Wireline Services Market Growth Boost by Increasing Technologies in Oil Exploration and Field Development Activities
New York, US, March 14, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Wireline Services Market Research Report by Application, by Type, by Well Type, by Location, and by Region – Forecast till 2030”, The global market for wireline services is anticipated to reach USD 9.15 billion by the end of 2027, growing at a CAGR of 6.7%.
Wireline Services Market Overview
Growing oil output and ageing oilfields are credited with driving the expansion of the global Wireline services market. Based on the kind of wireline, the market for wireline services is divided into electric lines and slacklines. Electric lines held the biggest market share in 2015, and during the forecast period, this segment is anticipated to grow at the highest CAGR. The widespread use of electric lines for well logging reasons, which is extremely beneficial for reservoir understanding and field development activities, can be largely blamed for the prominence of electric line services over slick line services.
Key players identified in the Wireline services market:
- BAKER HUGHES (U.S.)
- NABORS INDUSTRIES LTD. (U.S.)
- HALLIBURTON COMPANY (U.S.)
- WEATHERFORD INTERNATIONAL PLC (U.S.)
- WEIR OIL AND GAS (U.K.)
- PIONEER ENERGY SERVICES (U.S.)
- NATIONAL OILWELL VARCO (U.S.)
- FMC TECHNOLOGIES (U.S.)
- EMERSON (U.S.)
- SIEMENS (GERMANY)
- SCHNEIDER ELECTRIC (FRANCE)
- PETROFAC (JERSEY)
- ARCHER LIMITED (U.K.)
- SUPERIOR ENERGY SERVICES (U.S.)
- SCHLUMBERGER LIMITED (U.S.)
- CASED HOLE SOLUTIONS (U.S.)
- WELTEC (DENMARK)
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Around USD 476 billion worth of upstream oil and gas investments were made globally in 2018, an increase of 6% from the year before. The oil and gas exploration and production businesses in Europe are anticipated to spend over USD 265 billion between the current period and the end of 2027, according to projections from Oil & Gas U.K. Throughout the projected period, the number of exploration and production operations is anticipated to increase due to factors including the rising demand for natural gas and oil as well as rising investments in upstream oil and gas sectors globally.
Although crude oil is a significant market player, the price of the commodity has been extremely volatile in 2018, ranging from USD 85 per barrel to USD 50 per barrel at the end of the year. For the upstream sector, the significant and ongoing volatility of oil prices continues to be a rising issue. Consequently, this is a significant market component that is anticipated to restrict the market during the projected period, which ends in 2030.
Wireline Services Market Report Scope:
|Market Size by 2030||2030: Significant Value|
|CAGR during 2022-2030||6.7% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Type, Well Type and Location|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers|| Oil price recovery
Increasing oil exploration and field development activities
Rising number of mature oil wells
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Throughout the course of the projected period, it is anticipated that rising offshore exploration operations will increase demand for wireline services.
The gradual transition of projects from onshore to offshore, from shallow to deep and ultra-deep waters, has given wireline service providers an opportunity to innovate and develop solutions that are suited and tailored to the challenging climatic conditions of offshore basins. Also, new oil and gas reservoirs need to be discovered and created as the demand for oil and gas rises. The decommissioning stage of the hydrocarbon reservoirs that are now in place has either begun or they are already at it. New resources are discovered as a result of this. As a result, new oil and gas wells are being drilled in nations that historically have not been major producers of hydrocarbons.
At Trump’s direction, the government declared in April 2019 that more than a million acres of public and private land in California and other regions of the state will be open to fracking, which will improve the use of wireline services.
A multibillion-euro merger between DEA and BASF is scheduled for May 2019. (an energy unit of a chemical group based in Germany). As a result, Europe’s biggest oil and gas corporation was established.
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Additionally, because offshore oil and gas reservoirs are more important than onshore ones and offshore wells have longer product lives than onshore ones, businesses are increasingly adopting offshore E&P activities.
Another element that gives the industry a favourable view for the coming term is the prompt funding of market procedures.
Segmentation Of the Wireline services Market
According to the most recent study analysis, the industry for wireline services can be divided depending on the type of well, service, application, and location.
It has logging, intervention, and completion depending on the application.
It has both onshore and offshore locations, depending on the type of place.
It features an electrical and smooth line based on service.
There are two types of wells: cased holes and open holes.
Amazingly, this sector is active in all five of the world’s major geographic areas: Asia Pacific, Europe, North America, Latin America, the Middle East, and Africa.
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According to some reports, the growth of this market reached 12 million barrels per day in 2020 and is anticipated to increase significantly from 2021 to 2028. The North American region will dominate this market during the forecast period as it has the most significant oilfield discoveries of all time. While many drilling operations have been started in Canada and the United States of America, these two nations will serve as flag holders in the context of the expansion of this industry in the North American region. Due to considerable investments from enterprises in the gas and oil sector, the Middle East and Africa will likewise have a very high growth rate.
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