Pune, June 02, 2020 (GLOBE NEWSWIRE) -- The global wireline services market is likely to grow in the coming years with impetus from a rise in the number of gas and oil exploration activities that have been taking place across the globe. According to a report published by Fortune Business Insights, titled, “Wireline Services: Global Market Analysis, Insights, And Forecast, 2018-2026”, the global wireless services market is projected to reach USD 14,359.22 Mn by the End of 2026. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of USD 9,778.72 Mn at a CAGR of 4.92%. There has been an increasing production of shale gas at offshore locations. Also, deep wells are drilled at a fast pace. These two factors are mainly anticipated to boost the global wireline services market throughout the forecast period.
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Ability to Determine the State of Cement Likely to Boost Cased Hole Segment
The report classifies the global wireline services market into five segments, namely, by application, by service, by well type, by geography, and by location. By application, the market is further divided into well completion, well logging, and well intervention. By service, the market is grouped into slick line and electric line. Electric line segment has recently become the most popular one because they serve the purpose of avoiding capital wastage and in turn, improves efficiency of exploration. Thus, the segment is projected to drive the market in the coming years. In terms of well type, the market is classified into cased hole and open hole. The global wireline services market will be dominated by the cased hole segment by the end of 2026. This is likely to occur because cased hole offers several advantages, such as determining corrosion, perforation, and the state of cement. Onshore and offshore are the two divisions of the location segment.
Rise in Demand for Wireline Services to Create Growth Opportunities in North America
Geographically, the global wireline services market is divided into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Amongst these regions, the U.S. currently holds the major share of the global wireline services market. The region is followed by countries of the Middle East and China. North America held the largest share of wireline services market in 2018 and the region is projected to witness notable growth during the forecast period. This is mainly because of the boom in shale gas in the U.S.A. which has resulted in an increasing demand for wireline services. Moreover, North America has planned numerous drilling projects that are yet to take place in Canada and the U.S.A. throughout the forecast period. All these factors are anticipated to lead the region in the wireline services market.
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BASF, Halliburton, and Other Key Players’ Focus on Strategic Investments and Product Launches to Favor Growth
Trump administration released a plan in April 2019 to open more than one million acres of private and public land in California. The lands will be used for fracking and oil drilling. This initiative is anticipated to propel the wirelines services market. The plan would end a five-year moratorium on renting federal land in California. BASF, a German chemical company with its rival DEA, merged a deal to form the largest independent gas and oil company in Europe in May 2019. This is likely to increase the number of oil and gas exploration activities in and around Europe, and in turn, will help the wireline services market to grow. Halliburton, an American multinational corporation, launched their new product called Elect frac sleeve in April 2019. The product allows unlimited stage count in multistage fracturing operations. It is a monobore sleeve solution.
Some of the leading companies operating in the global wireline services market are Basic Energy Services, Archer Limited, China Oilfield Services Limited, Siemens, Baker Hughes Inc., National Oilwell Varco, Weltec, Superior Energy Service Inc., Emerson, Halliburton, Schneider Electric, Weatherford International, Weir Oil and Gas, and FMC Technologies.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Wireline Services Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Service
- Slick Line
- Electric Line
- Market Analysis, Insights and Forecast – By Well Type
- Open Hole
- Cased Hole
- Market Analysis, Insights and Forecast – By Application
- Wireline Completion
- Wireline Intervention
- Wireline Logging
- Market Analysis, Insights and Forecast – By Location
- On shore
- Off shore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Have a Look at Related Research Insights:
Well Intervention Market Size, Share and Industry Analysis By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Regional Forecast, 2019-2026
Well Testing Services Market Size, Share and Industry Analysis By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing), By Application (Onshore, Offshore) and Regional Forecast 2019-2026
Oilfield Services Market Size, Share and Industry Analysis By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026
Oilfield Equipment Rental Market Size, Share & Industry Analysis, By Equipment (Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Other Equipment), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026
Digital Oilfield Market Size, Share & Industry Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Solution (Services, Software, Hardware), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026
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