According to the latest report by IMARC Group, titled “Wireline Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global wireline services market reached a value of US$ 11.6 Billion in 2022. A wireline service is a set of electrical cabling technology that uses multi-strand cables to move equipment into wells for reservoir evaluation, well intervention, pipe recovery, and detecting issues, including downhole issues, outflows and bypassed production. In addition to providing accurate assessments, it encompasses data acquisition to ensure maximum reserves are recovered and the overall performance is enhanced. By providing actionable, real-time, and quantified data, these services help maximize reservoir understanding and guide critical decisions. Additionally, they contribute to cost reduction by eliminating the need for maintenance and non-operational downtime.
Global Wireline Services Market Trends:
The global market is majorly driven by considerable growth in the oil and gas and energy sectors. This can be attributed to the expanding number of exploration, production, and completion activities across the globe. With new discoveries in oil and gas fields, key players are heavily investing in offshore assets to increase productivity and reservoir performance, which, in turn, is accelerating wireline adoption. Besides this, a paradigm shift toward offshore exploration and production (E&P) activities due to the longer production life of offshore oil and gas reservoirs is also propelling the market. Moreover, the growing popularity of electric wireline services for well logging purposes, such as deep water and shallow water drilling activities, is providing a boost to the market. Some of the other factors contributing to the market growth include the expanding government budgets for infrastructural improvement in the oil and gas sector, continual technological advancements, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 16.8 Billion by 2028, exhibiting a CAGR of 6.12% during 2023-2028.
- Based on the wireline type, the market has been segmented into electric line and slickline.
- On the basis of the service type, the market has been divided into completion, intervention, and logging.
- Based on the hole type, the market has been categorized into open and cased holes.
- On the basis of the application, the market has been classified into onshore and offshore.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Archer Limited, Baker Hughes Company, Expro Group, Halliburton Company, NexTier Oilfield Solutions Inc., NOV Inc., OiLSERV, Pioneer Energy Services Corp., Schlumberger Limited, SGS SA, Superior Energy Services Inc., and Weatherford International plc.
|Base Year of the Analysis
||Wireline Type, Service Type, Hole Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Archer Limited, Baker Hughes Company, Expro Group, Halliburton Company, NexTier Oilfield Solutions Inc., NOV Inc., OiLSERV, Pioneer Energy Services Corp., Schlumberger Limited, SGS SA, Superior Energy Services Inc. and Weatherford International plc.
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