Wireline Logging Services Market size is expected to reach USD 26 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of wireline logging services was around USD 6 Billion. Increasing exploration of oil and gas fields will primarily drive the market and will take the market to the expected CAGR. The world’s verified oil reserves total 1,757 billion bbl, emerging from 1,735 billion bbl a year prior, as stated in the Oil & Gas Journal’s yearly analysis. International proven natural gas reserves are now calculated at 7,456 tcf, emerging from 7,297 tcf surveyed last year. The released reserve figures depend on survey answers and official updates submitted by each country, which are not given yearly in many cases.
Another factor that will drive the wireline logging services market by the end of 2036 is the rising application of petrochemical products across the globe. In 2020, petrochemicals accounted for more than 16 percent of the oil requirement in the OECD. In 2021, the market worth of petrochemicals touched 556 billion U.S. dollars. The production potential of petrochemicals across the globe touched around 2.3 billion metric tons in 2021. By 2030, it is projected to increase substantially, with China, India, and Iran the countries with the biggest petrochemical potential additions released or planned. China alone makes strategies to add a potential of 134 million metric tons yearly, controlling the market in the medium term. The petrochemical industry shifts raw materials from oil refining and gas processing into an extensive range of materials. These comprise plastics, synthetic fibers, fertilizers, pastes, dyes, detergents, and synthetic paints and coatings.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
∼7% |
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Base Year Market Size (2023) |
~USD 6 Billion |
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Forecast Year Market Size (2036) |
~USD 26 Billion |
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Regional Scope |
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Wireline Type (E-line, Slickline)
The E-line segment is expected to hold 57% share of the global wireline logging services market by 2036. Being the most mature logging process, the E-line segment is projected to pursue its share presently, as the exploration for new oil and gas fields is still on in many countries for more production. The international oil production was documented as 88,391 thousand barrels daily. International oil production is estimated to be 93.9 million barrels per day in 2022. The technique will prove to be the most affordable manner to generate oil and gas from the reserves, specifically at this time when the organizations have to spend attentively in the upstream sector. Other than events surrounding the international economic crisis in the late 2000s and 2020, oil production continuously accelerated yearly for the past two decades. In the same way, international oil consumption only reduced in 2008, 2009, and 2020, but has otherwise accelerated to a higher level year after year. Oil and oil products stay valuable commodities as most conveyance fuels are petroleum-depended and oil is a major raw component for the chemicals industry. Japan will remain dedicated to its public support for oil and gas upstream growths although more selectively, following the newest dedication made by the G7 energy ministers, an executive at the Ministry of Economy, Trade and Industry told S&P Global Commodity Insights on May 30, 2023.
Hole Type (Open Hole, Cased Hole)
The cased hole type will dominate the wireline logging services market by the end of 2036 and will hold around 79% revenue share. This growth will be noticed due to its association with recognizing and tackling production problems, like water or gas breakthroughs, and maximizing reservoir execution. In December 2020, Saudi Arabia's national oil organization Saudi Aramco made four oil and gas explorations in the Al-Reesh oilfield, northwest of the city of Dhahran. The freshly established reserves were calculated to have non-traditional oil of 11,956 bpd potential and 4.8 million standard cubic feet of natural gas. The growth strategy for the oil reserve is projected to be prepared within a year.
Our in-depth analysis of the global wireline logging services market includes the following segments:
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Wireline Type |
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Hole Type |
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North American Market Analysis
The wireline logging services market will encounter the greatest surge in the North America region and hold a share of almost 46% by the end of 2036. This growth can be noticed due to the rapid revenue generation in U.S. exploration and production activities. Moreover, the US-based Chord Energy Corporation is the chief personal oil & gas exploration organization in North America (by reserves). The organization recorded profits of USD 1,580 million for the economic year ended December 2021 (FY2021), a surge of 45.8% as related to FY2020. Chord Energy Corporation is a personal exploration and production organization that concentrates on the acquirement and growth of unconventional oil and natural gas resources. It concentrates on exploiting substantial resource possibilities relying on the Bakken and Three Forks formations in the Williston Basin, US. The functioning revenue of the organization was USD 809.4 million in FY2021.
APAC Market
The APAC region will encounter a significant surge during the forecast period and grab the position of second largest in the wireline logging services market owing to the increasing production of petrochemical products. China has long been the world's largest polymer and synthetic fiber importer, attribution to the similar of almost 3 mb/d in feedstock terms, or 3% of international oil consumption, in 2019 and 2020. Now, its earlier suppliers are under burden after current surges in Chinese production, specifically during 2023. Petrochemical activity and associated oil demand fell in other regions, comprising the Middle East and the rest of Asia. Shipments of intermediate and final petrochemical products were reduced by almost 30% from these parts of the globe at the time of the first nine months of 2023 in comparison with the same period in 2019.
Author Credits: Abhishek Verma
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