USD 22.5 billion
Report ID: SQMIG10B2078 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 114 | Figures: 77
Wireline Services Market size was valued at USD 22.5 billion in 2021 and is poised to grow from USD 24 billion in 2022 to USD 37.73 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
The oil and gas sector uses wireline services, commonly referred to as electrical cabling technology, for reservoir evaluation, pipe recovery operations, and intervention procedures. In order to provide real-time, precise, and quantifiable data, these services use multi-strand cables to transport equipment into wells for functions including data collecting and boosting well performance. One of the main factors propelling the expansion of the global wireline services market is the increase in ongoing drilling and completion activities.
Demand for wireline services is increasing as oil and gas production operations expand. Opportunities for the global wireline services market are being created by the rising need for cabling in the oil and gas fracking industries. The use of wireline services by businesses keeps oil and gas production activities affordable in terms of both time and money, expanding the potential for the global wireline services market.
US Wireline Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.5 billion
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The Global Wireline Services Market is segmented based on the Well Type, Service, Location, Application, and Region. Based on the Well Type, the Global Wireline Services Market is segmented as Open Hole and Cased Hole. Based on the Service, the Global Wireline Services Market is segmented as Electric Line and Slick Line. Based on the Location, the Global Wireline Services Market is segmented as Onshore and Offshore. Based on the Application, the Global Wireline Services Market is segmented as Well Completion, Well Intervention, and Well Logging. Based on Region Wireline Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Wireline Services Market Analysis by Well Type
Due to the advantages the product offers, such as the ability to determine the status of the cement, corrosion, and perforation, the cased hole segment is anticipated to account for the biggest market share. Gamma-ray and neutron porosity may both pass through a cased hole. Additionally, measures of hydrocarbon saturation, porosity, and producibility can provide more accurate insights into thermal degradation and interval transit. The deployment of sensors to measure every element of reservoirs on-site and in real-time is expected to cause the open hole sector to expand at a significant rate as well.
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A large market share is anticipated for North America as a result of the rising amount of oil and gas finds with enormous potential for oilfield exploration. For instance, the United States crude oil output peaked in May 2020 at 12.2 million barrels per day (MMbpd). Exxon Mobil had intended to make a USD 33 billion first commitment for a liquefied natural gas project for the largest plant in Africa in July 2019. North America, where there is a substantial need for global wireline services market due to the shale boom in the country, is expected to experience significant market expansion. Huge investments in the oil and gas sector are being made by regional firms in the Middle East and Africa, which is driving up the price of oil and gas and driving up the need for a global wireline services market.
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Wireline Services Market Driver
Raising Awareness of Extending Life of Mature Oil Fields
Wireline Services Market Restraint
Volatility in Oil Prices and Rising Trend of Adopting Renewable Energy
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The Global Wireline Services market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Wireline Services Market Top Player's Company Profiles
Wireline Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Wireline Services Market Analysis, the need for global wireline services market is anticipated to increase due to the rising worldwide demand for energy. For instance, the international energy organisation estimates that the demand for energy increased by over 4% in 2020 and 4% in 2021. As a result, there is a greater need for deep good exploration to maximize oil production from each well. Consequently, it is anticipated to fuel the expansion of the global wireline services market during the anticipated timeframe.
|Market size value in 2021||USD 22.5 billion|
|Market size value in 2030||USD 37.73 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wireline Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wireline Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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