Dallas, TX -- (ReleaseWire) -- 03/19/2014 -- 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.
Analysts forecast the Global Well Intervention Services market to grow at a CAGR of 11.80 percent over the period 2013-2018. 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.
The report recognizes the following companies as the key players in Global Well Intervention Services Market: Aker Solutions ASA, Baker Hughes Inc., Schlumberger Ltd., Archer Well Company, Inc., EXPRO International Group Holdings Ltd., Halliburton Energy Services Co., Helix Energy Solutions Group Inc., and Weatherford International Ltd.
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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.
Key questions answered in this report:
- What will the market size be in 2018 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?