Global Wireline Services Market to Surpass US$ 46.17 Billion by 2025
Wireline services, also known as electrical cabling technology, is used by gas and oil well operators for reservoir evaluation, pipe recovery activities, and intervention processes. These services involve the usage of multi-strand cable to carry the equipment into wells for data acquisition and enhance performance of wells by providing real time, quantified, and accurate data. Furthermore, wireline services are extensively used in the transmission of data in work-over operations and for determining the quantity of hydrocarbons and organic carbons in the well.
The wide penetration of wireline services in the oil and gas industry, including drilling, exploration, completion, intervention, and stimulation, are major factors propelling growth of wireline services market. Furthermore, the application of these services reduces the required time, measurement devices, and labor as well as increases oil production. These are some of the factors expected to fuel the global growth of this market during the forecast period.
However, the rising concerns regarding the renewable energy and the low price of crude oil are some of the factors expected to hamper the market growth during the forecast period.
In terms of revenue, North America held a dominant position in the market, accounting for a share of over 47.56% in 2016 and is expected to retain its dominance during the forecast period. This is mainly due to the growing oil & gas industry coupled with high demand for petroleum around the world. The U.S. holds the major share in the wireline services market in North America, as the country is a major producer of oil and gas. According to the Energy Information Administration (EIA), in 2014, U.S. recorded a tremendous increase in crude oil production by 1.2 million barrels per day (bbl/d) to 8.7 million bbl/d, and noted the largest volume increase since 1900. Rapidly growing oil & gas industry is the major factor driving growth of the wireline services market. Furthermore, the recently discovered shale oilfields in the region is fuelling the adoption of well intervention and the evaluation of petro physical data acquired from oil wells, in turn propelling the growth of wireline services market. In 2016, US Geological Survey (USGS) has discovered a major deposits of untapped oil in the U.S., located in the Wolfcamp shale formation, in Texas with an estimated average of 16 trillion cubic feet of natural gas and around 20 billion barrels of oil.
Request Sample Copy of [email protected] https://www.coherentmarketinsights.com/insight/request-sample/977
On the basis of service type, the wireline services market is segmented into slick line and E-line with E-line segment accounted as the major contributor to the growth of the wireline services market in 2016, and is expected to maintain its dominance during the forecast period. This segment uses the inner core of insulated wires within a braided wireline, in order to transmit electrical signals between the down-hole tools and the surface equipment.
By well type, the wireline services market is segmented into open hole and cased hole. The cased hole segment held a major market share in 2016 and is projected to maintain its dominance in the near future. Furthermore, by application, this market is segmented into well intervention, logging, and well completion.
The major players operating in the global wireline services market include GE Oil & Gas Corporation, Superior Energy Services Inc., FMC Technologies Inc., Pioneer Energy Services Corporation, Schlumberger Limited, C&J Energy Services Inc., Allied-Horizontal Wireline Services LLC. Weatherford International, and Halliburton Company.
You may be interested
Cutting Equipment Market-Outlook, Insights and Revenue OpportunitiesAlex Mathew - March 24, 2018
In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is projected to reach 4,900 thousand units by…
Cloud Backup Market Projections and Future OpportunitiesAlex Mathew - March 24, 2018
Cloud backup also known as online backup or remote backup is an alternative to conventional backup. Cloud backup aids in creating, editing, managing, and restoring data backup.…
Growing Incidence of Phishing Attacks Across the Globe Fueling Growth of Ransomware Protection MarketAlex Mathew - March 24, 2018
Ransomware protection refers to security against malicious cryptovirology software that prevents users from accessing their data or threaten to make their private information public unless a ransom…