Wireline Service Market Size & Share Analysis | 2023-2028

Market Insights

The wireline service market was estimated at USD 8.31 billion in 2022 and is likely to grow at a CAGR of 2.2% during 2023-2028 to reach USD 9.5 billion in 2028.

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Market Dynamics

Introduction

Wireline service refers to a set of wiring infrastructure and tools used in regular maintenance of wellbores to accomplish well-completion operations like well-intervention, logging, etc. This equipment is needed throughout the lifespan of an oil and gas well. Wireline services collect critical data related to the subsurface geology, reservoir conditions, maintenance, intervention operations, etc.

COVID-19 IMPACT

Lockdown in transportation, industrial, and commercial operations and a halt in upcoming exploration projects caused by the spread of the COVID-19 virus posed a big threat to the global wireline service market. The virus outbreak most significantly impacted the downstream oil market resulting from the crash in crude oil prices, eventually leading to reduced production and exploration activities. These factors led to a huge decline in the demand for the wireline service market.

Market Drivers

There are several drivers that are fuelling the growth of the wireline service market. Below mentioned are a few:

• Increasing demand for oil and gas products globally: The global demand for crude oil is growing rapidly. In 2022, the crude oil demand worldwide (including biofuels) amounted to ~99.57 million barrels per day (mb/d) and it is projected to increase to 101.89 million barrels per day in 2023. Organization of Petroleum Exporting Countries (OPEC) projects the global supply of liquids to increase to ~105.7 million b/d in 2025, and then to 109.8 million b/d in 2045.
• The rise of unconventional oil and gas resources: Unconventional oil and gas resources, such as shale gas and tight oil, have boosted the requirement for wireline services. These resources require specialized drilling and completion techniques, which often rely heavily on wireline data collection and intervention.

Thus, continuous growth in the exploration, production, and completion tasks to deliver the ever-growing demand for oil and gas products globally pushes the demand for the wireline service market.

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Key Players

Some of the major players in the market are-

• Schlumberger Limited
• Halliburton Company
• Baker Hughes Incorporated
• Weatherford International PLC
• Superior Energy Services.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Service Type

Based on the service type, the market is segmented as well completion, well intervention, and well logging. The well completion segment is estimated to hold the major share of the market during the forecasted period owing to better and more efficient wireline services over conventional well completion tools.

By Application Type

Based on the application type, the market is segmented as offshore and onshore. The onshore segment dominates the market due to an increase in demand for wireline services across the globe. The segment is initially driven by a huge number of maturing fields.  Further, as the difficulty is lesser for mobility in onshore regions, it enables multiple usages of wireline services, which is driving the growth of the segment during the forecast period.

By Hole Type

Based on the hole type, the market is segmented as cased-hole and open-hole. The cased-hole segment is estimated to dominate the market during the forecast period. Cased holes are holes in which a portion of the well has a metal casing placed to protect it from the pressure of fluids. The segment is further bifurcated as slackline and electric line, among which the electric line subsegment is used the most owing to the advantages offered, such as real-time data collection, accuracy, and versatility.

Regional Insights

In terms of regions, North America is estimated to dominate the market during the forecast period. The rise in shale gas production in the United States and offshore production in the Gulf of Mexico are the major factors driving the region’s market. Europe and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.

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Recent News & Developments

In August 2021, Halliburton Corporation made an official announcement regarding Halliburton Energy Services, Inc.'s commitment to acquire a 15% equity stake in Petroleum Place, Inc. This prominent industry-focused internet company specializes in global oil and gas property acquisition and divestiture (A&D) market services. The comprehensive transaction value, encompassing cash and additional considerations, stands at $55.15 million.

MAY 2021: Schlumberger and NOV Announce Collaboration to Accelerate Adoption of Automated Drilling Solutions- Today, Schlumberger and NOV have unveiled a strategic partnership designed to expedite the adoption of automated drilling solutions among oil and gas operators and drilling contractors. Under this agreement, customers gain the capability to integrate Schlumberger's surface and downhole drilling automation solutions with NOV's rig automation platform, resulting in enhanced well construction performance. This comprehensive offering automates manual workflows, leading to improvements in safety, decision-making, consistency, and overall drilling operation efficiency.

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects wireline service market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The wireline service market is segmented into the following categories:

By Service Type

• Well Logging
• Well Intervention
• Well Completion

By Application Type

• Onshore
• Offshore

By Wireline Type

• Electric Line
• Slickline

By Hole Type

• Cased-Hole
• Open-Hole

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the service types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.