Wireline refers to cabling technology that is used for lowering a variety of measuring devices and equipment inside oil and gas exploration wells for analyzing reservoirs, well intervention, logging, and completion. The real-time data gathered with the help of measuring tools and equipment in exploration wells helps field engineers to effectively control process parameters. Wireline services are commonly required across application areas such as well intervention, well completion, and well logging. Thus, wireline services play a key role in determining the rate of success of exploration activities and account for a notable share in the overall costs of any typical hydrocarbon exploration project.
Transparency Market Research estimates that the global wireline services market will exhibit a promising 8.94% CAGR from 2014 to 2022, rising from a valuation of US$18,052.1 mn in 2013 to an opportunity of US$33,845.2 mn by 2022.
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Well Completion Application Segment to Continue to Hold Lion’s Share in Market Revenue
In terms of application, the global wireline services market has been segmented in the report into well intervention, well completion, and well completion. Well intervention refers to the activity that estimates the viability or possibility of further drilling in a hydrocarbon well or the feasibility of undertaking secondary recovery activities for added production from mature wells. This segment accounted for the least share in the overall valuation of the global wireline services market in 2013.
The segment of well logging, involving the collection of log samples from the wellbore to the surface for visual analysis. This segment also accounted for a relatively smaller share in the overall valuation of the global wireline services market in 2013 and is expected to continue to hold a minor share in the global market over the forecast period. The segment of well completion, requiring a vast set of operations that need wireline services, accounted for a massive 64.95% of the overall wireline services market in 2013.
North America to Continue to Hold Dominant Position in Global Market
In terms of geography, the wireline services market has been covered in the report for regional markets such as North America, South and Central America, Asia Pacific, Europe, and Middle East and Africa. Of these, the market in North America is presently the leading contributor of revenue to the global wireline services market, followed by the markets in Asia Pacific and South and Central America. The U.S. holds the lion’s share in the North America wireline services market owing to the vast shale gas exploration industry.
Asia Pacific has three key markets for wireline services: Malaysia, Australia, and Indonesia. The conventional South China Sea oil reserves and the relatively new exploration sites in India and China are expected to provide promising growth opportunities to the wireline services market in the region. The market in South and Central America, holding the third position in the global wireline services market, is expected to remain a lucrative destination owing to the high number of mature onshore as well as offshore exploration sites. The market in Latin America is expected to thrive owing to the presence of several large offshore oil reserves in Brazil and developments in the field of shale gas in Argentina. The markets in Middle East and Africa and Europe are attractive destinations for wireline services market owing to several ongoing and upcoming projects across onshore as well as offshore locations in the regions.
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Some of the leading companies operating in the global wireline services market are Superior Energy Services Inc., GE Oil & Gas, FMC Technologies, Inc., Pioneer Energy Services Corporation, Schlumberger Limited, Weatherford International, C&J Energy Services Inc., Allied-Horizontal Wireline Services LLC., Halliburton Company, and Baker Hughes Incorporated.