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A wireline truck is a vehicle that carries all the wireline cabling equipment designed to lower gauges, valves, and other piping types of equipment into boreholes. Wireline truck includes logging facilities such as seismic equipment, data recorded and analyzed from sonic and ultrasonic equipment, and others. Operators can sit inside the truck and perform necessary operations. Wireline trucks are part of a wireline service provider and are generally operated and controlled by a wireline service provider.
The diesel gasoline engine is typically utilized in those trucks; however, producers have switched to electric-powered engines due to the boom in carbon emissions from the vans and carbon emission guidelines in many countries. These vans are used on a big scale within the oil & fuel line enterprise, which is the main element of the market boom.
During the COVID-19 pandemic, prominent OEMs saw a dramatic drop in the trucks market. Due to the COVID-19 pandemic, the transportation industry was shut down, posing new problems for cargo and manufacturing companies to move their goods from one location to another. The spread of COVID-19 starting in 2020 resulting in the delay of various drilling projects worldwide, which affected the demand for wireline services globally. Severe disturbances in the global logistics & supply chain system during the pandemic caused a decline in the production of trucks. Factors, such as increased drilling and boring activities globally, surge the demand for wireline services. However, volatile oil prices were seen in the recent years, owing to geopolitics, supply-demand gap, and several other factors restraining the demand for the product.
The report will cover the following key insights:
By truck type, the market is segmented as slickline trucks and e-line trucks. Slickline uses single-line wire into the wellbore for several purposes such as drilling in the oil and gas industry for maintenance jobs. The growing demand for energy sources to quantify customers’ needs is making the segment grow in the market. The high installation cost is one of the key factors restraining segmental growth.
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The U.S. is one of the world's largest wireline trucks markets. Many manufacturers are distributors and suppliers of these cable carts for different customers. These manufacturers also offer replacement and repair parts for these trucks, boosting aftermarket sales. Manufacturers in the U.S. are offering customized trucks to their customers, which is a key driver of the market in the region. Companies are also launching products that use rechargeable lithium-ion batteries for trucks running on electricity, which will reduce the carbon footprint. Many manufacturers offer driver comfort features, a wide range of LED lights, and laminated solar glass, accelerating the demand for these trucks in the U.S. market. The rise of the oil and gas sector in some countries has boosted the market in the Asia Pacific region. The aftermarket for wired spare parts is also high as the availability of spare parts on e-commerce websites is increasing, which is also an essential factor for the market.
In the North American region, offshore oil and gas projects have become more competitive due to improved efficiencies and supply chain streamlining, leading to falling offshore drilling costs. In terms of government policy and support, the U.S. federal government started an auction of more than 80.9 million acres leased by the U.S. government for oil and gas production in 2021. Mexico's annual oil production declined over the years as the vast Cantrell field in the shallows of the Gulf of Mexico dried up. However, the Government of Mexico is trying to increase private investment in its controlled areas of the Gulf of Mexico.
By Truck Type
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