The major trend being witnessed in the global wireline services market is increased investments for boosting the production of wireline service products. Owing to the large-scale application of these products in the oil and gas industry, most of the market players are focusing on expanding their production capacity. These investments in wireline services are majorly aimed at the upgradation of existing wells, exploration of new wells, and expansion in new markets geographically.
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The market is categorized into wireline services for cased and open holes. Globally, the cased-hole category held a larger share in the wireline services industry during the historical period. The market for this category is driven by the fact that a well having proper metal casing along with proper cementing of the wall (to prevent any damage caused by the pressure of the fluid being extracted) results in higher well stability. Cased-hole wireline services are further categorized into electriclines and slicklines.
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Based on region, the wireline services market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, North America held the largest share in the wireline services industry during the historical period. This can be majorly attributed to the presence of several major oilfield service companies, such as Baker Hughes, a GE company and Halliburton Energy Services Inc., in the region. Moreover, the commercial exploration of shale gas in the U.S. is expected to support the growth of the North American wireline services market during the forecast period.
Some of the major companies operating in the global wireline services market are Expro International Group Holdings Ltd., Superior Energy Services Inc., Weatherford International Inc., Baker Hughes, a GE company, Nabors Industries Ltd., Schlumberger Limited, C&J Energy Services Inc., Pioneer Energy Services, OilSERV, and Halliburton Energy Services Inc.
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The wireline services market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand. The untapped oil reserves in these regions, therefore, offer lucrative opportunities for the players operating in the market.
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