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Table of Contents
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About This Report
Table of Contents
SCOPE OF THE REPORT
Frequently Asked Questions
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Wireline Logging Services Market Size
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Europe
Middle East and Africa
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North America
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Study Period
2020 - 2029
Base Year For Estimation
2023
Forecast Data Period
2024 - 2029
CAGR
3.50 %
Fastest Growing Market
Middle East and Africa
Largest Market
Middle East and Africa
Market Concentration
Medium
Major Players
*Disclaimer: Major Players sorted in no particular order
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Wireline Logging Services Market Analysis
The wireline logging services market is expected to register a CAGR of more than 3.5% during the forecast period. The COVID-19 pandemic had an impact on the oilfield services industry, of which wireline logging service is a part. The companies had to face supply-chain disruptions in delivering a service or manufacturing a product due to the lack of workforce. As an example, the oilfield services giant Halliburton grappled with expanding its local supplier base in almost all the countries where it operates and worked closely with freight forwarders to minimize the disruptions to the supply chain. The wireline logging services market is largely driven by the growth in exploration and production activities in the oil and gas industry and increasing investments in offshore petroleum production activities in many countries. However, the global energy transition toward renewables, particularly solar and wind, may hit the oil and gas upstream sector and reduce the demand for oilfield services.
The e-line segment is likely to grow at a faster rate during the forecast period due to its higher accuracy and reliability.
The technological advancements in the field of well logging pose a great opportunity for the growth of the wireline logging services market. For instance, the Center for Excellence in Well Logging Technology (CEWELL) is currently working on a research project, "Log & Core analysis for better understanding of geological model, petrophysical characterization & geo-mechanical studies of Eocene sequences on a drilled well," to improve the well logging operations. It also introduced a software, DS Petrophysics software, for an advanced evaluation of the downhole area.
The Middle-East and African region is expected to witness the fastest growth in the market due to the upcoming upstream projects.
Wireline Logging Services Market Trends
This section covers the major market trends shaping the Wireline Logging Services Market according to our research experts:
The Open Hole Segment is Expected to Dominate the Market
Open-hole logging refers to the logging operations performed before the wellbore has been cased. In this type, logging is performed through the bare rock sides of the downhole formation. Open-hole logging is the most widely used technique at the global level as it renders no obstruction during the measurements.
Being the most mature logging technique, it is expected to continue its share in the near future, as the hunt for new oil and gas fields is still on in many countries for more production. The global oil production was recorded as 88,391 thousand barrels per day. The method will prove to be the most cost-effective way to produce oil and gas from the reserves, particularly at this time when the companies have to invest cautiously in the upstream sector.
In December 2020, Saudi Arabia's national oil company Saudi Aramco made four oil and gas discoveries in the Al-Reesh oilfield, northwest of the city of Dhahran. The newly found reserves were estimated to have non-conventional oil of 11,956 bpd capacity and 4.8 million standard cubic feet of natural gas. The development plan for the oil field is expected to be ready within a year.
The other upcoming oilfield services projects will also prove to be the most significant drivers for the wireline logging services market. As an example, in August 2021, Halliburton, the oilfield services industry veteran, bagged a contract to construct offshore wells for Sapura Energy. Both the companies will jointly execute an Integrated Rig Drilling Completion (i- RDC) contract for six wells drilling and completion program.
Such developments in the oil and gas upstream sector are likely to have a positive impact on the wireline logging services market during the forecast period.
Understand The Key Trends Shaping This Market
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Middle-East and Africa is Expected to Dominate the Market
The oil and gas upstream industry in the Middle Eastern region is expected to thrive more in the coming years. According to Rystad Energy, one of the leading industry players, this uptrend is expected to continue as they are of the opinion that offshore exploration investment is likely to increase five-fold by 2025.
The rising crude oil prices are about to bring more revenue and investments for the E&P companies, and subsequently, it will lead to more contracts for oilfield services players. The region has recently witnessed an upsurge in many upstream projects, both offshore and onshore.
In 2020, ADNOC approved the development plan of the Hail and Ghasha sour gas fields, located offshore Abu Dhabi, with EPC company KBR and other supporting partners. The gas fields are expected to produce up to 1.5 billion cubic feet per day of sour gas plus additional condensate. The project is currently in the development phase, and it is expected to start production in 2025.
In 2020, the Iraq Oil Ministry signed an agreement with Chevron Corporation to develop the oil and gas fields in the southern province of Dhi Qar. The Iranian NOC and state-owned Dhi Qar Oil Co. have resumed talks with Chevron to develop exploration blocks in Nasiriyah fields, and the companies have agreed on all the technical and commercial terms. The exploration and development projects are expected to start within one or two years.
Owing to such big investments planned in the upstream sector by the national and international companies, the region is expected to ace the market in the near future.
Wireline Logging Services Industry Overview
The wireline logging services market is moderately consolidated. The key players in this market include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford PLC, and Baker Hughes Co.
Wireline Logging Services Market Leaders
Schlumberger Limited
China Oilfield Services Limited
Weatherford International Plc.
Baker Hughes Co.
Halliburton Company
*Disclaimer: Major Players sorted in no particular order
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Wireline Logging Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Onshore and Offshore Active Rig Count, till January 2022
4.4 Historic and Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2019-2027
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitute Products and Services
4.9.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Wireline Type
5.1.1 E-line
5.1.2 Slickline
5.2 Hole Type
5.2.1 Open Hole
5.2.2 Cased Hole
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South-America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Company
6.3.2 Schlumberger Limited
6.3.3 Halliburton Company
6.3.4 Nabors Industries Ltd
6.3.5 Weatherford International PLC
6.3.6 Superior Energy Services Inc.
6.3.7 China Oilfield Services Limited
6.3.8 RECON Petrotechnologies Ltd
6.3.9 Pioneer Energy Services
6.3.10 OilServ Limited
*List Not Exhaustive 7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Subject to Availability
Wireline Logging Services Industry Segmentation
The wireline logging services market report includes:
Wireline Type E-line Slickline
Hole Type Open Hole Cased Hole
Geography North America Europe Asia-Pacific South-America Middle-East and Africa
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Wireline Logging Services Market Research FAQs
What is the current Wireline Logging Services Market size?
The Wireline Logging Services Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Wireline Logging Services Market?
Schlumberger Limited, China Oilfield Services Limited, Weatherford International Plc., Baker Hughes Co. and Halliburton Company are the major companies operating in the Wireline Logging Services Market.
Which is the fastest growing region in Wireline Logging Services Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wireline Logging Services Market?
In 2024, the Middle East and Africa accounts for the largest market share in Wireline Logging Services Market.
What years does this Wireline Logging Services Market cover?
The report covers the Wireline Logging Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Wireline Logging Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wireline Logging Services Industry Report
Statistics for the 2024 Wireline Logging Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wireline Logging Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Wireline Logging Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
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