Wireline Logging Service Market: Rapidly Evolving Industry…… COVID-19….


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.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
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.
Global wireline logging service market exceeded USD 16 billion in 2014. Potential increase in real-time data gathering through electric tools and increased production & exploration activities across the globe are estimated to drive demand over the forecast period.
Increase in crude oil prices is estimated to result in regress investments leading to rise in number of new projects, which is further expected to influence world energy demand by 2020. This has also increased the pressure to extract more from each well, further lowering the exploration level.
Further, technological developments and increased focus on natural gas production are also expected to surge demand for the wireline logging service market over the forecast period. Surging demand for intensive R&D has led to the development of sophisticated high-end products, which are delivered to provide control to meet process requirements and for ease of use.
Potential increase in recoverable resources and completion activities within North America is expected to drive demand over the forecast period.
Rising production has benefited the services owing to the versatile nature and reduced profit margin from oilfield services. This has generated the need to optimize the E&P activities involving reservoir evaluation, which is the major application. Although, stringent regulations, issues associated with environment, and increased seismic activities are expected to curb growth over the next few years.
Conditions such as high temperature, high pressure, and ultra-deep water of new reservoirs build new challenges leading to innovative solutions to address changing technologies and business practices. For instance, Halliburton launched VisiTrak geospatial navigation and analysis LWD for combining advanced pre-well modeling and precise reservoir navigation to improve efficiency and to facilitate optimal well placement for increased hydrocarbon recovery.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-wireline-logging-service-market
Grand View Research has segmented the wireline logging service market on the basis of technology, hole type:
Wireline Logging Service Technology Outlook (Revenue, USD Million, 2012 - 2022)
·         Slickline
·         E-Line
Wireline Logging Service Hole Type Outlook (Revenue, USD Million, 2012 - 2022)
·         Open Hole
·         Cased Hole
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.



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