Wireline Services Market Worth US$34.96 billion by 2020
Transparency market Research, a U.S.-based market intelligence firm has announced the addition of a new research report based on the global wireline services market to its database.states that the global wireline services market would be worth an estimated US$34.96 billion by 2020. This market, which valued US$19.10 billion in 2014, will grow at a CAGR of 10.36% from 2014 to 2020 – the report’s forecast period.
The report studies the global wireline services market based on two major segments – major application areas of wireline services and prominent regional markets of the global wireline services market.
The major application areas of the global wireline services market, studied by the report, include wireline completion, wireline intervention and wireline logging. The global wireline services market is segmented into prominent regional markets as North America, South America, Europe, Asia Pacific, Africa, and Middle East.
The global market for wireline services has applications majorly in the oil-exploration and processing industry where the services are used specifically for running drilling equipment down the hole, after and before completion of oil extraction. The major drivers of the global wireline services market, as cited by the report, include the voluptuously increasing demand for oil and gas on a global front.
This enormous demand has pressed industries to extract more oil and gas from every reservoir, requiring deep exploration. To meet rising demands, exploration activities have increased enormously, leading to significant growth of the global wireline services market.
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The report states that growth of the global wireline services market goes hand-in-hand with the growth on drilling and completion activities undertaken by major oil-extraction and processing companies on the global front. Depending upon the type of oil-reservoir, different varieties of wireline services are employed. Growth in the oil-extraction and processing industry thus leads to growth of the global wireline services market. Rising oil-exploration and processing activities are expected to further open significant growth opportunities for the global wireline services market.
Geographically, the global wireline services market is led by the regional market of North America. This regional market held the highest shares of revenues of the market in 2013 owing to the high prevalence of research and development activities in the region. Favourable regulations in the North American wireline services market have also led to significant growth of the overall market.
However, the mature market of wireline services in North America is expected to observe stiff competition from relatively newer market of the Asia Pacific during the forecast period. The market of wireline services is also observing significant growth in many other regional markets due to exploration of new oil reserves and oilfields, generating good growth potential for the overall wireline services market.
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