The major trend being witnessed in the global wireline services market is increased investments for boosting the production of wireline service products. Owing to the large-scale application of these products in the oil and gas industry, most of the market players are focusing on expanding their production capacity. These investments in wireline services are majorly aimed at the upgradation of existing wells, exploration of new wells, and expansion in new markets geographically.
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In the oil and gas field, wireline services incorporate the cabling technology, which is utilized by well operators, to limit the number of equipment and devices used in wells. These services are used in exploration activities for well intervention, reservoir evaluation, and pipe recovery. Thus, the recovery in oil and gas prices is expected to boost the growth of the wireline services market in the future.
The market is categorized into wireline services for cased and open holes. Globally, the cased-hole category held a larger share in the wireline services industry during the historical period. The market for this category is driven by the fact that a well having proper metal casing along with proper cementing of the wall (to prevent any damage caused by the pressure of the fluid being extracted) results in higher well stability. Cased-hole wireline services are further categorized into electriclines and slicklines.
The major factor driving the growth of the wireline services market is the growing demand for oil and gas from across the world. Due to the increasing energy demand worldwide, conventional oil and gas resources are being used up and, therefore, depleting at a fast pace. Thus, in order to meet the ever-increasing energy demand, major oil companies are shifting their focus toward unconventional oil and gas reserves for the exploration of shale oil, shale gas, tight oil, tight gas, and coal bed methane (CBM), which involves the utilization of services pertaining to the wireline technology.
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Major restraints identified in the wireline services market are the fluctuation in oil prices and the requirement for high capital for the exploration of oil wells. Over the past few years, the prices of oil have declined sharply, thereby eroding the profitability of oil companies. Moreover, political uncertainty in major oil-producing countries, such as Russia, Venezuela, and Iran, is adding to the woes of oil and gas companies, which are now wary of inducing fresh capital to expand their production capacity. Thus, the delay in expansion plans will continue to hinder the growth of the wireline services industry in the coming years.
Some of the major companies operating in the global wireline services market are Expro International Group Holdings Ltd., Superior Energy Services Inc., Weatherford International Inc., Baker Hughes, a GE company, Nabors Industries Ltd., Schlumberger Limited, C&J Energy Services Inc., Pioneer Energy Services, OilSERV, and Halliburton Energy Services Inc.
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