Increasing oil and gas consumption and growing investments in drilling projects are driving market growth in the forecast period.
According to TechSci Research’s report on the Wireline Services Market, expected to cover the years 2018-2028, the industry is set to experience robust growth from 2024 to 2028. The surge in offshore exploration activities will be a key driver of demand for wireline services during this period.
Wireline services involve the use of wire infrastructure in oil and gas exploration for various purposes such as reservoir evaluation, well intervention, monitoring, and completion using different measuring devices and equipment. The real-time data collected from drilled wells enables field engineers to monitor and regulate operational conditions efficiently, making wireline services crucial and cost-effective for wellbore maintenance.
In 2018, significant oil discoveries were made in the United States, including two in the Gulf of Mexico at Ballymore and Appomattox, and one onshore find at the Putu/Stony field in Alaska. These discoveries, along with the substantial reserves estimated in Alaska’s Smith Bay oil field, have contributed to the stabilization of energy prices and the profitability of drilling activities. Consequently, the Petroleum Services Association of Canada (PSAC) reported 152 operating oil wells in 2018, with expectations of further expansion due to new discoveries.
The increasing upstream activity in North America, driven by the development of new fields and expanding drilling and exploration operations, is expected to bolster the demand for wireline services in the region throughout the forecast period.
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The Global Wireline Service Market is categorized by well type, service, location, application, and region. In terms of Well Type, it includes Open Hole and Cased Hole segments. The Cased Hole segment is projected to dominate the market owing to its advantages in assessing cement integrity, corrosion, and perforation status, along with capabilities for gamma-ray and neutron porosity testing. Meanwhile, the Open Hole sector is poised for rapid growth due to the deployment of on-site, real-time reservoir sensing technologies.
Regarding Service, the market is segmented into Electric Line and Slick Line. Electric Line services are expected to lead the market, offering efficiency enhancements and cost savings through oil field capacity insights. Slick Line services are anticipated to expand, driven by their mechanical versatility in tool and equipment retrieval using standard cable wire.
The Location category comprises Onshore and Offshore segments. The increasing investment in shale gas extraction to reduce carbon emissions fosters growth in onshore exploration efforts, particularly for shale gas reserves, driving the expansion of the onshore segment. Meanwhile, escalating drilling investments are expected to fuel substantial growth in the offshore segment.
Application-wise, the market includes Well Completion, Well Intervention, and Well Logging segments. Well Logging is forecasted to hold a significant market share due to heightened demand for drilling new wells in shale gas and crude oil exploration endeavors. Well Intervention is also poised for growth, driven by the presence of aging oil wells, necessitating efficiency improvements. Additionally, Well Completion is expected to expand due to growing concerns about real-time well monitoring data acquisition.
Major market players in the Global Wireline Services Market: –
- 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 forecasted growth of the market is primarily driven by increasing demand for crude oil and gas. However, market development may face constraints due to heightened investments in renewable energy and efforts to meet emission reduction and environmental targets,” stated Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm.
The report “Wireline Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F” evaluates the growth potential of the Global Wireline Services Market. It provides insights into market size, structure, and future growth to assist decision-makers in making informed investment decisions. Additionally, the report identifies emerging trends, key drivers, challenges, and opportunities in the Global Wireline Services Market.
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