North America is the major market in the wireline services which will grow in forthcoming years.
(PRWEB) June 30, 2014
Wireline services are used for a wide range of purposes. The lifecycle of a well includes exploration, drilling, completion, stimulation, and intervention among others. Wireline services are used to run the tools and equipment into the downhole before and after the completion is done. These services are provided by oilfield service companies to the oil and natural gas E&P companies. The market is analyzed on the basis of the revenue generated by the wireline services, supplied by oilfield service companies to the oilfield services market.
The North American segment had the largest share of around 48% in the global wireline services market in 2013. North America is the largest market in terms of value and is expected to grow from an estimated $7,673.4 million in 2013 to $12,945.2 million by 2019, at a CAGR of 8.6%. The growing demand for oil and gas led to increase in exploration of oil and gas fields. Every time a new discovery is made, logging, completion, and intervention activities are needed to be carried out to extract the oil and gas. For proper production or injection of the well, completion services are required to be done. Thus, the market for wireline services is directly proportional to the number of new discoveries. The U.S. is the major country that dominates the North American wireline services market. It accounts for almost 80% share of the wireline services market as of 2013.
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Asia-Pacific Wireline Services Market:
The Asia-Pacific region had a share of nearly 22% in the global wireline services market in 2013. The Asia-Pacific market is expected to grow from an estimated $3,903.0 million in 2013 to $6,995.9 million by 2019, at a CAGR of 10.4%. The growth of the wireline market in the Asia-Pacific region is directly proportional to the ongoing drilling and completion activities around the world. The growth in drilling and completion activities is attributed to the continuous increase in world energy demand. China is a key market for wireline services market in the Asia-Pacific region.
South American Wireline Services Market:
The South American market had a share of approximately 12% in the global wireline services market in 2013. South America is expected to grow from an estimated $2,223.2 million in 2013 to $5,408.2 million by 2019, at the comparatively fastest CAGR of 16.2%. The increased expenditure from oil & gas companies, thereby accelerating offshore exploration activities and the growing drilling & production activities, are driving the growth of wireline services market in this region. Brazil is one of the major players in the South American wireline services market. It accounts for a share of around 63% of the Latin American market as of 2013.
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