A new report from WhaTech projects that the wireline logging services market will grow up from the current size of $15.58 billion in 2014 to a value of $25.46 billion by 2019. That is a combined annual growth rate of 10.3%. This growth is expected to fueled mainly by growth in the North American market. North America had about 45% of the global market in 2014. Wireline companies are likely to find many opportunities there because of the political and economic conditions.
The projected growth rate is projected to continue for several years for well-known factors. The main driving factor is the depletion of shallow water and onshore oil fields. Producers are being forced further offshore where High Temperature High Pressure (HTHP) conditions prevail. Those conditions make wireline services vital to producing oil.
Beyond that, global demand for oil and gas drives demand for the service. New additions to recoverable reserves, new exploration and drilling activities, and technological innovations in wireline logging all drive the market.
North America is a huge growth market because of sheer size, in part. Research and development activities in the United States and the favorable regulatory environment there have both helped the North American market grow to the current size.
A few conditions may constrain growth in the market. Strict environmental protection rules and regulations could slow growth. Public outcry about oil drilling is also seen as a major constraint for the wireline services industry.
The wireline market report from marketsandmarkets.com estimates growth from the demand side, broken down into several segments. The report also describes 10 wireline companies in detail. In addition, the report analyzes the market by wireline type (electricline and slackline), hole type (cased and open), and by region (North America, South America, Middle East, Europe, Africa, Asia-Pacific) so there is a wealth of information about trends and economic outlook from now through 2019.