August 20, 2014
The huge growth of the wireless industry might lead you to believe that wireline services are going the way of the Dodo. But you’d be wrong.
So says Transparency Market Research’s latest report, which says that the U.S. wireline services market is valued at $19.1 billion this year, and will grow to almost $35 billion by 2020. That’s a compound annual growth rate of almost 10.4 percent.
The oil and gas industry is a big driver. Transparency says there has been a continuous increase in the exploration and production activities of oil and gas in finding new areas of unconventional resources, which has immensely bolstered the growth of the global wireline services market. These wireline services are required by the oil and gas industries for exploration, drilling, completion, stimulation and intervention. The growth in wireline services is directly proportional to the drilling and completion activities around the world.
Geological conditions and types of reservoirs require different types of wireline services. Increased investment in exploration for, and production of, oil and gas will continue to act as a market opportunity for the wireline services market, the research firm noted.
Follow senior online managing editor @Craig_Galbraith on Twitter.
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