challenges in the market is the aging shallow water oil reserves. The cost of technological expertise and equipment needed to manage deep water greenfield wells is high and prohibits many well intervention service vendors from carrying out their intervention plans.
For more information visit http://www.researchandmarkets.com/research/7flkzf/global_well
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