The Middle East wireline logging services market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing discoveries and growing investment in the offshore sector.
Wireline logging activities comprises of performing a detailed recording of the geologic rock formations that are a part of the reservoir. It is also referred to as well logging or borehole logging. Wireline logging is the acquisition and analysis of geophysical data performed as a function of well bore depth, with the provision of related tools & services. The wireline logging is penetrated several times during a drilling operation.
The log is based either on visual inspection of samples brought to the surface or physical measurements made by instruments brought down into the hole. The well logs are carried out during drilling, completing, producing, and abandoning of wells. Well logging is performed in boreholes drilled for the oil and gas, groundwater, mineral and geothermal exploration, as well as part of environmental and geotechnical studies.
The oil & gas industry uses wireline logging to obtain a continuous record of rock properties. Wireline logging is performed by lowering a logging tool at the end of a wireline into an oil well. The recording of petrophysical properties is done by using a variety of sensors. Logging tools are efficient in measuring the natural gamma ray, stimulated radioactive responses, electrical, acoustic, electromagnetic, nuclear magnetic resonance, and pressure.
The COVID-19 pandemic had a dramatic impact on the dynamics of various industries. The nationwide lockdowns and stringent regulations resulted into the halting of industrial manufacturing and production. The outbreak of coronavirus caused disruption in supply-chain, production, at global level. The pandemic situation resulted into the decline in oil prices and delays in oil & gas upstream projects in offshore areas, which had negatively impacted the growth of the wireline logging services market.
Middle East Wireline Logging Services Market Trends, Drivers, Restraints and Opportunities
- Rising demand for power & energy and increasing investments in offshore are the major factor propelling the market expansion during the projected period.
- Increasing industrial investments for utilization of recoverable resources is expected to spur the market expansion in the next few years.
- Growing demand for natural gas production and subsequent increasing wireline logging activities is expected to support the growth of this market during the forecast period.
- Rising volatility of oil prices and consequent reducing number of exploration activities are expected to hamper the market growth during the forecast period.
- Industrial innovations in the field of wireline logging to expand drilling and production operations is expected to create numerous opportunities for the market growth in the coming years.
Scope of the Middle East Wireline Logging Services Market Report
The report on the Middle East wireline logging services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wireline Logging Services Market - Middle East Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Slick Line and Electric Line), Hole Types (Cased Hole and Open Hole), and Location of Deployments (Onshore and Offshore)
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Geographical Scope
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Saudi Arabia, United Arab Emirates, and Rest of Middle East
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Weatherford International plc; Halliburton Company; Expro Group; Schlumberger Limited; and Baker Hughes Company
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Middle East Wireline Logging Services Market Segment Insights
Electric line segment is projected to expand at a robust CAGR
On the basis of types, the market is bifurcated into slick line and electric line. The electric line segment is projected to expand at a robust CAGR during the forecast period owing to the easy operation and provision for easily interpreted data. On the other hand, the slick line segment is anticipated to hold a significant market share during the forecast period owing to the increasing drilling and completion activities.
Cased hole segment is expected to grow at a rapid pace
Based on hole types, the market is segmented into cased hole and open hole. The cased hole segment is expected to grow at a rapid pace during the projected period due to its effective operational results and increasing well loggings due to rising oil & gas production activities. However, the open hole segment is anticipated to exhibit a substantial growth during the forecast period owing to the large-scale investments by oil and gas companies to acquiring open hole log data.
Onshore segment is estimated to dominate the market
On the basis of location of deployments, the market is segregated into onshore and offshore. The onshore segment is estimated to dominate the market owing to the increasing expenditure on exploration & production activities and the rising demand for energy. On the other hand, the offshore segment is expected to grow at a significant rate during the projected period due to the availability of offshore reserves and recent discoveries of oil & gas reserves.
Saudi Arabia market is anticipated to constitute a key market share
In terms of geography, the market is classified as Saudi Arabia, United Arab Emirates, and Rest of Middle East. The market in Saudi Arabia is anticipated to constitute a key share of the market during the projected period owing to the increasing crude oil export and rising demand for crude oil. Moreover, the increasing energy consumption and rising exploration activities are some of the factors to encourage the growth of the market in the country.
Furthermore, the growing technological advancements and shift in unconventional exploration & production activities is projected to expand the growth of the market in the country. However, the market in United Arab Emirates is anticipated to exhibit a robust CAGR during the forecast period due to the growing oil & gas drilling activities and increasing production tenure of the country.
Segments
The Middle East wireline logging services market has been segmented on the basis of
Types
Hole Types
Location of Deployments
Geography
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East
Key Players
- Weatherford International plc
- Halliburton Company
- Expro Group
- Schlumberger Limited
- Baker Hughes Company
Competitive Landscape
Key players competing in the Middle East wireline logging services market are Weatherford International plc; Halliburton Company; Expro Group; Schlumberger Limited; and Baker Hughes Company. The companies are focusing on business strategies and collaborations with other industry players for undertaking new projects in emerging economies to improve their competitive position in the market.
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