Global Wireline Services Market - Industry Analysis Size Share Growth Trends and Forecasts 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/10/2015 -- Wirelines services refer to a cabling technology that involves inserting cables into an oil or gas well for the purposes of reservoir evaluation, well intervention, and pipe recovery. Usually consisting of braided single or multi-strands cables, wirelines are electric cables that transmit information about the well. Wireline services are accommodated by oil field service companies, and their continuous usage in production and exploration activities has bolstered the growth of the global wireline services market.
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Drivers and inhibitors of the wireline services market
The wireline services market has been gaining strength over recent years and there have been many factors that have aided its growth. As the demand for oil and gas rises globally, there has been increased pressure on industries to extract more from wells and step up deep exploration activities. This has led to a growing demand for wirelines services from industries involved in drilling, exploration, production, stimulation, intervention, and completion processes. In addition to these industries, there are those that have been exploring new oil and gas fields and reserves, thereby increasing the demand for wireline services and bolstering the growth of the global market. The success of shale gas and its growing market has also resulted in rising demand for wireline services owing to increased activity in shale fields. A recent trend that has positively impacted the wirelines services industry is the shift towards energy security across the globe.
Factors that restrain the growth of the market for wireline services are environmental issues, rising demand for renewable and sustainable sources of energy, public opposition, and increasing seismic activities.
Scope of the worldwide wireline services industry
On the basis of application, the market for wireline services can be segmented into wireline logging, wireline intervention, and wireline completion. Geographically, the global wireline services market can be divided into South America, North America, Middle East, Asia-Pacific, Africa, and Europe.
Wireline services - A global outlook
North America dominates the global wireline services market, with the U.S. accounting for the maximum share in the industry. Favorable regulatory conditions, significant research and development activities, and healthy competition among leading, medium, and small players have helped North America emerge as a top contender in the global wireline services market. Recent developments in hydrocarbon reserves and exploration of new oilfields have helped speed up the growth rate of the wireline services market in regions such as the Middle East and Asia-Pacific.
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Worldwide wireline services market - What lies ahead
The mounting demand for energy is expected to open up opportunities for the global wireline services market. In addition, market forecast suggests that the growing investments in offshore and unconventional exploration as well as production activities from governments across the globe will further boost the industry. While North America currently leads the global wireline services market, the Asia-Pacific region is projected to witness remarkable growth in the near future with Asian, especially Chinese, players entering the global scene. The major reasons for this forecast growth are technological advancements, discovery of new gas and oil fields, and growing investments.
Competitive scenario of the wireline services market
The global market for wireline services has many key players, new entrants, and established industry leaders. Some of the major competitors in the wireline services market are Schlumberger Limited, Superior Energy Services, Inc., C&J Energy Services, Inc., National Oilwell Varco Incorporated, Weatherford International, Ltd., Halliburton Company, and Baker Hughes, Inc.
Based on estimations made by a market intelligence firm, the global wireline services market was worth US$19.10 billion in 2014 and is projected to grow to US$34.96 billion by 2020 at a CAGR of 10.36% during 2014-2020.
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