Stable demand for oil around the world is expected to be the major factor expanding the global wireline logging market size in the upcoming years. According to the annual World Oil Outlook (WOO) report published by the Organization of the Petroleum Exporting Countries (OPEC), the global demand for oil is projected to reach 104.8 million barrels per day by 2024 and 110.6 million barrels per day by 2040. The International Energy Agency reported that in the last quarter of 2019, world oil demand grew by 1.1 million from the previous quarter, signaling that the demand for oil is set to remain steady even as the world shifts to renewables. In case of gas, the IEA predicts that global demand for natural gas is likely to rise by 1.6% in the five years. Wireline logging plays a vital role in the extraction and production of hydrocarbons. It is a process which is used to measure the properties of a formation, based on which critical drilling and other production operations are carried out. Thus, increasing drilling and production of oil and gas worldwide will lead the wireline logging market trends during the forecast period.
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Through its new report, titled “Wireline Logging Market Size, Share & Industry Analysis, By Technology (Electric line, Slickline), By Hole Type (Open Hole, Cased Hole) and Regional Forecast, 2019-2026”, Fortune Business Insights™ provides the following information:
- Comprehensive analysis of the various market drivers and challenges;
- In-depth study of the market segments;
- Detailed research into the regional prospects and competitive dynamics of the market; and
- Accurate prediction of the upcoming trends that will shape the growth of the market. Top Players Mentioned:
- Archer – the well company
- Baker Hughes
- GE company
- Basic Energy Services
- China Oilfield Services Limited
- Superior Energy Service
- FMC Technologies
- Weir Oil and Gas
- National Oilwell Varco
The rising instability in crude oil prices is expected to positively impact the growth of the Wireline Logging Market. Rising privatization and relaxation in the FDI norms are factors enabling growth in the market. Also, governments are heavily investing in power projects, which in turn, may fuel demand for energy and power plants across the globe.
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Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Wireline Logging Market rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fuelling demand for energy and is expected to drive the Wireline Logging Market.
- By Type
- By Application
- By Geography
Exciting New Product Offerings to Heat up Competition
The wireline logging market analysis reveals that competitors are continuously engaged in developing innovative solutions for customers. As a result, they are able to diversify their portfolio, solidify their market position, and expand their business horizons.
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
North America to Have a Stranglehold on the Market; Asia-Pacific to Offer Promising Prospects
Among regions, North America is anticipated to dominate the wireline logging market share owing to the rising oil and gas exploration and production activities in the region. Growth in this market is further fostered by the shale revolution in the US. High economic development in Asia-Pacific has led to surging demand for hydrocarbons and the region is, therefore, offering the most lucrative prospects in this market. In the Middle East and Africa, abundant availability of hydrocarbons will put the regional market in top gear.
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Major Table of Content for Wireline Logging Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Market Analysis, Insights and Forecast, 2015-2026
- North America Market Analysis, Insights and Forecast, 2015-2026
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
- Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
- Latin America Market Analysis, Insights and Forecast, 2015-2026
- Competitive Landscape
- Company Profile
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