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 Service“: Global Market Analysis, Insights, And Forecast, 2018-2026”, the global wireless services market is projected to reach US$ 14,359.22 Mn by the End of 2026. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of US$ 9,778.72 Mn at a CAGR of 4.92%.
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1. By Service
- Electric Line
- Slick line
2. By Well Type
- Open Hole
- Cased Hole
3. By Application
- Well Completion
- Well Intervention
- Well Logging
4. By Location
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Mexico, Brazil, Argentina, Venezuela and Rest of Latin America)
- Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)
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- Archer – the well company
- Baker Hughes
- Basic Energy Services
- COSL – China Oilfield Services Limited
- Superior Energy Services
- FMC Technologies
- Weir Oil and Gas
- National Oilwell Varco
- Schneider Electric
There has been increased 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.
Key Industry Developments
- In April 2019, the Trump administration had first proposed the trump plan in 2018 announced to open more than a million acres of public and private land in California to fracking, which will act as a boost for the wireline service market.
- In May 2019, The largest independent oil and gas company in Europe was formed after a multibillion-euro merging deal between energy unit of German chemicals group BASF with rival This will lead to growth in exploration activities around Europe heling wireline and services market to grow.
- In April 2019, Halliburton has introduced the Elect frac sleeve, which is a monobore sleeve solution that enables unlimited stage count in multistage fracturing operations. The Elect frac sleeve is an evolutionary step in completion sleeves, supporting greater flexibility for highly optimized reservoir access with pinpoint well stimulation options
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.
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 the 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 a 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 the 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.
BASF, Halliburton, and Other Key Players’ Focus on Strategic Investments and Product Launches to Favor Growth
Trump administration released a plan in April 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.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/wireline-services-market-100480
Table of Content
1.1. Research Scope
1.2. Wireline Service Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Wireline Service Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Insights on Regulatory Scenario
4.5. Porters Five Forces Analysis
5. Global Wireline Services Market Analysis, Insights and Forecast, 2026
5.1. Key Findings
5.2. Wireline ServiceMarket Analysis, Insights and Forecast – By Service
5.2.1. Slick Line
5.2.2. Electric Line
5.3. Market Analysis, Insights and Forecast – By Well Type
5.3.1. Open Hole
5.3.2. Cased Hole
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1. Wireline Completion
5.4.2. Wireline Intervention
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