The NIGERIA Wireline Service Market is growing along with the Electronics and Semiconductor industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
The Wireline Service market was valued at US$ 104.8 million in 2019 and is expected to grow at a CAGR of 5.3% from 2020 to 2027 to reach US$ 157.20 million by 2027.
The wireline services applications include Wireline Interference, Wireline Monitoring, Wireline Completion, Recovery, and more. The wireline service market is driven by factors such as significant investments in development of oil & gas pipeline infrastructure in Nigeria and discoveries of new oil & gas reserves, but legal hurdles resulting in delay of oil & gas projects is anticipated to restrain the wireline service market growth during the forecast period. Despite of this, government initiatives for commercialization of oil & gas sector in Nigeria is anticipated to boost the in the forecast period.
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Wireline service market by wireline type is segmented as slickline and electric line. Wireline is one of the approaches of deploying numerous down-hole tools into the wells. A cable on a reel on the surface is utilized to lower the tools to the wellbore. Wireline facilitates many downhole operations to be conducted cost effectively and efficiently under live well conditions. Further, improvements in production processes, maintenance and the increase in diameters has guaranteed augmented reliability and performance despite expanding well depths, pressures and temperatures in which the wireline has to operate under. Slickline type is expected to witness significant earnings in the coming years owing to its capability to provide cost savings coupled with the provision of a greater degree of control and safer operations.
These factors are expected to offer broad growth opportunities in Electronics and Semiconductor industry and this is expected to cause the demand for Wireline Service in the market.
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Wireline service Market – By Wireline Type
Wireline service Market – By Application
Wireline service Market – By Service Type
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