Wireline Services Market - Rapid Growth & Dynamic Forecast To 2027
The global wireline services market is garnering exponential accruals. Market growth attributes to the rising wireline deployments and favorable government policies of wireline infrastructure dockets. Besides, the growing oil industry with sustaining supply-demand balance and other macroeconomic factors drive the market growth. Moreover, increasing efforts on new oilfield discoveries and exploratory activities worldwide escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global wireline services market is poised to grow at approximately 2.5% CAGR during the review period (2018 – 2023). The oilfield service industry is entirely dependent on upstream operations, which impacts the market growth positively. Therefore, the wireline service industry is expected to witness continuous growth during the forecast period. Also, rising numbers of mature oil wells and field development activities foster market growth.
Additionally, increasing oil price recovery and oil exploration substantiates the growth of the market. Moreover, advances in cabling technology, oil extraction techniques and cost-effective maintenance methods of the wellbores boost the market growth. Advantages of deployment of wireline services include evaluating rock properties, gathering information for pore size, pressure gathering for production fluid formation, sample recovery, and location casting rollers to influence market growth.
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Global Wireline Services Market – Segments
The market is segmented into five dynamics;
By Application: Completion, Intervention, and Logging.
By Type: Electric Lines, Slicklines, and others.
By Well Type: Cased Wells and Open Wells.
By Location: Onshore and Offshore.
By Regions: Americas, Europe, APAC, and Rest-of-the-World.
Global Wireline Services Market – Regional Analysis
North America dominates the global wireline services market. The region houses a large number of enterprises. Also, the futuristic infrastructure in the region allows the development of new technologies and early adoption of innovative technology, offering a favorable platform to the wireline services to evolve significantly. Resultantly, the market perceives a higher growth in terms of advancements in technology, manufacturing process operations, and industrial infrastructure.
Besides, increasing exploration activities and rock study activities for shale oil, oil sands, and carbonate rocks drive the regional market growth. Also, rising shale oil production and total oil production in the US contribute to the market growth exponentially. Additionally, the presence of major market players, increasing mobile workforces, and an increase in demand for high-speed data services acts as a key driving force for the regional market growth.
Asia Pacific is following the lead heading with the growing mobile networks and service providers in the region. Factors such as the market proliferation of mobile devices, wide adoption of cloud-based solutions among SMEs, and large enterprises and developments in IT sector influence the regional market growth. Also, the rising adoption of cloud services and inclination to the automation, alongside increasing opportunities in emerging countries, propel the market growth in the region. Furthermore, rapid advent and deployments of 3G/4G/5G of networks in the region drive the market growth.
Global Wireline Services Market – Competitive Landscape
Highly competitive, the global wireline services market appears fragmented due to the presence of several notable players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch. They compete based upon pricing, technology, reputation, and services. These players focus on developing their product portfolio using advanced technologies. Major players make substantial investments in R&D and to acquire other firms. However, the main focus is on the research and development of technologies.
The rising government funding motivates key companies to develop new technologies that can match changing trends and needs across enterprises. Key players possess state-of-the-art R & D labs and strong sales and distribution network to help them gain the leadership position in the market. An ever-increasing emphasis on branding-oriented efforts has been observed among the vendors.
Players leading the global wireline services market include Weatherford International (US), GE Oil and Gas (US), Schlumberger (US), Pioneer Energy Services Corp. (US), Superior Energy Services (US), C&J Energy Services Ltd. (US), National Oilwell Varco, Inc. (US), Basic Energy Services, Inc. (US), Halliburton (US), Expro International Group Holding Ltd. (UK), Oilserv (UAE), Wireline Engineering Ltd. (UK), and SGS (Switzerland), among others.
Industry/ Innovation /Related News:
July 31, 2020 —- Reliance Industries Limited (RIL – India), announced that it is ready to launch 5G services in India with a clear focus on innovation and intellectual property led technology platforms. RIL is to offer wireline services through fiber-to-home technologies, across the top 1,600 cities, addressing homes and small & medium businesses and large enterprises.
The company is planning to expand its services to a customer who already has a 4G LTE connection and now want wireline services. There are a large number of areas where these two technologies work very well together. Over the last couple of years, the company is continually focusing a lot on building Jio Platforms across various business cases.Also, the second part on the retail side is scaling up of JioMart as well as store openings.
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