Slickline Service Market: Current Analysis and Forecast (2022-2028)
Emphasis on Location of Deployment (Onshore and Offshore); Operation (Pulling Tools, Downhole Bailers, Gauge Cutters, Bridge Plugs, and Others); and Region/Country
Global Slickline Service Market is expected to grow at a significant rate of around 3% during the forecast period 2022-2028. Slickline is referred to as the cable or single-stranded wire which is used to throw down a well to retrieve or deliver material from the downhole. It consists of several hardware components including plugs, gauges, valves, and other tools as a part of the downhole tool recovery. Slickline is used for the maintenance, flow completion, downhole debris removal, and placement of the hydraulic packers by using the sealing plugs. In recent times, the slickline service market has witnessed significant demand in the market owing to the increasing demand for oil and gas coupled with the growing population and rapid urbanization. Also, the growing number of onshore oil and gas field discoveries associated with the recovery of the crude price is predicted to support the market growth in the near future. Moreover, the increasing demand for oil and gas for transportation, automotive, and industrial heating among many others is expected to propel the market for the slickline service market. For instance, according to the International Energy Agency, the global consumption of oil was rise by 5.4 million barrels per day in the year 2021 and is expected to increase by additional 3.3 million barrels in the year 2022.
Archer Ltd., AOS Orwell Ltd., Schlumberger Ltd., Wellservices BV, Weatherford International Plc, Halliburton Co., Expro Holdings UK 2 Ltd., Baker Hughes Co., Pioneer Energy Service Corp., and Reliance Oilfield Services are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst operation, pulling tools category to witness higher CAGR during the forecast period”
Based on operation, the slickline service market has been classified into pulling tools, downhole bailers, gauge cutters, bridge plugs, and others. The pulling tools segment shows significant market growth for the year 2021 and is expected to remain the same during the forecast period as they are utilized to retrieve seated components for instance plug prong. Pulling tools is a universal core that allows the same tools to be available to retrieve devices with the fishing neck having different reaches or lengths and could be converted from shear down or shear up without the requirement of any additional parts.
“Amongst location of deployment, the onshore segment to hold a significant share in the market in 2020”
Based on the location of deployment, the market is segmented into onshore and offshore. The onshore segment is expected to witness significant market growth during the forecast period owing to the presence of the majority of the drilling site on the onshore location. Approximately, 70 percent of the oil and gas field is located at the onshore location. Also, the new oil and gas field discoveries, drilling of unconventional oil & gas fields, depletion of conventional resources, and increasing investment in the onshore segment are propelling the growth of the onshore segment. For instance, in 2021, Saipem company was awarded a new onshore drilling project for the Middle East and South America worth USD 70 million. However, the increasing demand and depletion of conventional oil and gas resources will propel offshore oil & gas exploration along with deep-water & ultra-deepwater exploration and subsequently grow the market for the offshore slickline service market as well.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global slickline service market. This is mainly due to the increasing drilling activities in the region. Also, the increasing shale oil and gas oil coupled with technological advancements such as the implementation of AI, ML, big data, hydraulic fracking technology, and digitalization of the oil wells in the region are propelling the demand for the slickline service in the region. According to a leading research firm, the USA Permian Basin condensate & crude oil capacity is 5,055 mbd, and natural gas capacity is approximately 19,891 mmcfd in the year 2022. Additionally, the increasing number of new oil and gas fields in the region and growing investment in oil fields are expected to create the demand for slickline service equipment. For instance, 88 Energy an Australian oil company discovered the new oil field NPR-A or Merlin-1 in Alaska with the capacity of 3.4 billion barrels of oil equivalent. Furthermore, the supportive government initiative in the region also supports exploration activities and subsequently grows the demand for oil and gas exploration activities along with the demand for slickline service in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Slickline Service Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global slickline service market were the three major steps undertaken to create and analyze the adoption of slickline services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global slickline service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the slickline service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the slickline service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as location of deployment and operation. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the slickline service market. Further, we conducted factor analysis using dependent and independent variables such as various operations and the location of deployment slickline services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the slickline service market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global slickline service market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the slickline service market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global slickline service market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global slickline service market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the location of deployment and operation in the global slickline service market.
The main objective of the Global Slickline Service Market Study
The current & future market trends of the global slickline service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the slickline service market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the location of deployment and operation.
- Define and analysis of the regulatory framework for the slickline service
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the slickline service market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the slickline service market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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