Global wireline logging services market size to reach $24bn by 2022
Published Date: April 23, 2016 Author: Global Market Insights, Inc.
Wireline logging services market size is projected to be valued at USD 24.02 billion by 2022; as per a new research report by Global Market Insights, Inc.
Substantial rise in real-time data gathering through electric tools is anticipated to fuel wireline logging services market growth from 2015 to 2022.
Escalating exploration and production (E&P) spending due to technological advancements facilitating ease of access to unusual as well as deep water reservoirs is forecast to boost demand. High oil & gas production from North Dakota’s Bakken Shale and the Marcellus Shale in north eastern region of the U.S. has become a source of increased onshore oil & gas production.
Crude oil price trend is expected to attract high investments in drilling activities leading to large number of new projects across various regions.
Increased possibilities of shale gas production around the globe are expected to drive the wireline logging services market over the next seven years. Factors such as authorization of subsoil property rights to surface property owners, sanctity of contracts and decentralized regulatory context are projected to further impact the industry.
Developments in directional drilling as well as reservoir stimulations are likely to change the U.S. energy scenario over the time frame. As the operating water depth limit for production and drilling has exceeded to over 10,000 feet from a few hundred feet, specialized equipment such as Radio Frequency Identification (RFID) chips at the seabed and surface are required for executing drilling and production activities. This equipment aids in tracking data when operating downhole and exposure to pressure, temperature and corrosive environments. In addition it can also accurately determine the position for repair and maintenance.
Companies have developed various technologies for extracting hydrocarbons from shale gas, altering the oil & gas sector and domestic energy landscape of the U.S.
Rising regulatory concerns regarding risk associated with contamination of ground water is projected to with hinder the industry growth over the next seven years.
E-Line services are expected to experience massive growth opportunities owing to broad application across numerous E&P activities. In addition, its ability to transmit electric data by providing a communication pathway through downhole equipment and the surface is predicted to further contribute to growth.
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Key insights from the report include:
- Slickline technology was valued at over USD 6 billion in 2014 and is forecast to grow at 7.4% CAGR from 2015 to 2022. The technology is predicted to witness substantial growth prospects owing to its high importance for maintaining the production levels of well through intervention and logging processes.
- Open hole logging services include reservoir testing & fluid sampling, geological services, formation evaluation, and hostile slimhole tools. It is forecast to be the most attractive segment and is likely to surpass USD 5 billion by 2022.
- Cased hole logging service is anticipated to continue dominance over the next seven years. They are likely to be valued at more than USD 18.5 billion by 2022, growing at a 6.6% from 2015 to 2022.
- U.S. wireline logging services market growth can be associated to rising number of wells in both onshore and offshore areas accompanied by increasing shale exploration.
- Notable industry players are Schlumberger, Baker Hughes, Weatherford International, Halliburton, Superior Energy Services, etc. Wireline logging services market share is consolidated in nature, with significant technological developments and R&D viewed as key strategies.