Wireline Services Market Size Overview:
The global Wireline Services Market Size 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.
Oil and gas well operators employ wireline services, an electrical cabling technique, to drop measuring equipment into the well for intervention processes, reservoir evaluations, and pipe recovery activities. There are many different uses for wireline services in the oil and gas sector. Every stage of a well's life cycle—exploration, drilling, stimulation, completion, and intervention—requires its importance.
The market for wireline services is divided into electric lines and slacklines. Electric lines held the biggest market share in 2015, and during the forecast period, this segment is anticipated to grow at the highest CAGR. The widespread use of electric lines for well logging reasons, which is extremely beneficial for reservoir understanding and field development activities, can be largely blamed for the prominence of electric line services over slick line services.
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Report Attribute/Metric | Details |
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) |
The coronavirus pandemic spread has been a significant functional barrier for numerous international industries and marketplaces, including the Wireline Services Market Size. According to the global market report, the epidemic has caused a rise in elements that are impeding market demand and making it harder for the major market participants to keep up a proper supply chain structure.
Market Segmentation
- By Application
Based on application, the research divides the wireline service market into onshore and offshore sectors. Due to the utilization of wireline services for good service and completion applications, the offshore segment is anticipated to develop at the quickest rate throughout the projected period. Due to the discovery of fresh reserves in the Gulf of Thailand, Great Australian Bight, Turkmenistan, and the South China Sea, Asia-Pacific is the main market for offshore applications.
- By Well Type
The wireline market is divided into cased-hole and open-hole segments in the research based on the type. The wireline service market is anticipated to be dominated by the cased-hole category, which is anticipated to develop at the greatest CAGR between 2016 and 2021.
- By Services
It features an electrical and smooth line based on service.
- By Location
It has both onshore and offshore locations, depending on the type of place.
Regional Classification
According to some reports, the growth of this market reached 12 million barrels per day in 2020 and is anticipated to increase significantly from 2021 to 2028. The North American region will dominate this market during the forecast period as it has the most significant oilfield discoveries of all time. Since many drilling operations have been started in Canada and the United States, these two nations will serve as flag holders in the North American region as this industry expands.
The Middle East and Africa will also experience high growth rates due to considerable investments in the gas and oil sectors.
Industry News
For a purchase and assumption (PA) campaign, Archer Oiltools and Wintershall Noordzee B.V. made a frame agreement on May 27, 2021. The PA campaign for Wintershall Noordzee B.V. for 2021/22 has been assigned to Archer, Oiltools.
The Nexus OnCore Compact Control System was introduced by Baker Hughes subsidiary Nexus Controls on May 9, 2022, broadening the portfolio of Nexus OnCore Control Systems.
Major Players:
Players leading the global Wireline Services Market Size include Weatherford International (US), GE Oil and Gas (US), Schlumberger (US), Pioneer Energy Services Corp. (US), Superior Energy Services (US), CJ Energy Services Ltd. (US), National Oilwell Varco, Inc. (US), Basic Energy Services, Inc. (US), Halliburton (US), Expro International Group Holding Ltd. (UK), Oilserv (UAE), Wireline Engineering Ltd. (UK), and SGS (Switzerland), among others.
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