North America, owing to Canada and U.S. wireline logging services market size, is expected to continue being the leading region in the coming years.
Sellbyville, DE -- (SBWIRE) -- 11/01/2018 -- Wireline Logging Services Market will observe a significant growth and is estimated to exceed USD 20 billion by 2022. These services are mainly deployed to run equipment and tools into the borehole for recording and capturing the reservoir characteristics. The technique is extensively used for mapping the reservoir and its associated hydrocarbons by providing crucial insights which helps in enhancing drilling practices.
Increasing demand for real-time logging along with rising need for energy solutions are encouraging oil & gas companies to invest into exploration and production activities. The wireline logging service Market is continuously evolving owing to changing customer needs, and technical developments. Furthermore, changes in price trends of crude oil will attract heavy investments in drilling activities which in turn increases the number of projects undertaken and will support the wireline logging service market growth over the forecast timeframe.
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Increasing R&D investments has led to design and development of high-end products which provides ease-of-use. However, concerns regarding impacts of environment may hamper the industry growth.
Cased hole and open hole are the major hole type segment in the wireline logging services market. Cased hole accounted for over 75% of the industry share in 2014 and is expected to continue its dominance. It is projected to surpass USD 18.5 billion by 2022 with 6.6% CAGR from 2015 to 2022.
Open-hole services is expected grow at over 7.5% CAGR and will reach over USD 5 billion by 2022. It includes various services such as formation evaluation, geological, hostile slimhole tools, fluid sampling and reservoir testing.
By technology, E-line services uses high mechanical strength steel armored cables for transmitting well logging data continuously to the surface. Other technologies include slickline services which controls opening and closing access to zones along with substitution of gas lift valves. Furthermore, it is enabled to measure well depth, temperatures, perforation and down-hole pressure. The key benefits offered include cost saving, safe operation owing to reliable pressure control and less environmental degradation.
North America held the highest wireline logging services market share in 2014 and is expected to lead over the forecast period. This can be credited to increasing number of wells both in onshore and offshore areas and growing shale activities across the region. Latin America is projected to witness substantial growth owing to rising energy demands.
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The wireline logging market is dominated by players such as Baker Hughes, Halliburton, Weatherfor International, Schlumberger, OilSERV, Pioner Energy Services, Nabors Industries and Superior Energy Services. New product development and optimization of distribution channels are the key strategies followed by the industry participants.
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