Worldwide wireline logging service market was valued over USD 16 billion in 2014. Increased production and exploration activities coupled with rise in real-time data gathering are factors anticipated to drive market demand further. Increase in crude oil prices will augment regress investments further, which will impact the world energy demand by 2020.Moreover; this resulted in decreasing the exploration level in well and has also increased the pressure to extract more from each well.
Furthermore, increased focus on natural gas production and technological developments is projected to boost the market demand. Completion activities and potential increase of recoverable resources in North America is anticipated to boost the demand over the coming years. Additionally, reduced profit margin and adaptable nature in the region has been benefited by continuous rising production. This has generated the requirement to optimize the E&P activities regarding major application such as reservoir evaluation. Though, issues associated with environment, augmented seismic activities and stringent regulations are expected to hinder growth over the forecast period.
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Ultra-deep water, high temperature and high pressure of new reservoirs are few conditions that direct to new challenges in the market. Based on technology, the market is divided into E-line and slickline segments. In 2014, E-line technology contributed over 57% of the industry share and is further estimated to grow at a CAGR of over 9% till 2022.This segment can be categorized under heavier and strong wireline and uses an inner core of enclosed wire for broadcasting electrical signals amid surface equipment and downhole tools. These services are essentially for well logging and tube perforating operations.
Based on hole type, the wireline logging service market is classified into cased hole and open hole, as a result, Cased hole service market contributed over 50% of the total revenue in 2014. Cased hole aids in recovering the measurements through metal piping while open hole involves the operations that are executed before the wellbore has been cemented. North America wireline logging service industry is anticipated to undergo significant demand further and is rapidly growing at a CAGR of over 9.1% over the forecast period. This is mainly due to incessant augmentation in production and exploration activities in the U.S.
Information Source: Grand View Research