Press release
Wireline Services Global Market Report 2024 - By Demand, Share, Size, Report, Outlook By 2033
Wireline Services Market
The wireline services market size is expected to see strong growth in the next few years. It will grow to $15.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to unconventional resource development, focus on reservoir management, global energy demand, well integrity assessment, regulatory compliance, wireline services in offshore exploration. Major trends in the forecast period include advanced logging technologies, digital wireline services, downhole imaging technologies, advanced perforating systems, real-time data transmission systems.
Market Overview -
Wireline services refer to a process in which cables are lowered into an oil wellbore to collect information related to the well's health. This information is used to determine the well's efficiency and productivity.
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Surging Demand For Wireline Services Fueled By Booming Deep And Shallow Water Drilling Activities In The Oil & Gas Industry
The increasing deep water and shallow water drilling activities are expected to propel the growth of the wireline services market going forward. Deepwater drilling, also known as deep well drilling, refers to the process of creating boreholes in the Earth's crust for oil extraction in deep-sea environments. Values gathered from wireline logging provide indispensable data to evaluate formations in drilling for oil and gas. Oil & gas companies are investing in new offshore drilling activities for deep and shallow water wells which will increase the demand for wireline services. For instance, in February 2023, according to a report by World Oil, a US-based technical publication for upstream professionals, the number of wells drilled in 2021 was 36,630, which increased to 40,879, representing an increase of 11.6% in 2022. Therefore, the increase in deep water and shallow water drilling activities is driving the growth of the wireline services market.
Competitive Landscape -
Major companies operating in the wireline services market report are Siemens AG, Schneider Electric India Pvt Ltd., Schlumberger Limited, Baker Hughes Company, Halliburton Company, Emerson Electric Co, GE Oil & Gas Corporation, National Oilwell Varco Inc., SGS SA, China Oilfield Services Limited, Weatherford International plc, Nextier Oilfield Solutions Inc., Weir Oil and Gas Pty Ltd., Nabors Industries Ltd., Petrofac Limited, C&J Energy Services Inc., Oceaneering International Inc., Precision Drilling Corporation, RPC Inc., Superior Energy Services Inc., Select Energy Services Inc., Expro International Group Ltd., ProPetro Holding Corp, Archer Ltd., Scientific Drilling Controls Inc., OilServ Oil Field Services Ltd., Pioneer Energy Services Corp, Savanna Energy Services Corp, Allied-Horizontal Wireline Services LLC., Weltec Engineering Ltd., Recon Petrotechnologies Ltd., Food Machinery Corporation
Notable Partnerships Shaping The Future Of Oil And Gas Industry Optimization
Major companies operating in the wireline services market are focusing on strategic collaboration to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their strategic objectives. For instance, in March 2021, Expro, a UK-based company operating in wireline services, collaborated with FTAI Ocean, a Singapore-based provider of vessel-based well intervention. Through this partnership, both companies will expand their capabilities and resources and deliver a fully integrated intervention package to the wirelines services industry.
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Key Segments -
The wireline services market covered in this report is segmented -
1) By Type: Electric Line, Slick Line
2) By Service Type: Intervention, Logging, Completion
3) By Hole Type: Open Hole, Cased Hole
4) By Location Of Deployment: Onshore, Offshore
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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