New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wireline Services Global Market Report 2022" - https://www.reportlinker.com/p06319524/?utm_source=GNW
, National Oilwell Varco, Expro Group, Weir Oil and Gas, Siemens, Weltec, FMC technologies, Emerson, Schneider Electric, and Petrofac.
The global wireline services market is expected to grow from $8.90 billion in 2021 to $9.71 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The wireline services market is expected to reach $12.09 billion in 2026 at a CAGR of 5.6%.
The wireline services market consists of sales of wireline services by entities (organizations, sole traders, and partnerships) that are used to lower equipment or measuring devices into a well for the purposes of well interventions and reservoir evaluation. These are useful in gathering data about the well in logging activities, as well as in workover jobs that require data transmittal.
The main types of wireless coating markets are electric lines and slick lines.An electric line refers to a continuous line or curve drawn which are used or intended for the distribution of electric energy within a residential development or commercial complex.
The various types of services include intervention, logging, and completion, and involve several hole types such ad open hole and cased hole. The different locations of deployment include onshore, and offshore.
North America was the largest market in the wireline services market in 2021. The regions covered in the wireline services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The wireline services market research report is one of a series of new reports that provides wireline services market statistics, including Wireline services industry global market size, regional shares, competitors with a wireline services market share, detailed wireline services market segments, market trends and opportunities, and any further data you may need to thrive in the wireline services industry. This wireline services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing deep water and shallow water drilling activities are expected to propel the growth of the wireline services market going forward.Values gathered from wireline logging provide indispensable data to evaluate formations in drilling for oil and gas.
Oil & gas companies are investing in new offshore drilling activities for deep and shallow water wells which will increase the demand for wireline services.For instance, in November 2020, according to a report by Schlumberger, a US-based oilfield services company, more than 50,000 shifts and 4,409 wireline runs have been covered by service engineers for drilling and measurement activity from March to August.
Also, in June 2020, in the Middle East, these services are utilized to compete for around 80% of drilling and measurements and wireline operations. Therefore, the increase in deep water and shallow water drilling activities is driving the growth of the wireline services market.
Strategic collaborations have emerged as a key trend gaining popularity in the wireline services market.Major players operating in the wireline services sector are focusing on entering into long-term collaborations to strengthen their position in the market.
For instance, in September 2021, LYTT, a US-based provider of real-time, sensor-enabled software and analytics company has collaborated with energy technology company Baker Hughes to accelerate the digital transformation of the oil and gas sector by applying distributed sensor networks within the wellbore, producing actionable insights that optimize production from oil and gas fields.Further, in March 2021, Expro, a UK-based company operating in wireline services collaborated with FTAI Ocean, a Singapore-based provider of vessel-based well intervention.
Through this partnership, both companies will expand their capabilities and resources and deliver a fully integrated intervention package to the wirelines services industry.
In July 2021, Ranger Energy Services Inc, a U.S-based provider of high specification mobile rig well services, cased-hole wireline services, and ancillary services acquired PerfX for an amount of US $2.25 million. The acquisition forms to strengthen the businesses by increasing the scale and scope of the existing Mallard wireline business by including a full suite of production services as well as adding geographic diversity to deliver even more value to the market. PerfX is a U.S-based wireline services company that offers a variety of solutions which include pump-down perforating, and pressure control equipment.
The countries covered in the wireline services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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