At 6% CAGR, Wireline Logging Services Market is Expected to Reach USD 24 Billion by 2022
Oct 10, 2019
Cased hole logging services industry, which accounted for 75% of the global wireline logging services market share in 2014, is expected to maintain its dominance over the coming five years
Selbyville, United States - October 10, 2019 /MarketersMedia/ —
Global Wireline Logging Services Market touched USD 14.18 billion in 2014 as per the recent report published by Global Market Insights, Inc. Advancement in technologies is promoting accessibility of important and deep reservoir which is likely to give a significant boost to this sector. This industry has taken a significant growth leap, driven by technology, rising standards and an increase in needs of customers.
Requirement of recoverable resources and huge demand for energy sources are motivating oil and gas industries to spend money on exploration and production, thereby expediting the wireline logging services trend on a worldwide scale. Price drift of crude oil is anticipated to bring a boom in drilling activities resulting in the emergence of numerous projects among different regions.
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Wireline logging services market is segmented into cased-hole logging and open hole logging services. Cased hole logging services industry, which accounted for 75% of the global wireline logging services market share in 2014, is expected to maintain its dominance over the coming five years. Open hole logging services is likely to cross a revenue of USD 5 billion by 2022. Heavy demand for new wireline logging services for ultra-deep water reserves are predicted to drive the growth.
Various technologies such as Slickline and E-line are used to measure & transmit the real-time logging data along with measuring of well-depth, down-hole pressures, and temperatures. Slickline technology segment in wireline logging services industry worth USD 6 billion in 2014, is expected to grow at a rate of 7.4% over the period of 2015-2022. It saves costs, allows safer operations, and provides reliable pressure control with low ecological risks. E-line technology segment is expected to witness a massive growth over the coming timeframe, driven by its capacity to transmit data in the electric mode along with large-scale applications in exploration & production activities.
A significant recovery in drilling activities in North America, due to climbing oil prices has generated robust demand for logging services over the recent years. Increasing shale activities and growing number of onshore and offshore wells in the region have stimulated the growth of regional wireline logging services market. These drilling activities have led to the adoption of higher value of logging products & services, as majority of the wells drilled are horizontal and requires artificial lift to produce hydrocarbon. Mud pumps, rotary steerable systems, and top drivers are some of the rig components and downhole equipment necessary for more effective horizontal drilling.
Some of the renowned names in wireline logging services market include oilfield service companies such as Schlumberger, Halliburton, Superior Energy Services, and Baker Hughes and the oil and gas companies such as Royal Dutch Shell. Recently, Baker Hughes made it to the headline pertaining to it been awarded with subsea contract form Petrobel for Zohr Gas field in the Mediterranean Sea, off the Egypt coast. Similar projects undertaken by other wireline logging services industry players underscores the dynamic competition and growth prospects ahead for this market space. A report by Global Market Insights, Inc., estimates the overall wireline logging services industry share to exceed USD 24 billion by 2022.
Browse key industry insights spread across 90 pages with 33 market data tables & 35 figures & charts from the report, “Wireline Logging Services Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/wireline-logging-services-market-size
Some Points From Table Of Content: -
Chapter 3. Wireline Logging Services Market Insights
3.1. Industry Segmentation
3.2. Industry Size and forecast
3.3. Industry ecosystem analysis
3.4. Industry Impact forces
3.4.1. Growth drivers
3.4.2. Industry pitfalls & challenges
3.5. Growth potential analysis
3.6. Porter's analysis
3.7. Company market share, 2014
3.8. PESTEL analysis
Chapter 4. Wireline Logging Services Market Hole Type Insights
4.1. Wireline logging services market share by hole type, 2014 & 2022
4.2. Open hole
4.2.1. Global market estimates and forecasts by region, 2012 - 2022
4.3. Cased hole
4.3.1. Global market estimates and forecasts by region, 2012 - 2022
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/wireline-logging-services-market-size
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Website: https://www.gminsights.com/pressrelease/wireline-logging-services-market
Source: MarketersMedia
Release ID: 88927065
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