Wireline is a cabling service used by oil and gas wells operators for lowering equipment down the well so as to perform variety of operations such as well intervention, pipe recovery, reservoir evaluation, and others. The global wireline services market is expected to generate a CAGR of 9.5 % during the forecast period ending 2027.
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The development of offshore oil platforms, coupled with the geographical expansion of oil industry is the critical driver of the market. The development of shale oil reserves in Latin America, U.S. Canada and others nations is critical commercial driver of the market. The growing energy demands of the world due to industrialization, population growth and others are demand led drivers of the global wireline services market.
Technological advancements such as the development of fiber optic sensing technology, acoustic, nuclear and correlation measurements technologies and development of advanced analytics is driving the market. Optical fiber technology is fast replacing traditional wireline copper infrastructure due to advantages such as higher bandwidth, ability to transmit huge quantities of data over long distances, cheaper than copper wires and low noise and interference.
The downswing in the oil & gas industry post April 2014 following persistent and seismic oil price decline coupled with the geopolitical uncertainty is threatening the growth of the market. However the gradual stabilization in the prices in recent times due to supply demand balance and other macro-economic factors is expected to cut short the bear time of the market. These factors are expected to negate the fall in oil prices and result in favorable market for upstream services.
To generate a detailed understanding of the wire line services market the report has been segmented on the basis of
Application – completion, intervention and logging.
Type – E- lines and slicklines.
Well type – cased wells and open wells.
Location – offshore and onshore.
North America accounts for the largest market share of the wireline services market followed by Asia-Pacific and South America region. The development of shale in the U.S. and Canada is expected to drive a faster growth of the market after a period of stagnancy.
Middle East and Asia-Pacific regions are anticipated to be the fastest growing market owing to growing economic clout and industrialization. Malaysia, Australia, and Indonesia are key markets in the Asia-Pacific region with a large opportunity due to discoveries of oil in the South China Sea. Other Asian countries providing opportunities are Turkmenistan, Kazakhstan and others.
South and Central America, are another lucrative markets owing to discovery and development of a number of mature onshore and offshore projects. Brazil, Venezuela and Mexico are expected to be the largest markets in the Latin America and South America regions, while Argentina provides a large opportunity due to discovery of shale gas. Liberalization of the Mexican oil & gas industry is expected to provide an impetus while the worsening economic and political conditions in Venezuela are critical threats to the market.
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Some of the prominent players in the wire line services market are Superior Energy Services (U.S.), Baker Hughes Incorporated (U.S), Weatherford International (Ireland), Schlumberger Limited (U.S.), Halliburton Company (U.S.), and National Oilwell Varco (U.S.) and others.