Middle East Wireline Service Market is Expected to Grow with a High CAGR in the Forecast Period.
Growing technological advancements in oil
& gas and increasing demand for crude oil and natural gas are fueling the
market demand.
According to TechSci
Research report “Middle East Wireline Service Market - By Country,
Competition, Forecast and Opportunities, 2028F,” the Middle East Wireline Service Market is expected to
register robust growth during the forecast period 2024-2028, Rising investment in oil and gas sector
and technological advancements in the oilfields are the main driving force
behind the growth of the middle east wireline service market.
The term "wireline" in the oil
and gas industry typically refers to the use of multi-conductor, single
conductor, or slickline cable, or "wireline," as a means of
transportation for the collection of subsurface petrophysical and geophysical
data as well as the provision of well construction services like pipe recovery,
perforating, plug setting, well cleaning, and fishing. Subsurface geology,
reservoir features, and production characteristics are described and analyzed
using the subsurface geophysical and petrophysical data.
Routine maintenance must be done in the
wellbore using wireline equipment because wireline services are multiline
cables or a high-tension single strandline. It carries out a variety of tasks,
including recovering pipes and intervening, evaluating reservoirs, and more.
Additionally, it provides perfect service delivery. It has benefits including
assessing the characteristics of rock in reservoirs and high data speed in
networking. Dropping the maintenance and non-operational rig downtime can
significantly lower overall expenses while also dramatically increasing the
market income for wireline services. The demand for wireline services is
expected to increase due to rising investments in enhancing E&P activities
at various locations and the industry's ability to adapt to new technologies.
New well drilling and completion requires
a large investment, although Saudi Arabia offers some of the lowest drilling
costs worldwide. According to Saudi Aramco, the average upstream lifting cost
in 2021 and 2020 was 3USD per barrel.
One of the world's largest hydrocarbon
deposits is in Saudi Arabia. The government has taken steps to expand
investment in renewable energy and sustainable solutions, but the oil industry
remains the foundation of the economy. In a market with high prices, the
government wants to increase its earnings during the following ten years. With
further growth anticipated through 2025, Saudi Aramco has revealed plans to
increase its capital expenditures (CAPEX) to USD 40–50 billion in 2022, up
close to 50% from 2021.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the “Middle East Wireline Services”
The Middle
East Wireline Service Market is divided into
well type, service, location, application, and region.
Based on
Well Type, the market is segmented into Open Hole and Cased Hole. Due to the
advantages the companies offer, such as the ability to determine the state
of the cement, corrosion, and perforation, the cased hole segment is
anticipated to account for the largest market share. Gamma-ray and neutron
porosity can both pass through a cased hole. Moreover, measures of hydrocarbon
saturation, porosity, and producibility can provide more accurate insights into
the thermal degradation and interval transit. The deployment of sensors to
measure every aspect of reservoirs on-site and in real-time, is expected to
cause the open hole segment to expand at a significant rate as well.
Based on
Service, the market is segmented into Electric Line and Slick Line. Electric
lines are predicted to hold the biggest market share because they increase
efficiency and prevent capital waste by knowing the capacity of oil fields.
Standard cable wire is used to retrieve tools and equipment, and it is
projected that this area of the market will continue to increase due to limited
mechanical functioning.
Based on
location, the market is segmented into Onshore and Offshore. Based on region,
the market is segmented into Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and
Rest of Middle East.
Based on
Application, the market is divided into Well Completion, Well Intervention, and
Well Logging. The increased demand for drilling new wells for generating shale
gas and crude oil exploration is considered to have increased the market share
held by the well logging segment. The existence of mature and old oil wells,
which creates a demand to increase an oil well's efficiency, is expected to
lead to the growth in the well intervention market. Due to a growing desire for
real-time data to monitor the well, the well completion market is also expected
to expand.
Major market players in the Middle East Wireline Service Market are: -
- Schlumberger
Limited
- Halliburton Company
- Baker Hughes Company
- Expro Group
- Weatherford
International PLC
- OilServ FZCO
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“The market share will be fueled by oil
and gas firms investing more in digital technologies to increase worker
productivity. The market is anticipated to be driven by elements like rising
investments, expanding gas infrastructure development, and expanding
desalination plant capacity over the forecast period. The significant
analytical application developments in the O&G sector, together with a
growing focus on reservoirs and production optimization, will propel market
expansion due to which market is expected to grow in the future." said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based Global management consulting firm.
Middle East Wireline Service Market Market– By Well Type (Open Hole and Cased Hole), By Service
(Electric Line and Slick Line), By Location (Onshore and Offshore), By
Application (Well Completion, Well Intervention, and Well Logging), Region, Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F has evaluated the future
growth potential of Middle East Wireline
Service Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Middle East Wireline
Service Market.
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