Wireline Service Market Projected to Witness a Double-Digit CAGR During 2023-28

The market research report on the Wireline Service Market aims to help users discover detailed information regarding trends in the market. The report also throws light on the overview of the thorough analysis of the correlated key players active in the market, covering their competitive landscape, supply chain analysis, and latest developments like investments, expansion, technological growth, etc.
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.
What is wireline service?
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 due to 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 Dynamics
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 ~105.7mn b/d in 2025, and then to 109.8mn 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 collecting 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.
Here are the key players mentioned in the report –
• Schlumberger Limited
• Halliburton Company
• Baker Hughes Incorporated
• Weatherford International PLC
• Superior Energy Services.
Segment Analysis:
As per the report, the market is segmented by:
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.
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.
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.
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.
Sneak peek into the Report:
This report focuses on the various types, segments, and growth in the Wireline Service Market. It offers valuable insights into business dynamics and allows current and potential market participants to make strategic decisions.
The report also benchmarks the major parameters like -
• Industry Outlook
• Market Segmentation & Value Chain Analysis
• Industry Dynamics
• Drivers
• Restraints
• Growth Opportunities
• Regional Outlook
• Country-level Analysis
• Competitive Landscape
• Company Market Share Analysis
• Key Company Profiles/ Market Players
Read More: https://www.stratviewresearch.com/1763/wireline-service-market.html
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