According to the new market research report by IndustryARC titled “Wireline Services Market: By Type (Electric Line & Stick Line); By Application (Wireline Logging, Wireline Intervention, Wireline Completion, and Wireline Recovery); By Sector (On Shore & Off Shore); By Well Type (Open Hole & Cased Hole) & Geography - (2015-2022)”, the market is driven by the increasing production activities in the oil and gas industry across the globe.
Americas held the largest market share in the Wireline Services Market
The American region holds the largest market share and growth in the Wireline Services Market and is anticipated to reach $4.9 billion by 2023 at a CAGR of 6.31%. However, Europe witnesses the highest growth during the forecast period and is expected to reach $1.6 billion by 2023 at a CAGR of 9.54%. American wireline service market is mainly driven by the huge demand for oil and gas in recent years. The recent discovery of shale oilfields in this region has paved the way to meet the increase in demand which would result in the escalating use of wireline tools for well intervention and to evaluate data from the oil wells. The key applications include wireline logging, wireline intervention, wireline completion, recovery and others.
Selected Value Chain Analysis is done in the full report
• Electric Wireline Services are an integral part of the oilfield services market and has applications ranging from drilling to production.
• The key application for wireline services mainly lie in the exploration and production phase along with providing extensive support during the post-productive life of oil wells.
• Generally, the exploration equipment and service providers are significant stakeholders in the wireline services market. Apart from this, the raw material suppliers and testing & certification service providers also play an important role in the optimal deliverance of such services.
• Over the years, the market for wireline services reached its peak as the demand for shale reserves proliferated the global oil & gas industry.
• In the coming years, as emerging economies opt to become self-sufficient nations, the demand for oil & gas in both industrial and automotive sector will see a sharp increase. This, in turn will prove to be beneficial for the wireline services market, plagued by years of economic sluggishness and environmental limitations.
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Excerpts on Market Growth Factors
• Growth strategies followed by Companies like Schlumberger include improved project management, aligning enabling technologies, and engaging concurrent teams early in the process.
• The factors driving the Wireline Services Market growth include spectrum utilization, reduced cost, new technology development, energy efficiency and so on.
• Overall business consolidation with the business sale or mergers to reduce debt and improve cost efficiencies across countries have also been impacting the future growth of wireline services market.
• Increasing discoveries of the reserves in alternative resources as well as growing requisites to sustain and lift the recovery rates from these hydrocarbon resources will fuel the market for wireline during the forecast period.
• Wireline Services Market has been broadly segmented by type into electric line, slick line, and others.
• Cased hole was the dominating segment by well type in the wireline services market and is estimated to grow with 5.3% CAGR through 2022.
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Key players of Wireline Services Market:
• The major wireline service companies that are listed are Schlumberger Ltd., Halliburton, Baker Hughes, Weatherford International PLC, and Superior Energy Services. Among these, Schlumberger stood in the first position in terms of generating the highest overall revenue followed by Halliburton, which was followed by Baker Hughes.
• Key players of the wireline services market have been investing in the research and development. One of the major players- Schlumberger Ltd. (U.S.) spends nearly 3% of its annual revenue on R&D. Other participants in the market have also been witnessing strong sales for wireline services.
• The basic strategy followed by Schlumberger was attaining growth through organic growth, which deals with the growth rate that a company can achieve by increasing output and enhancing sales. These firms spent huge amounts of money in the development of efficient technologies and at the same time, new firms are coming up with cutting-edge technological innovations, resulting in a tremendous increase in the degree of competition.
• Schlumberger has invested a high amount of money when compared to other companies in the R&D segment across its business divisions, followed by Baker Hughes and Haliburton.
• Companies such as Schlumberger are equipping wireline logging units with Enhanced Wireline Acquisition Front-End for improving the multitask acquisition and imaging systems.
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