Wireline Services Market Analysis, Size, Share, Growth, Latest Innovation, Trends and Forecast to 2023

Market Overview:-

The oil industry has witnessed sharp downswings post-oil price shock that happened post-April 2014. The prices are settling now with sustaining supply-demand balance along with other macroeconomic factors. The upstream industry is standing up again and continuous efforts on new oilfield discoveries and exploratory activities are being carried out. The oilfield service industry is completely dependent on upstream operations thus, which, will benefit wireline service industry . Wireline service industry is, thereby, expected to witness a continuous growth during the forecast period.

Wireline service market is expected to expand due to various factors that drive the market. The factors include, oil price recovery, increasing oil exploration and field development activities, rising number of mature oil wells. For instance, there has been a significant discovery by Westwood Energy Group in offshore deep-water in Atlantic region in Guyana.

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Wireline services are vital in the oilfield operations and are cost-effective methods of maintenance of the wellbores. The wireline service include cabling technology used by oilfield developers to reduce the number of equipment or measurement devices inside the well. Advantages of deployment of wireline services include evaluation of rock properties, information gathering for pore size, pressure gathering for production fluid formation, sample recovery, location casting rollers. Oilfield service providers are using innovative technology in wireline cabling technology for introducing down or lifting any type of instrument or equipment in and out of the wellbore. The main functions performed by wireline services include intervention, well completion, pipe recovery, and evaluation of reservoirs.

Leading Key Players:-

The key players of global wireline services market are GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK), Wireline Engineering Ltd. (UK), Oilserv (UAE), and SGS (Switzerland) are among others.

Market Segmentation:-

Global wireline services market is segmented on the basis of application, type, well type, location and region. Based on application, the market is further segmented into completion, intervention and logging. Amongst these segments, completion segment holds the largest share due to improved efficiency of wireline services over conventional well completion tools. On the basis of type, market is classified as electric lines and slicklines. E-lines or electric lines segment has major market share in the wireline system market due to the distinction in application in well logging purposes as they are regarded as appropriate for reservoir understanding and field development activity. Based on well type, the market is categorized into open-hole wells and cased wells. The cased well type segment holds major share of the wireline service market owing to a higher number of mature wells, wherein wireline services are implemented. On the basis of location, the market is segmented as onshore and offshore. The offshore segment is expected to grow at higher rate, due to increasing exploration and drilling activities in offshore locations coupled with exploration in harsher geographies in offshore location. For an instance, there are increasing activities in ultra-deep water in North Sea and Gulf of Mexico.

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Global Wireline Service Market Analysis:-

Global wireline services market is expected to observe phenomenal growth during the forecast period owing to increasing exploration and drilling activities and recovery of oil prices after price shock of 2014. North America region has held for the largest market share in wireline services market, in 2017. In North America region exploration activities and rock study activities for shale oil, oil sands, and carbonate rocks are rising. For an instance the production of shale oil in 2017 was 4.67 million barrels, which contributed half of the total oil production from U.S. Asia Pacific and Africa region are likely to lead to the growth of wireline services market. Major growth attributors are discoveries in the Gulf of Thailand, and South China Sea from Asia Pacific and Mediterranean Sea and Egypt desert from Africa.

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