Wireline Services Market is Expected to Grow with A High CAGR In the Forecast Period.
Growing demand of oil and gas consumption
and rising drilling project investments are propelling the market growth in the
forecast period.
According to TechSci
Research report, Wireline Services Market - Global Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2018-2028F, the Wireline Services Market is expected to register robust growth during the forecast period 2024-2028.
Increasing offshore exploration operations are likely to drive the demand
for wireline services throughout the forecast period.
Wireline refers to the wire
infrastructure utilised in oil and gas exploration areas for reservoir
evaluation, well intervention, monitoring, and completion for a variety of
measuring devices and equipment. The real-time data collected in drilled wells
using measurement instruments and equipment motivates field engineers to
monitor and regulate operational conditions. Wireline services are critical in
oilfield operations and are cost-effective procedures for wellbore maintenance.
In 2018, three substantial
oil discoveries were discovered in the United States, including two in the Gulf
of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m undersea and at
Appomattox (140 Mb) at a depth of 2,300 m. In addition, the United States has
made an onshore find at the Putu/Stony field in Alaska (200 Mb). Smith Bay, a shallow
oil field on Alaska's North Slope 150 miles west of Prudhoe Bay, is estimated
to possess 6-10 billion barrels of crude oil, including 1.8 to 2.4 billion
barrels of recoverable reserves.
Furthermore, as a result of
the stabilisation of energy prices and the profitability of drilling
activities, the Petroleum Services Association of Canada (PSAC) revealed that
as of 2018, they had 152 operating oil wells, which is likely to expand as a
result of the newly discovered field. The country's demand for wireline
services is anticipated to be significant throughout the projection period,
owing to increasing upstream activity.
As a result, the
development of new fields and increasing drilling and exploration operations
are likely to boost the North American market. As a result, the demand for
wireline services in North America is likely to be favourable throughout the
projection period.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Global Wireline Services Market"
The Global Wireline Service Market is
divided into well
type, service, location, application, and region. Based on Well Type, the market is divided into Open Hole and
Cased Hole. The cased hole category is expected to have the greatest market
share due to the benefits provided by the product, which includes determining
the status of cement, corrosion, and perforation. Both gamma-ray and neutron
porosity may be tested in a cased hole. Moreover, measures of hydrocarbon
saturation, porosity, and producibility can provide better information about
thermal deterioration and interval transit. The open hole sector is also
expected to increase rapidly due to the deployment of sensors to measure every
aspect of reservoirs on-site and in real-time.
Based on Service, the market is divided into Electric Line
and Slick Line. The electric line sector is predicted to have the
greatest share of the market since it enhances efficiency and prevents capital
waste by having information on oil field capacity. The slick line segment is
expected to develop due to restricted mechanical operation, since ordinary
cable wire is utilized to collect tools and equipment.
Based on Location, the market is divided into Onshore and
Offshore. The ongoing trend towards using cleaner energy sources to reduce
carbon emissions has resulted in significant investments in shale gas
extraction in the future years. This has resulted in an upsurge in onshore
efforts for shale gas exploration. This trend in shale gas reserve production
can be attributable to the onshore segment's expansion throughout the forecast
period. The offshore category is expected to grow considerably throughout the
projection period as drilling investments increase.
Based on Application, the market is segmented into Well
Completion, Well Intervention, and Well Logging. The well logging category is
expected to have a greater market share due to increased demand for drilling
new wells for shale gas and crude oil exploration. The well intervention
segment is also expected to expand due to the presence of mature and elderly
oil wells, which increases the need to improve an oil well's efficiency. The
well completion segment is also expected to expand due to a growing concern for
obtaining real-time data for monitoring the well.
Major market players in the Global Wireline
Services Market: -
- Schlumberger Limited
- Baker Hughes Company
- Weatherford International
PLC
- Halliburton Company
- Expro International Group
PLC
- China Oilfield Services
Limited
- National Oilwell Varco
- Archer Limited
- Superior Energy Service Inc
- FMC Technologies.
Download Free Sample Report
Customers can also request
for 10% free customization on this report.
"Growing
demand of crude oil & gas is a major factor propelling the market growth in
the forecast period. The development of the market is anticipated to be
constrained during the projected period by increased investments in renewable
energy, as well as emission reduction and other environmental targets. Over the
projected period, the market will continue to have substantial growth potential
due to the development and commercialization of significant domestic
non-associated natural gas reserves for domestic use and export.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Wireline
Service Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F, By Well
Type (Open Hole and Cased Hole), By Service (Electric Line and Slick Line), By Location
(Onshore and Offshore), By Application (Well Completion, Well Intervention, and
Well Logging), By Region has
evaluated the future growth potential of Global Wireline Services Market and
provides statistics & information on market size, structure, and future
market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Wireline Services
Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com