Wireline Logging Services Market Forecast, Developments & Future Scope To 2024
Wireline logging services are cabling technologies employed prominently in the oil & gas industry for measurement of properties of a formation during drilling and production. Market Research Future (MRFR) predicts the scope of the global wireline logging services market by sizing the revenue and growth trajectories with the assistance of drivers, challenges, niches, and opportunities in the industry for the period of 2019 to 2024 (forecast period). The COVID-19 pandemic and its effects are explored in the report.
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The global wireline logging services market is expected to grow at 9.40% CAGR during the forecast period. Increasing activities in shale gas exploration is the primary driver of the market. The execution of drilling from field exploration to the maturity of oil wells can demand the market demand significantly. Oilfield operators can diagnose downhole issues, inform drilling programs, and ensure efficient completion.
Rise of horizontal wells and demand for real time logging can further propel the demand for accurate statistics and create an opportunity for the market. The decline of the oil & gas sector since 2016 can hamper the market but the renewal of licenses of various oil E&P companies can lead to a resurgence of the market. Asia Pacific has fifty oil & gas fields and be ripe for extraction during the period of 2019 to 2020. Developments in wireline logging for mapping of hydrocarbon reserves and ability of placing wells in reservoirs for faster extraction can bolster the market demand. The Array Dielectric Xplorer by Baker Hughes has advanced sensors for recognizing saturation levels of hydrocarbons and contains additional sensors for providing resistivity and permittivity values.
On the basis of hole type, the market has been segmented into cased hole type and open hole type. The open hole type segment dominates the market due to its common use as a logging method with no deviations in measurements and it can be done during or after the well drilling. On the flip side, the cased hole can be used in identifying formations behind pipes and pinpoint missed oil and gas zones.
By wireline type, it is divided into 2 segments, slickline and e-line. The e-line segment is bound to dominate the market owing to the use of electrical cables for lowering and retrieval of tools in the wellbore and transmit data on the conditions of the well through logging tools. On the other hand, the slickline segment is also expected to garner revenues for the market owing to its utilization of deliverance and retrieving of tools.
North America held the lion’s share of the global wireline logging services market owing to the large energy demand and continuous drilling and production of shale gas. New and unconventional methods for extraction of hydrocarbons require wireline logging services. Investments in offshore exploration activities can drive the demand in the market till 2022.
Europe accounted for the largest market share in 2016 due to the presence large industrial sectors such as food and beverages, automobiles, and pharmaceuticals. Russia can be a major contributor to the global wireline logging services market owing to production of conventional and unconventional resources. The requirement for drilling activities can induce the demand for wireline logging services during the assessment period.
Superior Energy Services, Schlumberger, Expro International Group Holdings Ltd, Oilserv, Pioneer Energy Services, Casedhole Solutions, Nabors industries ltd., Weatherford International Inc., Halliburton, and Baker Hughes are key players in the global wireline logging services market.
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