ALBANY, New York, August 20, 2014 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Wireline Services Market - Global Industry Analysis Size Share Growth Trends and Forecasts 2014-2020," wireline services market was USD 19.10 billion in 2014 and is expected to reach USD 34.96 billion by 2020, growing at a CAGR of 10.36% from 2014 to 2020.
The oil field service companies accommodate the wireline services to the exploration and production (E&P) companies of oil & natural gas. There has been a continuous increase in the exploration and production activities of oil & gas in finding new areas of unconventional resources, which has immensely bolstered the growth of the global wireline services market. These wireline services are required by the oil and gas industries for its entire lifecycle which includes exploration, drilling, completion, stimulation, and intervention. The growth of the wireline services market is directly proportional to the drilling and completion activities around the world. Various other factors such as geological condition and types of reservoir require different types of wireline services which boosts the growth of the global wireline services market. On the other hand, increased investment in the exploration and production activities will act as a market opportunity for the wireline services market.
Browse the full Global Wireline Services Market Report at http://www.transparencymarketresearch.com/wireline-services-market.html
The global market for the wireline services market has a wide area of application as these services are specifically used to run the equipment into the down hole, after and before the completion. The major drivers for the global wireline services market is the increase in demand for oil and gas globally. This has pressurized the industries to extract more from each well and, henceforth, further deep exploration is done. To accomplish the growing demand, there has been continuous growth in exploration, production and completion activities.
Oil field service companies offer wireline services to exploration and production (E&P) companies in the oil and natural gas segment. Increasing activities in the oil and gas sector to discover new areas with unconventional resources along with the rise in exploration and production activities have significantly bolstered the growth of the global wireline services market. Wireline services are required by oil and gas industries for the entire life cycle of oil and gas wells, which includes exploration, drilling, completion, stimulation, and intervention. The growth of the wireline services market is directly proportional to the drilling and completion activities being undertaken across the world. Owing to factors such as geological condition and type of reservoir, there exists a demand for different types of wireline services. This, in turn, drives the growth of this market. Increasing investment in exploration and production activities would further open up market opportunities for the wireline services market.
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Geographically, North America has the major market share for global wireline services market. The strong research and development practices in the North American region have helped the market to grow. Also, the favorable regulations have helped the North American market to propel to the level of market leader in global wireline services market. However, the mature wireline services market in this region is subjected to stiff competition. The market for wireline services, in the remaining region, is growing at a higher growth rate with exploration of new reserves and oilfields creating growth prospects, especially, in the Asia-Pacific and Middle-East regions. Analysis and forecasting of wireline services market is given by application and region mentioned below:
Wireline Services Market: By Application
- Wireline Logging
- Wireline Intervention
- Wireline Completion
Wireline Services Market: Regional Analysis
- North America
- South America
- Middle East
- Asia Pacific
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