Stratview Research, a global market intelligence firm, has launched a new research report on Wireline Service Market by Service Type (Well Completion, Well Intervention, and Well Logging), by Application Type (Onshore and Offshore), by Hole Type (Cased-Hole and Open Hole), by Wireline Type (Electric Line and Slickline), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the analysis, the wireline service market was valued at USD 8.1 billion in 2021 and is likely to grow at a CAGR of 2.25% during 2022-2028 to reach USD 9.5 billion in 2028.
The major factors propelling the growth of the market are aging reservoirs and increasing oil production.
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.
What is wireline service?
Wireline service is the regular and frequent maintenance of a wellbore using wireline tools or equipment so that well-completion operation can be accomplished following further processes. The tools used in the process are designed in such a way that they function and help in taking down any type of instrument in and out of the wellbore.
Companies profiled –
Below given is the list of key players mentioned in the report –
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- Weatherford International PLC
- Superior Energy Services.
Market evaluation –
The COVID-19 outbreak has adversely affected most of the end-use industries and is still spreading and taking major economies in its grip and has diminished the market conditions. Experts at Stratview Research stay in touch with the key players in the market to keep themselves updated with all the upcoming trends, challenges, market strategies which can be helpful for businesses to survive during this pandemic.
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.
About Stratview Research-
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