Market Size of Europe Wireline Logging Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 0.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Wireline Logging Services Market Analysis
The market for Wireline logging services in Europe is expected to grow at a CAGR of over 0.5% during the forecast period of 2020-2025. Factors like increasing deepwater operations and horizontal drilling in countries like Russia are likely to drive the wireline logging services market in the region. Moreover, growing drilling and completion activities in the Norwegian sea can be a significant factor for the growing demand for well logging in the forecast period. On the flip side, growing protests from social activists and organizations coupled with the highly volatile crude oil price is expected to be a restraining factor not only for the oil and gas industry but also for the activities like well logging services market.
- New offshore discoveries are going to drive the market in the forecast period. With the discovery of a new field in the Norwegian part of the North Sea, which is expected to produce 0.5% global oil supplies. This, in turn, is expected to drive the well logging services market in the coming years.
- In total, 102 wells were drilled on the United Kingdom Continental Shelf (UKCS) in 2018 (85 development, 8 exploration, and 9 appraisal). With the most recent tax break, production activities in the discoveries are expected to commence during the forecast period, creating vast opportunities for the market players.
- Russia with its upcming projets is anticiipated to domminate the wireline logging market. Russia is drilling new wells in the existing fields such as Sakhalin-1, Chayvo, the Odoptu-Sea field, and the Lebedinskoye field for any further discoveries.
