According to Stratistics MRC, the Global Wireline Services market is accounted for $17.35 billion in 2015 and is expected to reach $34.06 billion by 2022 growing at a CAGR of 10.1%. There is constant growth in the oil & gas exploration and production activities for finding new unconventional resources, which massively supports the wireline services market growth. These wireline services are essential for exploration, completion, drilling, intervention, and stimulation in oil and gas industries. The key factors driving wireline services market include growing exploration and production activities, global demand for oil & gas, technological advancements, increased oil production, and exploration activities for shale gas. However, increasing focus on renewable energy, stringent environmental rules and regulations, and decrease in crude oil prices are limiting the market growth.
In 2015, well completion segment held the largest share with more than 60% in total wireline services market. Electric line wireline type is the largest technology segment due to its usage in well logging services. The accomplished usage of wireline services together with the rising oil and gas production is the major driver for the market growth. North America has the largest market for wireline services and is expected to continue its growth during the forecast period due to rapidly increasing oil and gas production levels and logging services.
Some of the key players in global market include Archer Limited, Baker Hughes Incorporated, Basic Energy Services, Inc., C&J Energy Services Ltd., Casedhole Solutions, Expro International Group Holding Ltd., FMC Technologies, GE Oil & Gas, Halliburton Company, Nabors Industries Ltd., National Oilwell Varco, Inc., Oilserv, Pioneer Energy Services Corp., Schlumberger Limited, Superior Energy Services, Inc., Weatherford International PLC and Wireline Engineering Ltd.
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