The APAC well intervention market is expected to reach to $1.93 billion by 2018, up from $1.1 billion in 2013. Asias role continues to rise in importance in the world energy markets. Over the last two decades, Asia has accounted for almost 70% of total world oil consumption. APAC already surpassed North America and Europe in terms of oil consumption and demand is likely to increase substantially.
Substantial economic growth of the Asia-Pacific countries and demand for electricity has increased the growth of offshore oil exploration and production. China, Malaysia and India were the top three countries in the region in terms of proved oil reserve size, together accounting for over 26 billion BOE. The Asia-Pacific Region is expecting continued economic growth of around 7.3% in the current and upcoming years.
A significant constraint on the regions growth is its increased dependence on foreign imports of oil and gas as domestic consumption outstrips current production. In an attempt to decrease dependence on imports and to boost energy security and independence, the region has invested in domestic sources of power generation. This includes China and India, but also from other regional energy producers, including Thailand, Malaysia and Indonesia.
The expectation has always been that increasing demand for oil over the next 15 to 20 years would be met by OPEC, but the shale boom is rapidly changing the competitive advantage that the Gulf has had for so long and with it, the political equation.
The report provides comprehensive analysis of potential offshore reserves and production data, followed by a thorough evaluation of the well intervention market segment by region, major countries and key company information. The report also provides a section on the competitive landscape, detailing recent deal analysis and key company information with their financials, business description and analyst view.