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The global wireline services market size was valued at nearly US$ 9.8 Bn in 2018 and is projected to reach more than US$ 14 Bn by the end of 2026, exhibiting a CAGR of 4.92% in the forecast period.
Wireline services are an electrical cabling technology used by the oil and gas well operators for various purposes. The global wirelines services market will grow considerably in the coming years due to tasks carried out by wireline include moving tools and equipment up and down in the well, locating problems, evaluating the rock properties of the reservoir, pore size information gathering, hydrocarbon formation pressure gathering, locating casting collars, recovering samples, etc.
Wireline services are available in two types, namely slick lines and electric lines. The slick lines are operated using hydraulic pressure for reeling in and reeling out of wire from the borehole. The electrical line is the later technology that serves the purposes of slick lines and also transmits data about the well during logging activities and workover jobs which require data transmission.
Wireline services market derives growth from product applications in both on-shore and off-shore locations. Wireline services are used mainly for wireline logging, wireline intervention, and wireline completion. The logging and completion tasks are mandatory tasks to be carried out during and after the drilling of the well has been completed.
Depending upon the requirement and maturity of the oil field, the well intervention processes are carried out on the well. Any complications faced during the production period of the well are looked upon during the well intervention process. Wireline services can be applied to any kind of holes that are being used for exploration purpose by the oil and gas company.
During the utilization of wireline service in open holes, the wellbore is not cemented and also the logging is done through the rock sides formations. Open hole logging is carried out during or after the drilling of the well has been completed. In cased hole logging, a metal piping is inserted into the well to retrieve the logging measurements during the well completion operation which is carried out after the drilling has been completed.
Cased-hole logging provides additional information about the completed well. The global market is likely to benefit from the high demand for the product due to the increase in the number of oil and gas exploration activities taking place around the world. The increased production of shale gas and drilling activities to explore deep wells at offshore locations are likely to drive the growth of the wireline services market size during the forecast period.
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"Electric Lines is One of the Most Frequently Used Wireline Services in the Market"
Wireline services are utilized for oil and gas exploration purpose and with the aim of improving the efficiency and avoiding any capital wastage by having the information regarding the capacity of the oil field. Electric lines serve this purpose better as compared to slick lines. This has seen increased the electric lines in oilfield services in recent years. The trend of increased utilization of electric line during exploration is accounted to grow during the forecast period.
"Cased Hole Segment Likely to Dominate the Wireline Services Market"
The cased hole segment of the market is likely to dominate the market share during the forecast period owing to the advantages provided such as determining the state of cement, corrosion, and perforation. In a cased hole, both gamma-ray and neutron porosity can be run through. Also, better ideas regarding the thermal decay and interval transit can be achieved through porosity, hydrocarbon saturation, and producibility measurements.
"Well Completion to Hold Massive Share of the Global Market"
Wireline services find a wide application in well completion segment with the majority of the demand coming through because of the drilling of new wells during the shale gas and crude oil exploration. Globally, on average, the application of wireline completion is more than 50% followed by other application such as wireline intervention and wireline logging in the wireline service market size.
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"Onshore Segment to Hold a Large Share in the Wireline Service Market"
Wireline services are applicable at both onshore and offshore exploration activities. The ongoing drift towards cleaner sources of energy to reduce the carbon footprints has seen countries invest immensely in shale gas production over recent years. This has seen an increase in the onshore activities being carried out for shale gas. This trend for the exploitation of shale gas reserves will see the onshore segment hold a larger market share over the forecast period.
"North America Is the Market Leader Followed by Asia Pacific Region"
Recently, the U.S. accounted for a major share of the global market followed by the Middle East and China respectively. The market is anticipated to witness significant growth in the North America region where the USA possess a significant demand for the wireline services owing to the shale boom in the country. In 2018, North America accounted for the largest wireline services market share for wirelines services around the world. In addition to this, the region has numerous drilling projects planned in the USA and Canada during the forecast period. Thus, North America will be the dominating region during the forecast period in the market.
North America Wireline Services Market Share, 2018
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"Major Market Players to Dominate the Industry"
The market is highly dominated by major players around the world. Schlumberger is the market leader in the wireline services industry. The company has a significant presence across the globe with the majority of the revenue accounted from North America, Latin America, and European countries. Some other leading players in the wireline services market are Archer Limited, Baker Hughes, Basic Energy Services, China Oilfield Services Limited, Superior Energy Services, FMC Technologies, Halliburton, Weatherford International, Emerson, National Oil Well Varco, Schneider Electric, and Weltec.
Wireline Service plays an important role during the lifetime of a well. It helps in detecting activities downhole and has real-time control over the operation of the well. Wireline also helps in the movement of tools and equipment downhole. These operations performed by the wireline reduce the number of equipment required inside a well. Therefore, wireline services are also looked upon as a cost-effective method for the maintenance of the wells. The development of wireline services industry was accelerated by the increase in the exploration activities around the globe owing to the ever-rising demand for energy. Lately, the technological advancements in the wirelines have impacted the production and efficiency of a well in a positive way.
The report provides qualitative and quantitative insights on the wireline services industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by service, well type, application, location, and geography. On the basis of service, the wireline service market is divided into electric line and slick line. Based on well type, the wireline service market has been grouped into open hole and cased hole. Based on the application, the global wireline services market is segmented into wireline completion, wireline logging, and wireline intervention. Based on the location, the market is segmented into offshore and onshore. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market trends, dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
By Well Type
Fortune Business Insights says that the global wireline services market was valued at USD 9.8 Billion in 2018.
The global wireline services market is projected to reach USD 14 Billion in 2026.
Growing at a CAGR of 4.92%, the wireline services market will exhibit steady growth in the forecast period.
North America was valued at 4.70 Billion in the global wireline services market in 2018.
Electric lines are expected to dominate the wireline services market during the given forecast period.
Increase in number drilling activities is the major factor driving the wireline services market growth. Drift towards renewable sources of energy may hamper the growth of the global wireline services market.
Schlumberger, Halliburton and Baker Hughes are among the top players in the wireline services market.
Wireline services including evaluation of rock properties, recovering samples, locating casting collars, pore size information, and formation pressure gathering, which help in increasing drilling efficiency and cost savings.