Global Wireline service market was valued at US$19.9 billion in 2017 and is projected to reach US$ 33.8 billion by 2025, according to a new market research report Global Wireline Services Market, by Service Type (Slick Line and E- Line), by Well Type (Open Hole and Cased Hole), by Application (Well Intervention, Logging, and Well Completion), and by Geography.
Increasing exploration activities to discover untapped oil and gas reserves plays a major role in increasing the demand for wireline services. According to , 1.4 trillion barrels of untapped oil and gas reserves are available worldwide in 2014. Furthermore, South China Sea holds large deposits of oil and natural gas. The Reed bank, located near the Philippines coast, is expected to hold large reserves of oil and natural gas. The Red Sea holds one of the major untapped reserves of oil and gas in the Middle East and is reported to hold the largest volume of oil and gas reserves
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Key Trends and Analysis of Wireline Services Market:
- Among service type, the slick line segment is expected to exhibit the highest CAGR of 7.5% over the forecast period. A slick line is a single strand of wire that runs through wellbore and is used to carry out assessments efficiently. Increasing number of well intervention to assess the potential of wells in turn, is increasing the demand for slick line services. These services have a wide range of well intervention applications such as basic functions of assessments to allow for advanced technical services, to help ensure optimum productivity of the well.
- Among well type, the open hole segment is expected to exhibit highest CAGR of 8.2% over the forecast period. Open hole wells facilitate operational ease for wireline services to be carried out easily. Conventionally, cased hole wells were preferred for the extraction and assessments using wireline services, however, along with advancement of the technology in wireline services the open hole wells are being preferred and are being relied upon for initiating operations of drilling upon. Open hole well services comprise logging operations performed on a well before cementing the wellbore.
Key Takeaways of the Market:
- The Middle East region is expected to grow with the highest CAGR of 7.9% over the forecast period. High production of energy in the Middle East plays a major role in growth of the market. According to data provided by British Petroleum, in 2016, around 31.789 million barrels of oil were produced per day in the Middle East. Saudi Arabia, Iran, Iraq, Kuwait, United Arab Emirates were major oil producers in the Middle East, in 2016. Saudi Arabia produced 12.349 million barrels of oil per day in 2016. Furthermore, Iran, Iraq, Kuwait, and United Arab Emirates produced 4.6, 4.47, 3.15 and 4.07 million barrel of oil respectively per day. High production of oil is a result of increased drilling activities in the region. Growing drilling activities in turn is increasing the demand for wireline services, thus boosting growth of the wireline services market in this region.
- Major players operating in the global wireline services market include GE Oil & Gas Corporation, Superior Energy Services Inc., FMC Technologies Inc., Pioneer Energy Services Corporation, Schlumberger Limited, C&J Energy Services Inc., Allied-Horizontal Wireline Services LLC., Weatherford International, and Halliburton Company.