Wire line servicing is mainly used in oil and gas industry to perform functions such as well intervention, well retrieving, reservoir evaluation and pipe recovery.
Wire line can also be termed as electric cable which is used to measure the electric property and temperature of the formations.
Wireline service is processed by coupling of electric wire lines with the pipes of down hole assembly to record the variations in temperature in accordance to depth. Wire line services may be performed on offshore or onshore terminals depending upon the location of exploration site.
Wireline services is offered by the service Providers Company, which looks for repairing and maintenance work of well and well equipment’s. Wire line services can help the operators to identify the rock property, volume of reservoir fluid and calculate the reservoir delineate boundary. Wire line logging can also be done using wireline services which helps to lift the sample fluid from reservoir to well head to further process them into laboratories.
The global wireline services market is expected to account for a market value of around USD 12 billion at a CAGR of 2.6% till the period of 2018-2027. North America is expected to hold the largest market share in terms of value for well services market till the forecast period 2018-2027. Additionally, Rise in demand for energy and increased development of shale gas reservoirs across the North America region vigorously propelled the growth of wire line services market in forecasted p eriod. On the basis of regional platform, global wire line services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Additionally, the United Kingdom of Europe region got the approval for 11 blocks in Norwegian continental shelf by the 29th round of licensing in March 2017, which is expected to positively support the growth of wire line services market in forecast period. Asia Pacific is also salted to account for the growth of wire line services market on the rise of increased work over operations on producing oil and gas wells. Additionally, increased maintenance work on coal bed methane field is anticipating for the successive growth of wire line services market in expected forecast period.CLICK TO DOWNLOAD SAMPLE
Development of mature reservoir fields in countries such as Saudi Arabia, UAE and Oman has raised the demand for well servicing operations. Increasing demand for oil and gas wells is expected to fuel growth in the market.
Our-in depth analysis of the global wire line services market includes the following segments:
On the basis of regional analysis, global wire line services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is accounted for largest share in wire line services market on the heels of increased shale gas exploration and drilling activities across the region. Additionally, maintenance work on old producing oil and gas wells are anticipating the growth of wire line services market in a significant rate.
Asia Pacific is also expected to showcase the modest growth for wire services market on heels of increasing CBM gas exploration in countries such as Australia, China and India. Europe region is also expected to grow significantly in market due to rising demand for energy by various industries to execute their operations.
Global wire line services Market is further classified on the basis of region as follows:
Increase in demand of energy resources forced the operators of oil and gas to drill and explore new wells to overcome the need of energy is driving the growth of market.
Despite of the fact that oil and gas industry has witnessed less operational activities in recent years, the need for work over operations to enhance the productivity of old wells is driving the growth of wire line services market.
Increase in exploration of shale gas across the North America region backed by new developed reservoir, which requires more drilling and work over operations to produce gas is driving the growth of market in expected forecast period.
High cost of installation
One of the key restraints, which are expected to hamper the growth of wire line services market is decreased oil and gas drilling activities due to fluctuations in crude petroleum prices.
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