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Wireline Services Market Worth $9.15 Billion By 2021
The wireline services market is expected to grow from an estimated USD 8.26 Billion in 2016 to USD 9.15 Billion by 2021, at a CAGR of 2.1%. The global market is set to witness growth, due to the aging reservoirs, increasing oil production, and lifting of Iranian oil export sanctions. Also, oil export sanctions on Iran were lifted in January 2016, allowing the country to export oil. This has led to an increase in E&P investments in the country, leading to a rise in oil production.
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The onshore segment is expected to hold the largest share of the wireline service market, by application, during the forecast period
The onshore segment led the wireline services market in 2015, owing to the increasing demand for wireline services across the globe. This segment is primarily driven by high number of maturing fields in onshore regions. Moreover, the ease of mobility is high in onshore regions which allows for multiple usages of wireline services, and is expected to create new revenue pockets for the wireline services market during the forecast period.
North America: The leading market for wireline services
In this report, the wireline services market has been analyzed with respect to six regions, namely, North America, Asia-Pacific, Europe, the Middle East, Africa, and South America. North America is expected to dominate the global wireline services market, given the increasing shale gas production in U.S. and the offshore production in the U.S. Gulf of Mexico. The Middle East market is projected to grow at the highest CAGR from 2016 to 2021 due to the high use of enhanced oil recovery techniques in the region and the high oil production in the region. Qatar, Kuwait, and Saudi Arabia are expected to drive the wireline services market in the Middle East region.
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The Leading players include in the wireline services market are Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International PLC (Switzerland), and Superior Energy Services (U.S.).
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