Global Wireline Services Market

Global Wireline Services Market Size, Share, Growth Analysis, By Well Type(Open Hole, Cased Hole), By Service(Electric Line, Slick Line), By Location(Onshore, Offshore), By Application(Well Completion, Well Intervention) - Industry Forecast 2024-2031

Report ID: SQMIG10B2078 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 114 | Figures: 77

Global Wireline Services Market Dynamics

Wireline Services Market Driver

Raising Awareness of Extending Life of Mature Oil Fields

  • Growing efforts to incorporate effective production methods to increase output and the presence of old and mature wells in diverse locations are expected to fuel market expansion. Mature fields produced nearly 70% of the total oil and gas output, according to a Halliburton survey. Therefore, by utilizing cutting-edge technologies like EOR technologies, these firms are largely focused on enhancing recovery and prolonging the life of older fields. The utilization of thermal EOR to improve heavy oil output contributes to the market's expansion.

Wireline Services Market Restraint

Volatility in Oil Prices and Rising Trend of Adopting Renewable Energy

  • The demand for oil and the supply of it are the main factors affecting its price, which varies greatly. The current low price of oil will probably cause projects to be delayed and investments to be affected. The oil and gas industry's services sector is projected to be impacted by the rising trend of integrating alternative energy sources, such as solar, wind, and hydro, which would lessen reliance on fossil fuels. As a result, the market expansion in the anticipated time frame will be constrained by the volatility in oil prices as well as the rising tendency toward the use of renewable energy.
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FAQs

Wireline Services Market size was valued at USD 22.5 billion in 2019 and is poised to grow from USD 24 billion in 2023 to USD 37.73 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

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. 'Halliburton Company', 'Schlumberger Limited', 'Baker Hughes Company', 'Weatherford International plc', 'Superior Energy Services, Inc.', 'China Oilfield Services Limited (COSL)', 'C&J Energy Services, Inc.', 'Expro Group', 'Pioneer Energy Services Corp.', 'National Oilwell Varco, Inc.', 'Oilserv Group', 'Basic Energy Services, Inc.', 'Wireline Engineering Ltd.', 'GE Oil & Gas', 'Nabors Industries Ltd.', 'FMC Technologies, Inc.', 'Welltec A/S', 'Archer Limited', 'Oceaneering International, Inc.', 'China National Offshore Oil Corporation (CNOOC)'

Growing efforts to incorporate effective production methods to increase output and the presence of old and mature wells in diverse locations are expected to fuel market expansion. Mature fields produced nearly 70% of the total oil and gas output, according to a Halliburton survey. Therefore, by utilizing cutting-edge technologies like EOR technologies, these firms are largely focused on enhancing recovery and prolonging the life of older fields. The utilization of thermal EOR to improve heavy oil output contributes to the market's expansion.

The need for oilfield services is rising as a result of offshore production. The global wireline services market will expand throughout the projection period as a consequence of the rising investment in subsea oil and gas assets. In order to improve the performance of their reservoirs, extend the life of their wells, and raise well productivity, oil field operators are making significant investments in offshore assets. In the upcoming year, deepwater operations are expected to increase.

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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