Wireline Services Market Size, Share, Growth, Global Industry Report, Forecast 2023-2028
The ‘Global Wireline Services Market Report, Size, Share, Outlook and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global wireline services market share, assessing the market on the basis of its segments like wireline types, service types, hole types, locations of deployment, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Wireline Services Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.0%
The heightened deployment of wireline services in the oil and gas industry is augmenting the market growth. Wireline services enhance the understanding of reservoirs, analyse issues in the downhole, and facilitate seismic monitoring. Over the forecast period, the increasing investments in exploration activities in the oil and gas sector are likely to accelerate the adoption of the product.
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The cost of wireline service is low and it does not require manpower and equipment. This major advantage of the service is a crucial driving factor in the wireline services market demand. In the coming years, the increasing applications of wireline services for wireline logging and workover and interventions are likely to favour the market growth.
The rising demand for shale gas is prompting offshore operators to improve well-productivity, which is likely to expand the opportunities in the global market for wireline services. Furthermore, the market is anticipated to be aided by the growing mergers and acquisitions of major energy companies to gain a competitive edge. This is also expected to increase the demand for wireline services for enhancing the well-productivity and operational stability of onshore activities.
In terms of region, North America accounts for a significant share in the wireline services market owing to the increasing demand for crude oil across the United States and Canada. The surging investments in natural gas production projects in the region are likely to further propel the demand for wireline services across the region in upcoming years.
Wireline Services Industry Definition and Major Segments
Wireline services refer to cabling technology that deploys thin electrical cables with high mechanical strength in oilfields to lower the measurement devices in wellbores. Wirelines can get inside or outside of a hole very quickly and can also be used in equipment, device, and pipe recovery applications. It is also used to collect valuable data from wellbores for analytical purposes.
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Based on wireline type, the market can be segmented into:
• Electric Line
• Slick Line
The market can be broadly categorised based on service type into:
By hole type, the market has been segmented into:
• Open Hole
• Cased Hole
On the basis of location of deployment, the market is bifurcated into:
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Wireline Services Market Trends
The increasing expenditures of various governments across emerging economies aimed towards expanding the onshore activities are augmenting the wireline services market development. The rising labour costs are also bolstering the demand for wireline equipment to reduce overall operational costs.
The emerging focus towards unconventional resources such as shale gas and tight gas, among others, in the oil and gas industry is likely to fuel the market for wireline services.
Various key players are increasingly focusing on utilising innovative digital solutions and technologies to reduce operational costs and emissions, In January 2021, Equinor, a renowned oil and natural gas company, awarded an integrated wireline services contract to Altus Intervention AS and Archer Integrated Services AS. Under this contract, Altus and Archer were to provide wireline intervention services to Equinor.
The long-term strategies adopted by the major oil and gas firms to enhance their exploration activities and cater to the growing demand from leading end-use industries are likely to offer lucrative opportunities to the wireline services market growth.
The increasing shift from onshore to offshore exploration activities is leading to progressive product innovations and surged demand for reliable wireline services to combat unfavourable climate conditions. The growing investments in deep-water exploration projects are further anticipated to boost the demand for wireline tools in the coming years.
Key Market Players
The major players in the wireline services market report are :
- Baker Hughes Company
- Weatherford International plc
- Schlumberger Limited
- Archer Ltd
- Expro Group
- Pioneer Energy Services Corp
The market research report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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