What is the Global market size of the Wireline Services Market?

Global 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).

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 Insights

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 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 Wireline Services Market Report Snapshots

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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. '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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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

Global Wireline Services Market Insights

Global Wireline Services Market Report Snapshots

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