Published by Coherent Market Insights
Posted on September 27, 2021
Wireline services, also known as electrical cabling technology, is used in the oil and gas industry for reservoir evaluation, pipe recovery activities, and intervention processes. These services involve the usage of multi-strand cables to carry equipment into wells for purposes such as data acquisition and enhancing performance of wells by providing real-time, quantified, and accurate data. Increasing on-going drilling and completion activities is one of the major drivers for growth of the wireline services market. For instance, in 2018, Exxon Mobil Corporation announced its seventh oil discovery offshore at Guyana, drilling at the Pacora-1 exploration well. Moreover, in 2018, Africa Energy Corp. announced its intention to drill an exploration well in 2019, on Block 2B offshore the west coast of South Africa. Increasing drilling and completion activities is attributed to continuous increase in demand for energy around the globe. For instance, according to world energy organization, global demand for energy is projected to increase with a CAGR of 6.6% during the period of 2014–2020. This in turn, is increasing the demand for deep well exploration to extract more oil from each well. This in turn, is expected to increase the demand for wireline services, and is expected to drive growth of the market over the forecast period.
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North America held the dominant position in wireline services market in 2017.
North America held a dominant position in the market in 2017, and is projected to retain its dominance throughout the forecast period. The market in North America is estimated to generate revenue of US$ 9.3 billion in 2017, and is projected to reach US$ 15.8 billion by 2025, exhibiting a CAGR of 6.9% over the forecast period. The U.S. and Canada are major countries contributing to the growth of North America wireline services market, owing to increasing number of well completions in North America. According to the Baker Hughe’s worldwide rig count, from the total of 1918 oil rigs worldwide, North America accounts for around 985 rigs. The region has large number of advanced oil rigs with various technologies integrated for effective monitoring and maintenance, which is propelling demand for wireline services. Furthermore, presence of leading market players in North America is another factor fueling growth of the wireline services market.
Major players operating in the global wireline services market include GE Oil & Gas Corporation, Superior Energy Services Inc., FMC Technologies Inc., Pioneer Energy Services Corporation, Schlumberger Limited, C&J Energy Services Inc., Allied-Horizontal Wireline Services LLC., Weatherford International, and Halliburton Company.
Wireline services, also known as electrical cabling technology, is used in the gas and oil well industry for reservoir evaluation, pipe recovery activities, and intervention processes. Technological advancement in wireline are providing growth opportunity for the market. Constant advancement in telemetry and digital electronics have improved the tool accuracy and reliability, which helps to extend the tool operation to higher-pressure and higher-temperature environments, improved downhole processing, and enabled new slimhole designs. For instance, reservoir monitoring is one of the area, which have experience the significant advances with the development of new wire line tools.
Hurry Up…and Get a 2000$ Discount On a Price…!!! https://www.coherentmarketinsights.com/insight/request-discount/1379
Market Dynamics
Increasing demand for crude oil is one of the major factors driving growth of the wireline services worldwide. According to Coherent Market Insights, in 2010, the daily consumption of crude oil was 88.7 million barrels and was projected to reach 96.6 million barrels by 2016. Increasing demand for crude oil is influencing oil production companies to drill new wells, so as to meet rising demand for oil. This in turn, is increasing drilling activities for new oil wells, thus boosting growth of the wireline services market. Moreover, volatile prices of oil and gas is a major factor restraining growth of the market. For instance, according to Organization of the Petroleum Exporting Countries (OPEC), average annual crude oil price was US$ 109.45/barrel in 2012 and is expected to be US$ 66.85/ barrel in 2018. The unexpected price fluctuations are reducing revenue regenerated by companies, in turn, hindering growth of the wireline services market.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Wireline Services Market Expected To Witness High Growth Over The Forecast In Near Future appeared first on Gatorledger.
Wireline services, also known as electrical cabling technology, is used in the oil and gas industry for reservoir evaluation, pipe recovery activities, and intervention processes. These services involve the usage of multi-strand cables to carry equipment into wells for purposes such as data acquisition and enhancing performance of wells by providing real-time, quantified, and accurate data. Increasing on-going drilling and completion activities is one of the major drivers for growth of the wireline services market. For instance, in 2018, Exxon Mobil Corporation announced its seventh oil discovery offshore at Guyana, drilling at the Pacora-1 exploration well. Moreover, in 2018, Africa Energy Corp. announced its intention to drill an exploration well in 2019, on Block 2B offshore the west coast of South Africa. Increasing drilling and completion activities is attributed to continuous increase in demand for energy around the globe. For instance, according to world energy organization, global demand for energy is projected to increase with a CAGR of 6.6% during the period of 2014–2020. This in turn, is increasing the demand for deep well exploration to extract more oil from each well. This in turn, is expected to increase the demand for wireline services, and is expected to drive growth of the market over the forecast period.
Get a Sample Copy + All Related Graphs & Charts: https://www.coherentmarketinsights.com/insight/request-sample/1379
North America held the dominant position in wireline services market in 2017.
North America held a dominant position in the market in 2017, and is projected to retain its dominance throughout the forecast period. The market in North America is estimated to generate revenue of US$ 9.3 billion in 2017, and is projected to reach US$ 15.8 billion by 2025, exhibiting a CAGR of 6.9% over the forecast period. The U.S. and Canada are major countries contributing to the growth of North America wireline services market, owing to increasing number of well completions in North America. According to the Baker Hughe’s worldwide rig count, from the total of 1918 oil rigs worldwide, North America accounts for around 985 rigs. The region has large number of advanced oil rigs with various technologies integrated for effective monitoring and maintenance, which is propelling demand for wireline services. Furthermore, presence of leading market players in North America is another factor fueling growth of the wireline services market.
Major players operating in the global wireline services market include GE Oil & Gas Corporation, Superior Energy Services Inc., FMC Technologies Inc., Pioneer Energy Services Corporation, Schlumberger Limited, C&J Energy Services Inc., Allied-Horizontal Wireline Services LLC., Weatherford International, and Halliburton Company.
Wireline services, also known as electrical cabling technology, is used in the gas and oil well industry for reservoir evaluation, pipe recovery activities, and intervention processes. Technological advancement in wireline are providing growth opportunity for the market. Constant advancement in telemetry and digital electronics have improved the tool accuracy and reliability, which helps to extend the tool operation to higher-pressure and higher-temperature environments, improved downhole processing, and enabled new slimhole designs. For instance, reservoir monitoring is one of the area, which have experience the significant advances with the development of new wire line tools.
Hurry Up…and Get a 2000$ Discount On a Price…!!! https://www.coherentmarketinsights.com/insight/request-discount/1379
Market Dynamics
Increasing demand for crude oil is one of the major factors driving growth of the wireline services worldwide. According to Coherent Market Insights, in 2010, the daily consumption of crude oil was 88.7 million barrels and was projected to reach 96.6 million barrels by 2016. Increasing demand for crude oil is influencing oil production companies to drill new wells, so as to meet rising demand for oil. This in turn, is increasing drilling activities for new oil wells, thus boosting growth of the wireline services market. Moreover, volatile prices of oil and gas is a major factor restraining growth of the market. For instance, according to Organization of the Petroleum Exporting Countries (OPEC), average annual crude oil price was US$ 109.45/barrel in 2012 and is expected to be US$ 66.85/ barrel in 2018. The unexpected price fluctuations are reducing revenue regenerated by companies, in turn, hindering growth of the wireline services market.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Wireline Services Market Expected To Witness High Growth Over The Forecast In Near Future appeared first on Gatorledger.
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