Report Description

Global Wireline Service Market is anticipated to grow at a steady pace in the forecast period, 2024-2028. Growing exploration activity globally to account for high oil and gas production rates is likely to provide significant opportunities for the wireline services market. The Wireline Service market is anticipated to be driven by factors such as demand of drilling in unconventional deposits, is growing rapidly. For instance, in the forecast period, global liquid fuel consumption rises from 99.4 million barrels per day (b/d) in 2022 to 102.3 million b/d in 2024, primarily due to growth in China and other non-OECD nations.

The term "wireline" in the oil and gas industry generally refers to the use of multi-conductor, single conductor, or slickline cable, or "wireline," as a means of transportation for the collection of subsurface petrophysical and geophysical data as well as the provision of well construction services like pipe recovery, perforating, plug setting, well cleaning, and fishing. Wireline comes in four different fundamental types: single conductor, multi-conductor, slickline, and braided line. Sheathed slickline and fiber-optic lines are two further varieties of wireline.

Rising Demand of Crude Oil & Energy

The increased demand for oil and gas products throughout the world, along with the discovery of new bulk potential reserves, is likely to raise demand for wireline services and help in market expansion. To fulfill rising energy demand, oil well operators are massively spending in production and exploration.

Furthermore, during the following four years, the demand for crude oil is predicted to increase by 1.2 mb/d. The leading oil and gas operating businesses are under increasing pressure to boost production, which is further promoting the market. Hence the market is expected to grow in the forecast period.

As demand for oil and gas grows, there is a greater need to locate new oil and gas resources. Existing hydrocarbon reservoirs have started to mature or have reached the end of their useful life, which has led to the discovery of new resources. As a result, new oil and gas wells are being drilled in nations that were not previously important producers of hydrocarbons. For instance, The global oil consumption is expected to reach 104.1 million barrels per day by 2026. This would represent a 4.4 mb/d rise over 2019 levels. Oil demand in 2025 is expected to be 2.5 million barrels per day lower than predicted in2020. Owing to these aspects, the market is expected to grow with a high CAGR in the forecast period.

Latest Growing Trend in the Wireline Service Market

The adoption of smart digital devices, services, and solutions is facilitated by a stronger focus on the operational performance of oilfield equipment and a reduction in capital costs. To lower and lift any type of instrument or piece of equipment into and out of the wellbore, oilfield service providers employ cutting-edge wireline cabling technology. Wireline services provide four key services: intervention, pipe recovery, well completion, and reservoir evaluation. These services are generally employed to increase the operational performance of oil wells, which will contribute in the growth of the global wireline service market.

Furthermore, since offshore oil and gas reserves are larger than onshore reservoirs and have a longer production life than onshore wells, corporations are shifting to offshore E&P activities. In addition, in September 2018, Egypt's Ministry of Petroleum and Mineral Resources signed two new oil and gas exploration agreements with Canadian, British, Dutch, Malaysian, and Kuwaiti companies to explore two deepwater areas in the Mediterranean Sea and Western Sahara, with a minimum investment of more than USD 1 billion.

Consequently, the wireline services market is predicted to grow in the forecast period, with increased deepwater and shallow water drilling activity and new favorable government regulations for offshore oil and gas development.

Government Initiatives Towards Oil & Gas Increasing Production Rate

Various countries and organizations have set high targets for the development of renewable energy to reduce carbon emissions.  Furthermore, numerous countries are highlighting the need to reduce their dependency on fossil fuels, which is boosting the use of low-emission technology. For example, the International Renewable Energy Agency (IRENA) stated in March 2020 that the global capacity of renewable energy sources had topped 2.53 terawatts (TW), a 175.8 percent growth from 2.36 TW in 2018.

Growing investments to seek and produce a large volume of hydrocarbons to fulfil international energy demands are expected to be one of the primary reasons boosting the growth of the global drilling industry. Furthermore, the continual exploration from unconventional wells and the deployment of geological surveys to discover new capacity reservoirs able of effectively deliver oil production over a longer period are expected to create new opportunities for the company. For example, in October 2020, Odfjell Drilling announced that the industry giant Equinor had awarded them a 15-well contract to drill and finish wells in the North Sea as part of its Breidablikk project. The new drilling project is located in offshore Aberdeen and is expected to begin operations in 2023 end, with a 2.5-year growth period.

Increased investments to expand the manufacturing of wireline service goods is the main trend currently being seen in the global market for wireline services. Due to the extensive use of these products in the oil and gas industry, the majority of market participants are concentrating on increasing their production capacity.

Recent Development

As various corporations rapidly increase their attempts to manufacture massive quantities of metals and minerals, new opportunities for extraction firms are anticipated to emerge. The mining industry has also witnessed several collaborative agreements to explore from bulk deposits. Swick Mining Services Limited, for example, obtained new extraction contracts in August 2020 for mining at MATSA and BHP copper mines in Spain and Australia's Olympic Dam mine, respectively. In addition to the five-year agreement for the Spanish assets, the company will enter a five-year contract to provide subterranean services in Australia.

To drill in the Gulf of Mexico, Seadrill Ltd. received a drilling contract from Walter Oil & Gas in November 2020. The agreement calls for the placement of a semi-submersible rig, the revenue from which the company expects to add around USD 17 million to its backlog.

MagniSphere, a high-definition NMR logging-while-drilling (LWD) solution, was unveiled by Schlumberger in November 2020. The development of technology is projected to increase hydrocarbon production by allowing for more accurate reservoir characterization and improved extraction from complicated formations.

April 2019- The Trump administration announced the Trump plan in 2018, announcing the availability of more than a million acres of public and private property in California for fracking, which will increase the demand for wireline services.

April 2019- Halliburton Company has announced the Elect frac sleeve, a mono bore sleeve solution that provides a limitless stage count in multistage fracturing operations.

May 2019- The largest independent oil and gas firm in Europe was founded as a result of a multibillion-euro merger between BASF's energy section and rival DEA. This will result in an increase in exploration operations throughout Europe, assisting the wireline services industry to flourish.

Baker Hughes, McDermott International, Inc., and L&T Hydrocarbon Engineering (LTHE) won the subsea contract for India's Oil & Natural Gas Corporation's (ONGC) largest deepwater project.

in October 2018, the development of block DWN-98/2 in India's Krishna Godavari basin. The project brings oilfield field services from BHGE, McDermott, and LTHE together, to offer ONGC with end-to-end project delivery.


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Market Segmentation

The Global Wireline Service Market is divided into well type, service, location, application, and region. Based on Well Type, the market is divided into Open Hole and Cased Hole. Based on Service, the market is divided into Electric Line and Slick Line. Based on Location, the market is divided into Onshore and Offshore. Based on Application, the market is segmented into Well Completion, Well Intervention, and Well Logging. Based on region, the market is divided into North America, Asia-Pacific, Europe, South America, and Middle East.

Market Players

Major market players in the Global Wireline Service Market are Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, Halliburton Company, Expro International Group PLC, China Oilfield Services Limited, National Oilwell Varco, Archer Limited, Superior Energy Service Inc, FMC Technologies.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Well Type

Service

Location

Application

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East

Country scope

United States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Israel

Key companies profiled

Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, Halliburton Company, Expro International Group PLC, China Oilfield Services Limited, National Oilwell Varco, Archer Limited, Superior Energy Service Inc, FMC Technologies

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Wireline Service Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

       ·         Wireline Service Market, by Well Type:

o   Open Hole

o   Cased Hole

       ·         Wireline Service Market, by Service:

o   Electric Line

o   Slick Line

       ·         Wireline Service Market, by Location:

o   Onshore

o   Offshore

       ·         Wireline Service Market by Application:

o   Well Completion

o   Well Intervention

o   Well Logging

       ·         Wireline Service Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Wireline Service Market.

Available Customizations:

Global Wireline Service Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Wireline Service Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on Global Wireline Service Market

4.    Executive Summary

5.    Voice of Customers

6.    Global Wireline Service Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Well Type (Open Hole and Cased Hole)

6.2.2.    By Service (Electric Line and Slick Line)

6.2.3.    By Location (Onshore and Offshore)

6.2.4.    By Application (Well Completion, Well Intervention, and Well Logging)

6.2.5.    By Region

6.2.6.    By Company (2022)

6.3.  Market Map

7.    North America Wireline Service Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Well Type

7.2.2.    By Service

7.2.3.    By Location

7.2.4.    By Application

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Wireline Service Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Well Type

7.3.1.2.2.           By Service

7.3.1.2.3.           By Location

7.3.1.2.4.           By Application

7.3.2.    Canada Wireline Service Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Well Type

7.3.2.2.2.           By Service

7.3.2.2.3.           By Location

7.3.2.2.4.           By Application

7.3.3.    Mexico Wireline Service Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Well Type

7.3.3.2.2.           By Service

7.3.3.2.3.           By Location

7.3.3.2.4.           By Application

8.    Asia-Pacific Wireline Service Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Well Type

8.2.2.    By Service

8.2.3.    By Location

8.2.4.    By Application

8.2.5.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Wireline Service Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Well Type

8.3.1.2.2.           By Service

8.3.1.2.3.           By Location

8.3.1.2.4.           By Application

8.3.2.    India Wireline Service Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Well Type

8.3.2.2.2.           By Service

8.3.2.2.3.           By Location

8.3.2.2.4.           By Application

8.3.3.    Japan Wireline Service Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Well Type

8.3.3.2.2.           By Service

8.3.3.2.3.           By Location

8.3.3.2.4.           By Application

8.3.4.    South Korea Wireline Service Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Well Type

8.3.4.2.2.           By Service

8.3.4.2.3.           By Location

8.3.4.2.4.           By Application

8.3.5.    Indonesia Wireline Service Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Well Type

8.3.5.2.2.           By Service

8.3.5.2.3.           By Location

8.3.5.2.4.           By Application

9.    Europe Wireline Service Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Well Type

9.2.2.    By Service

9.2.3.    By Location

9.2.4.    By Application

9.2.5.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Wireline Service Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Well Type

9.3.1.2.2.           By Service

9.3.1.2.3.           By Location

9.3.1.2.4.           By Application

9.3.2.    United Kingdom Wireline Service Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Well Type

9.3.2.2.2.           By Service

9.3.2.2.3.           By Location

9.3.2.2.4.           By Application

9.3.3.    France Wireline Service Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Well Type

9.3.3.2.2.           By Service

9.3.3.2.3.           By Location

9.3.3.2.4.           By Application

9.3.4.    Russia Wireline Service Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Well Type

9.3.4.2.2.           By Service

9.3.4.2.3.           By Location

9.3.4.2.4.           By Application

9.3.5.    Spain Wireline Service Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Well Type

9.3.5.2.2.           By Service

9.3.5.2.3.           By Location

9.3.5.2.4.           By Application

10. South America Wireline Service Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Well Type

10.2.2. By Service

10.2.3. By Location

10.2.4. By Application

10.2.5. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Wireline Service Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Well Type

10.3.1.2.2.         By Service

10.3.1.2.3.         By Location

10.3.1.2.4.         By Application

10.3.2. Argentina Wireline Service Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Well Type

10.3.2.2.2.         By Service

10.3.2.2.3.         By Location

10.3.2.2.4.         By Application

11. Middle East & Africa Wireline Service Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Well Type

11.2.2. By Service

11.2.3. By Location

11.2.4. By Application

11.2.5. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Wireline Service Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Well Type

11.3.1.2.2.         By Service

11.3.1.2.3.         By Location

11.3.1.2.4.         By Application

11.3.2. South Africa Wireline Service Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Well Type

11.3.2.2.2.         By Service

11.3.2.2.3.         By Location

11.3.2.2.4.         By Application

11.3.3. UAE Wireline Service Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Well Type

11.3.3.2.2.         By Service

11.3.3.2.3.         By Location

11.3.3.2.4.         By Application

11.3.4. Israel Wireline Service Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Well Type

11.3.4.2.2.         By Service

11.3.4.2.3.         By Location

11.3.4.2.4.         By Application

11.3.5. Egypt Wireline Service Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value 

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Well Type

11.3.5.2.2.         By Service

11.3.5.2.3.         By Location

11.3.5.2.4.         By Application

11.3.5.2.5.          

12. Market Dynamics

12.1.             Drivers

12.1.1. Rising demand of Crude oil 

12.1.2. Growing Investment in energy sector

12.2.             Challenges

12.2.1. Stringent rules associated with energy wastage.

12.2.2. Moving towards alternative energy sources

13. Market Trends & Developments

13.1.             Growing Investment in Drilling Operations

13.2.             Government investment in Oil & Gas Sector

14. Company Profiles

14.1.             Schlumberger Limited

14.2.   Business Overview

14.2.1. Key Revenue and Financials (If Available)

14.2.2. Recent Developments

14.2.3. Key Personnel

14.2.4. Key Product/Services

14.3.             Baker Hughes Company

14.3.1. Business Overview

14.3.2. Key Revenue and Financials

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Services

14.4.              Weatherford International PLC

14.4.1. Business Overview

14.4.2. Key Revenue and Financials (If Available)

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Services

14.5.             Halliburton Company

14.5.1. Business Overview

14.5.2. Key Revenue and Financials (If Available)

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.6.             Expro International Group PLC.

14.6.1. Business Overview

14.6.2. Key Revenue and Financials (If Available)

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.7.             China Oilfield Services Limited

14.8.   Business Overview

14.8.1. Key Revenue and Financials (If Available)

14.8.2. Recent Developments

14.8.3. Key Personnel

14.8.4. Key Product/Services

14.9.             National Oilwell Varco

14.9.1. Business Overview

14.9.2. Key Revenue and Financials

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

14.10.          Archer Limited

14.10.1.              Business Overview

14.10.2.              Key Revenue and Financials (If Available)

14.10.3.              Recent Developments

14.10.4.              Key Personnel

14.10.5.              Key Product/Services

14.11.          Superior Energy Service Inc

14.11.1.              Business Overview

14.11.2.              Key Revenue and Financials (If Available)

14.11.3.              Recent Developments

14.11.4.              Key Personnel

14.11.5.              Key Product/Services

14.12.          FMC Technologies

14.12.1.              Business Overview

14.12.2.              Key Revenue and Financials (If Available)

14.12.3.              Recent Developments

14.12.4.              Key Personnel

14.12.5.              Key Product/Services

15. Strategic Recommendations

About Us & Disclaimer       

Figures and Tables

Frequently asked questions

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Major market players in the Global Wireline Service Market are Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, Halliburton Company, Expro International Group PLC, China Oilfield Services Limited, National Oilwell Varco, Archer Limited, Superior Energy Service Inc, FMC Technologies.

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The demand of crude oil is growing rapidly due to which the global wireline service market is expected to register a high CAGR in the forecast period.

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The development of new fields and increased drilling and exploration activities are likely to drive the North American market. As a result, demand for wireline services in North America is likely to increase throughout the projection period.

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The rising trend of combining other energy sources, such as solar, wind, and hydro, will reduce dependence on oil and gas fuels, potentially affecting the oil and gas services sector.

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Parvati Sharma

Account Manager BD
Press Release

Wireline Services Market is Expected to Grow with A High CAGR In the Forecast Period.

Jun, 2023

Growing demand of oil and gas consumption and rising drilling project investments are propelling the market growth in the forecast period.