Wireline Services Market - Global Industry Insights to 2025
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. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1379
Cased holes segment is expected to be the fastest growing segment over the forecast period Among well type, the cased hole segment held a dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. The segment is estimated to generate revenue of US$ 15.7 billion in 2017, and is projected to reach US$ 25.8 billion by 2025. Cased hole services comprise executing logging measurements with the help of well chasing or metal piping inserted at the time of well completion activities. Cased hole wireline services are crucial for casing, cement evaluation, and saturation logging, which enables operators to closely examine the well capacity and optimize production. Also, it allows operators to take immediate corrective actions on any issues that arise. Cased hole wireline services thus, offer highly accurate well assessment along with maximum asset recovery, due to which the growth of this segment is rapidly increasing.