The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Wireline services are the electrical cabling technology used by oil and gas well operators for lowering measurement equipment into the well for intervention process, reservoir evaluation, and pipe recovery activities. Wireline services have been used for a wide-ranging activities in Oil and Gas industry. It is vital all through the lifecycle of a well that includes exploration, drilling, stimulation, completion, and intervention.
The prospects for wireline services in oil and gas industry are striking due to the increasing production activities in the industry. Wireline Services continues to rise in the oilfield due to the increasing cabling needs of the oil and gas fracking companies. The wireline services help the companies in keeping the oil and gas production operations economical in terms of time and cost, therefore increasing the opportunities for the global wireline services market.
The oilfield services companies sometimes outsource and sometimes own the wireline service intervention procedures. Latest developments in wireline services have made it vital in the oil and gas fracking industry. Wireline service companies are capable of detecting the activities and operations downhole and controlling these wireline work in real time.
The global wireline services market is facilitated by the technological developments in the oil and gas exploration and production processes. The global wireline services market is projected to grow at an increasing pace due to factors such as increasing oil and gas exploration globally owing to rising demand. The increasing discoveries of reserves in unconventional resources and the rising requirement to maintain and boost the recovery rates from these hydrocarbon resources are driving the global wireline service market. The continuous growth in the exploration, production and completion activities to deliver the growing demand of energy globally is expected to boost the wireline services market massively.
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The rising opportunities from the emerging regions such as Asia Pacific owing to the increasing drilling and completion activities to cater to the increasing energy demand is also expected to drive the market positively in the near future
The increasing challenges faced by the global oil and gas industry in terms of regulatory challenges and rising environmental issues are restraining the global wireline services market growth. Similarly, the depletion of oil reserves is also restraining the global wireline services market growth.
By type, the global wireline services market is segmented as follows:
- Electric Line
- Stick Line
By application the global wireline services market is segmented as follows:
- Wireline Logging
- Wireline Intervention
- Wireline Completion
By sector, the global wireline services market is segmented as follows:
- On Shore
- Off Shore
By well type, the global wireline services market is segmented as follows
- Open Hole
- Cased Hole
The global wireline services market is expected to register a favourable growth for the forecast period, 2015-2025. The North America and Asia Pacific Market is projected to endure its control on the global wireline services market. The major driving growth factor for wireline services in North America is the increasing exploration in the U.S. and discoveries of shale gas reserves are expected to expand the market for wireline services in the concerned region. The demand for wireline services is also surging across Asia-Pacific and the Middle East regions making it the fastest growing regional market globally.
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The key players in the global wireline services market
- Baker Hughes,
- Superior Energy Services,
- Casedhole Solutions,
- Nabors Industries Ltd.,
- Pioneer Energy Services,
- Weatherford International Inc.
- Superior Energy Services, Inc., etc.