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.
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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.
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“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.
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