|03-04-2019 10:31 AM CET - Energy & Environment||
Globally Growth of Wireline Services Market with SWOT | Top Key Players-Expro, Superior Energy Services, Weatherford, Baker Hughes, a GE company, GE Middle East & North Africa, Nabors Industries, Schlumberger, C&J Energy Services, Pioneer Energy Services,
Press release from: Wireline Services Market-P&S Intelligence
The major trend being witnessed in the global wireline services market is increased investments for boosting the production of wireline service products. Owing to the large-scale application of these products in the oil and gas industry, most of the market players are focusing on expanding their production capacity. These investments in wireline services are majorly aimed at the upgradation of existing wells, exploration of new wells, and expansion in new markets geographically.
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The wireline services market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, North America held the largest share in the wireline services industry during the historical period. This can be majorly attributed to the presence of several major oilfield service companies, such as Baker Hughes, a GE company and Halliburton Energy Services Inc., in the region. Moreover, the commercial exploration of shale gas in the U.S. is expected to support the growth of the North American wireline services market during the forecast period.
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The wireline services market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand. The untapped oil reserves in these regions, therefore, offer lucrative opportunities for the players operating in the market.
The major factor driving the growth of the wireline services market is the growing demand for oil and gas from across the world. Due to the increasing energy demand worldwide, conventional oil and gas resources are being used up and, therefore, depleting at a fast pace. Thus, in order to meet the ever-increasing energy demand, major oil companies are shifting their focus toward unconventional oil and gas reserves for the exploration of shale oil, shale gas, tight oil, tight gas, and coal bed methane (CBM), which involves the utilization of services pertaining to the wireline technology.
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The market is categorized into wireline services for cased and open holes. Globally, the cased-hole category held a larger share in the wireline services industry during the historical period. The market for this category is driven by the fact that a well having proper metal casing along with proper cementing of the wall (to prevent any damage caused by the pressure of the fluid being extracted) results in higher well stability. Cased-hole wireline services are further categorized into electric lines and slicklines.
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This release was published on openPR.
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