LONDON--(BUSINESS WIRE)--The global wireline services market is expected to grow at a CAGR of close to 6% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global wireline services market by application (well intervention, well completion, and well logging) and by type (thermal, inject, and impact). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rise in global oil and gas demand
According to research studies, the global liquid fuel consumption was 96.90 mbpd in 2016 compared with 85.44 mbpd in 2009. The global liquid fuel consumption grew at an annual rate of 1.81% during 2009-2016.
A senior analyst at Technavio for oil and gas research stated, “The market is further expected to grow during the forecast period. As the prices for crude oil plummeted, the fuel prices decreased, leading to higher fuel consumption and higher demand for fuel. Thus, oil producers have been driven to increase the oil production or venture into drilling new wells to meet the rising demand for fuel.”
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Market trend: rise in patent filings
The global wireline services market is witnessing an increase in expenditure by vendors on R&D activities which is leading to product innovation and efficiency. The low crude oil prices and the growing demand for liquid fuels globally are compelling vendors to deliver wireline products and services with high efficiency and low cost to survive in the market. During the forecast period, the market is expected to witness the development of new wireline products and services.
Market challenge: uncertainties associated with low crude oil prices
Crude oil prices have seen several highs and lows in the recent past. There has not been a steady trend in the past few years. The crude oil prices declined from over USD 111.80/bbl in June 2014 to around USD 53.29/bbl in December 2016. This specifies the instability in the global oil and gas market. Changes in the crude oil prices impact the price of a lot of products that are derived from it, such as gasoline and lubricants. Any unexpected price fluctuation can alter the course of the entire market within a fleeting time span. The whole petroleum industry is affected by the frequent variations in crude oil prices.
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