Wireline Services Market Research Report ‚Äď Forecast to 2030

Wireline Services Market Research Report by Application (Completion, Intervention and Logging), by Type (Electric Lines, Slicklines), by Well Type (Cased Wells and Open Wells), by Location (Onshore and Offshore) and by Region-Industry Size, Share, Trends & Forecast to 2030

ID: MRFR/E&P/0533-HCR | 120 Pages | Author: Priya Nagrale | February 2024         

Wireline Services Market Speak to Analyst Request a Free Sample

Wireline Services Market Overview

The global wireline services market is projected to grow at a CAGR of 6.7% during the ongoing period 2022-2030, with a market size of USD 9.15 Billion by the end of the period. The global market growth is attributed to increasing oil production and maturing oilfields.

The report segments the wireline market into cased-hole and open-hole based on hole type. The cased-hole segment is projected to dominate the wireline service market and is expected to grow at the highest CAGR from 2021 onwards.

The wireline services market is segmented into electric lines and slacklines based on wireline type. The electric line segment accounted for the largest market share in 2015 and is expected to grow at the highest CAGR during the forecast period. The prominence of the electric line services over the slick line services can be mainly attributed to the wide application of electric lines for well logging purposes which prove very helpful for reservoir understanding and field development activity.

Wireline Services Market Covid 19 Analysis

The outbreak of the coronavirus pandemic has been a major functional restraint for global sectors and Wireline Services Market, and the wireline services market is one of them. The global market report discusses that the outbreak has resulted in the rise of factors that are hampering the demand of the market and further challenging the ability of the key market players to maintain a proper mechanism of the supply chain functions. In addition, the rising restrictions and lockdown imposition in various places have disrupted the production and manufacturing departments of the places and market sectors. Therefore, there is a significant need for market operations to bounce back through investments, research, and global development.

The report segments the wireline service market based on applications onshore and offshore. The offshore segment is expected to grow fastest during the forecast period, owing to wireline services for good service and completion applications. Asia-Pacific is the critical market for offshore applications due to discovering new reserves in the Gulf of Thailand, Great Australian Bight, Turkmenistan, and the South China Sea.

Wireline Services Market Dynamics

Insights by Drivers

The global upstream oil and gas investments stood at approximately USD 476 billion in 2018, representing a 6% increase compared to the previous year. According to the Oil & Gas U.K. estimates, the oil and gas exploration and production companies in Europe are expected to spend about USD 265 billion between the continuous period that ends in 2027. Factors such as increasing demand for oil and natural gas and increasing investments in the upstream oil and gas sectors worldwide are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period.

Insights by Restraints

However, crude oil forms a major component of the market and the prices for the dame have been highly volatile in 2018, fluctuating between USD 85 per barrel and USD 50 per barrel by the end of the year. This functional and constant volatility of oil prices remains a growing concern for the upstream industry. Hence, this is a prominent market factor that is expected to hinder the market during the forecast period that ends in 2030.

Insights by Technology Analysis

The have been a rise in the increasing exploration activities in the offshore region are expected to boost the demand for the wireline services market during the forecast period. There has been a gradual shift of the projects from onshore to offshore, shallow waters to deep waters and ultra-deep waters is an opportunity for the wireline service providers to innovate and come up with products suitable and customized to the harsh climatic conditions of offshore basins. Furthermore, as the demand for oil and gas increases, there is a need to find and produce new oil and gas reservoirs. Existing hydrocarbon reservoirs have either started to mature or have reached their decommissioning stage. This results in the finding of new resources. Therefore, new oil & gas wells are being drilled in countries that have not been significant producers of hydrocarbons in the past.

Further, the offshore oil & gas reservoirs are more significant than onshore reservoirs, and the product life of offshore wells is higher than that of onshore wells, companies are shifting towards the adoption of offshore E&P activities. The immediate funding of market processes is another factor that presents the market with a positive outlook for the ongoing period.

Wireline Services Market Segmentation

Looking at the latest research analysis, the Wireline services industry can be bifurcated based on well-type, service, application, and location type. Out of all the segments of this market, the cased holes segment will witness tremendous growth during the forecast period. It offers many advantages, such as determining perforation, cement status, and corrosion. On the other hand, the open-hole segment will experience a growth at a steady rate due to the usage of sensors in it for determining and measuring reservoirs. Also, due to the rising adoption of shale gas to reduce carbon emissions, the onshore segment will witness more growth than the offshore segment. If we look at the application segment, the increase in demand for crude oil and shale gas logging is expected to witness significant progress during the research period.

Based on the application, it has logging, intervention, and completion.

Based on location type, it has onshore locations and offshore locations.

Based on service, it has an electrical and slick line.

Based on well-type, it has open-hole and cased hole

Wireline Services Market Regional Analysis

Let's look at Wireline services market share and other details. This industry is remarkably working in five major regions: Asia Pacific, Europe, North America, Latin America, the Middle East, and Africa. During the forecast period, the North American region will dominate this market as it has the most significant oilfield discoveries of all time, and according to some reports in 2020, the growth of this market reached 12 million barrels a day which is expected to increase much more from 2021 to 2028. Canada and the United States of America will act as flag holders in the context of the growth of this market in the North American region as a lot of drilling processes have been initiated in these two countries. The Middle East and African region will also come across a tremendous growth rate as they are receiving significant investments from companies involved in the gas and oil industry.

Wireline Services Market Competitive Landscape

The prime players of the Wireline Services market are applying various types of strategies such as mergers, acquisitions, partnerships, collaboration, and others to boost their businesses. These steps taken by the companies are creating a competitive environment among key players present all around the world. Based on the data obtained from the Wireline Services industry analysis, the prominent players of this market are:-

  • Baker Hughes(U.S.)

  • Nabors Industries Ltd. (U.S.)

  • Halliburton Company (U.S.)

  • Weatherford International Plc (U.S.)

  • Weir Oil And Gas (U.K.)

  • Pioneer Energy Services (U.S.)

  • National Oilwell Varco (U.S.)

  • Fmc Technologies (U.S.)

  • Emerson (U.S.)

  • Siemens (Germany)

  • Schneider Electric (France)

  • Petrofac (Jersey)

  • Archer Limited(U.K.)

  • Superior Energy Services (U.S.)

  • Schlumberger Limited (U.S.)

  • Cased Hole Solutions (U.S.)

  • Weltec (Denmark)

Wireline Services Market Recent Developments

  • In April 2019, under Trump's control, the administration announced to allow more than a million acres of private and public land in California and other parts of the state for fracking purposes, which will enhance the wireline services application.

  • In May 2019, a multi-billion-euro merger between DEA and BASF (an energy unit of a chemical group based in Germany). As a result, the largest oil and gas company was formed in Europe.

  • In March 2019, a product named ELECT FRAV SLEEVE, a mono bore sleeve solution, was introduced by Halliburton Company, which provides unlimited stage counts in fracturing operations (multistage operations). It was considered to be the most revolutionary step taken by a company.

Wireline Services Market Report Overview

The Wireline Services market report presents a shift analysis about the various market drivers, opportunities, and restraints accessible in the global market. This market report also tells its readers how this market was affected during the covid-19 period. Furthermore, the report also discusses how this market has been categorized into different segments, how a healthy competitive environment is evolving among the different key players of this market, and what factors this market will grow in different world regions. Lastly, this report shares some recent developments in this market in the last few years.

Intended Audience

  • Oilfield services companies

  • Exploration and production companies

  • Wireline tools and equipment manufacturers

  • Oil & gas field operators

  • National Oil Companies (NOCs)

  • Government and research organizations

  • Consulting companies of the energy and power sector

  • Power and energy associations

  • Investment banks

Report Scope:

Report Attribute/Metric Details
  Market Size 2030: Significant Value
  CAGR 6.7% CAGR (2022-2030)
  Base Year 2021
  Forecast Period 2022-2030
  Historical Data 2019 & 2020
  Forecast Units Value (USD Million)
  Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered Application, Type, Well Type and Location
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK), Wireline Engineering Ltd. (UK), Oilserv (UAE), and SGS (Switzerland)
  Key Market Opportunities New product launches and R&D amongst major key players
  Key Market Drivers Oil price recoveryIncreasing oil exploration and field development activitiesRising number of mature oil wells

Frequently Asked Questions (FAQ) :

During the forecast period, it is estimated that wireline services market growth will achieve a CAGR of 6.7%

Key wireline services market players include Baker Hughes (US), Halliburton (US), Weatherford (US), Weir Oil and Gas (UK), National Oilwell Varco (US), FMC Technologies (US), Emerson (US), Siemens (Germany), Schneider Electric (France), Petrofac (Jersey), Archer Limited (UK), Superior Energy Services (US).

wireline services market grow Due to the pandemic prices of crude oil are reduced which be recovered in the upcoming years. During the forecast, investments will increase offshore production. The use of EOR thermal technologies will be another driving factor.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response