New York, March 04, 2024 (GLOBE NEWSWIRE) -- The global wireline logging services market size is slated to expand at ~7% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 26 billion by the end of 2036, up from a revenue of ~USD 6 billion in the year 2023.The rising production of oil and gas fields is expected to drive market growth in the coming years. The production[MK1] of crude oil in 2022 increased at a 5% growth rate worldwide.
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Additionally, the increasing applications of petrochemical products across the world are projected to fuel market growth. The demand for petrochemical products and petrochemicals[MK2] by the end of 2030 accounts for one-third of the oil demand. In 2023, the petrochemical feedstock requirements such as naphtha, liquefied petroleum[MK3] gas, and ethane can be 1.7 million barrels per day which is higher than in 2019 in China.
Technological Progression in the Well-Logging Sector is Strengthening the Growth of the Wireline Logging Services Market
The modifications in the logging and formation assessment include a novel through-casing impedance tool, HPHT equipment, while-drilling resistivity logging, while-drilling guiding extension and electrode impedance, production logging, establishment logging, LWD acoustic, nuclear, seismic-while-drilling and movable NMR probe. Numerous offering technologies make a huge difference on recovery factors including horizontal drilling, geo-steering, hydraulic fracturing, 3D/4D seismic, intelligent fulfillment, digital centering, machine learning, and digitalization. The Earth Star resistivity LWD service of Halliburton is reported to identify and map reservoir and fluid boundaries present over 225 feet depth from[MK4] the wellbore which is two times greater than the existing systems.
Wireline Logging Services Market: Regional Overview
Enhancing Industrialization and Urbanization and Production of Revenue in Exploration Activities is Flourishing Market Growth in the North American region
The North American region wireline logging services market is expected to register a significant market share of 46% by the end of 2036. The market's growth is credited to the huge revenue production in the exploration and production activities of the U.S. Rising urbanization and industrialization are estimated to impact the market growth positively. The crude oil production of the U.S. in 2024 is estimated to increase from 300,000 barrels per day to a record 13 million barrels[MK5] per day.
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Growing Petrochemical Products Manufacturing is Driving the Market Expansion in the Asia Pacific Region
The Asia Pacific region market is envisaged to grab the second largest market share during the forecast period owing to the rising petrochemical products manufacturing. The petrochemical industry of Thailand accounts for nearly 5% of its GDP (gross domestic product). The Asahi Kasei closed its ethylene[MK6] cracker in Mizushima became a partner of Mitsubishi with a 50% share and formed Asahi Kasei Mitsubishi Chemical Ethylene in 2024. In 2021, Japan exported petrochemicals worth over USD 9.8 billion and imported USD 2.5 billion of petrochemicals as per the Japan Petrochemical Industry Association.
Wireline Logging Services, Segmentation by Wireline Type
- E-Line
- Slickine
The E-line segment is outlined to register a significant market share of 57% during the forecast period on account of the increasing use of E-line for the exploration of new oil and gas fields in many countries to improve productivity. The petrochemical industry of China is estimated to add over 30 million tons of ethylene capacity in the coming years along with the increase[MK7] of propylene capacity to over 40 million tons.
Wireline Logging Services, Segmentation by Hole Type
- Open Hole
- Cased Hole
The cased hole segment in the wireline logging services is reckoned to garner a market share of 79% by the end of 2036. The growth of the market segment is attributed to its bond with the identification and resolution of production issues such as gas or water breakthroughs, and improving reservoir execution. Asahi Kasei is restructuring[MK8] some commodity chemicals and businesses with annual sales of over USD 650 million while Sumitomo is reconstructing 28 business units including polyolefin operation in Japan.
A few of the well-known industry leaders in global wireline logging services market that are profiled by Research Nester are Baker Hughes Company, Casedhole Solutions, Inc., Expro Group, Halliburton, Nabors Industries Ltd., OiLSERV, SLB, Superior Energy Services, Probe Global Ltd., Pioneer Energy Services Corp., and others.
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Recent Development in the Market
- Probe Global Ltd., a supplier of logging and reservoir monitoring technology to the international oil, gas, and geothermal industries revealed the choice of unique and novel leadership additions.
- Interactive Network Technologies, Inc. declared the collaboration with the SLB Digital Platform Partner Program that highlights the IVAAP advanced data visualization platform. The program will make the advanced data attainable to clients via the DELFI digital E&P platform from SLB. IVAAP applications are unified with the DELFI platform and the OSDU Data Platform which supports resolving the challenges of stockpiling, arranging, migrating, and subsurface area attaining.
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