The global wireline logging service market was valued
at over USD 16 billion in 2014, according to a new study by Grand View
Research, Inc. This can be attributed to the potential increase in recoverable
resources and increased production & exploration. Increase in crude oil
prices is estimated to result in rise in investments for exploration &
production activities leading to significant new projects across the globe,
which is expected to positively impact industry growth.
Technological
advancements have broadened service offerings by oil & gas field service
providers and improved industry efficiency. Several new technologies such as
drill ships and Floating, Production, Storage, and Offloading (FPSO) vessels
have enabled wells to be drilled in increasingly deep water. Additionally, the
new reservoir conditions including high temperature, ultra-deep water, and high
pressure require advanced logging tools and services. The aforementioned
factors are projected to drive the industry demand over the next seven years.
Rise in the
number of horizontal wells, demand for real-time logging, and well integrity
concerns are estimated to offer significant opportunities for industry growth.
However, increased seismic activities and stringent government regulations can
hamper wireline logging service market.
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Further key findings from the study suggest:
- E-line logging segment accounted for over 55% of the revenue in 2014 and is expected to witness substantial rise in demand over the forecast period. It finds more usage as compared to the slickline products owing to its wide application across several E&P activities. Some of the factors responsible for electric line’s increased adoption include its ability to transmit electric data by offering a pathway for communication between the downhole equipment and the surface.
- Cased-hole logging services segment is estimated to account for over 75% of the overall industry by 2022, growing at a CAGR of over 9% from 2015 to 2022. The industry has been developing sophisticated measurements in through-casing applications. Tools such as gamma ray, spectral gamma ray, pulse neutron, and compensated neutron are used for determining water saturation.
- North America dominated the market in 2014 and is expected to grow at a CAGR of over 9% from 2015 to 2022. Potential increase in recoverable resources and completion activities within North America are expected to drive the demand across this region over the forecast period.
- Wireline logging service market share is occupied by companies such as Halliburton, Schlumberger, Weatherford International, Baker Hughes, Nabors Industries, and Pioneer Energy Services. Profit margins of the companies are influenced on the efficiency of their production processes. Hence, major players such as Halliburton and Schlumberger are investing heavily in R&D for improving existing technologies, maintaining their edge. For instance, in 2014, Schlumberger invested USD 1.2 billion in R&D activities, whereas Halliburton invested USD 0.6 billion, Baker Hughes 0.6 billion, and Weatherford International invested USD 0.3 billion, respectively.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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