Wireline Services Market SWOT Analysis is Expected to Expand at an Impressive Rate by 2022
arency Market Research has released a new market report titled Wireline Services Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 2022. According to this report, the global wireline services market revenue for stood at USD 18,052.1 million in 2013 and is expected to reach USD 33,845.2 by 2022 at a CAGR of 8.94% from 2014 to 2022.
Wireline is a cabling technology used to lower measurement devices and equipment inside the well for the purpose of well intervention, logging, completion, and reservoir evaluation. The measurement tools and equipment provide real-time data from the wells which helps field engineers to control the process parameters. Wireline services can be segmented on the basis of technology into slickline and electric line. Slickline consists of a metal wire of diameters ranging from 0.108 to 0.125 inches. Electric line comes in the category of strong and heavier wirelines. The inner wire in electric line is insulated and transmits electrical power to other electric tools and equipment inside the wellbore. Companies providing wireline services offer the same in two forms: wireline fleets or wireline units mounted along with the drilling rig.
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Electric line services are primarily required for well logging and tube-perforating operations that require continuous evaluation through electric tools. Electric line and slickline services are different for open-hole and cased-hole well operations. Open-hole operations involve the deployment of electric tools through the electric line into a newly drilled well. Cased-hole operations involve the evaluation of the well through deployment of evaluation tools after the completion process or when the well is packed with casing. Slickline services are primarily used for recovering and placing the wellbore equipment into the well. In offshore regions, slicklines are used in the form of braided lines to lower the blowout preventer (BOP) and other supporting equipment to the surface. Slickline services accounted for nearly 70% share of the wireline services market in 2013. Slickline services are very important for maintaining the production levels of wells through logging and intervention processes.
The wireline services market has also been segmented on the basis of application into well intervention, well logging, and well completion. The intervention process is an operation carried out on hydrocarbon wells for estimating the feasibility of conducting secondary recovery procedures in order to boost the production rates of the well. The well intervention operations improve performance by increasing the operational life of a mature well. The well intervention segment accounted for the lowest percentage of the total wireline services market in 2013. Well logging is primarily based on carrying out physical measurement of geophysical logs. This is done through visual inspection of a log or through electric tools lowered into the wellbore.
Slicklines are preferably utilized for taking samples of a log from the wellbore for visual inspection. On the contrary, electric lines are used to get real-time data through an electric tool. Well completion mainly requires wireline services for continuous monitoring purposes. For the completion processes, there are a series of operations that require wireline services, especially to ensure safe installation. The well completion application segment accounted for nearly 65% share of the total wireline services market in 2013.
In the future, the requirement of wireline services is expected to increase gradually as a result of rise in drilling activities and exploration of unconventional hydrocarbon sources across the globe.
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