Wireline Services Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Electric and Stick); Service (Completion, Intervention, and Logging); Location of Deployment (Onshore and Offshore); Hole Type (Open hole and Cased hole); and Region/Country
Global Wireline Services Market is expected to grow at a significant rate of around 6% during the forecast period. Wireline services that are also known as cabling services are used inside the well and transmit information about the wellbore. It also measures the reservoir pressure, pipe recovery, fluid intervention, and well intervention. The wireline system consists of the cable head, measuring head, and tractors and is primarily used to gather data about the workover job. Moreover, wireline services also help in the various gauge measurement of rock formations and gather various other data for effective well boring operations. The exploration of unconventional oil and gas activities onshore as well as an untapped offshore field is growing the demand for the wireline service market. The increasing demand for crude oil coupled with the increasing population and strategic reserves development by the countries allows the companies to focus on the unconventional oil reservoirs as well and increases the demand for the wireline service. The wireline system also allows the companies to gather actionable and valuable data such as real-time data to enhance the oil recovery as well as an assistant on the downhole issue. Moreover, they help to reduce the overall cost up to a higher extent by eliminating the requirements for the non-operational rig downtime and maintenance.
Schlumberger Limited, Halliburton, Expro International Group PLC, Baker Hughes, Weatherford International PLC, Emerson, Allied-Horizontal Wireline Services LLC, GE Oil & Gas Corporation, Archer, and OilSERV 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 type, electric line wireline services category to witness robust CAGR during the forecast period”
Based on type, the market is segmented into electric lines and stick lines. The electric line segment is expected to show a higher CAGR compared to the stick line due to the increasing number of mature fields, increasing demand for the energy as well as their use for the oil well logging purpose which enables the operator to access the oil well more efficiently and assist in the field development for the exploration & and production activities. Furthermore, the electric line consists of single strands and multi strands and could be used for both well formation and intervention to collect the data.
“Amongst hole type, the cased hole category to hold a significant share in the market during the forecast period”
Based on the hole type, the wireline service market is segmented into the open hole and cased hole. The cased hole segment is expected to witness significant market growth during the forecasted period owing to several advantages such as the determination of corrosion, cement, and the ability to determine perforation. Furthermore, the cased hole provides other advantages over the open hole, for instance, the cased hole provides proper cementing with the wall to prevent any damage which may occur due to the flow of the liquid caused by the excess pressure. However, the open hole segment also shows significant growth during the forecast period due to the exploration of unconventional oil resources and the boom in shale oil field E&P activities.
“North America to hold a significant share in the market”
North America accounted for the highest market share in the market for the year 2021 and is expected to remain the same during the forecast period owing to the increasing investment and discoveries of the new oil and gas fields along with the increasing E&P in the mature oil field. Additionally, the boom in the shale oil and gas fields also contributes significantly. For instance, according to the USGS (United States Geological Survey), there are over 280 trillion cubic feet of gas and 46 billion barrels of oil, and 20 billion barrels of natural gas are trapped under the low-permeability shale formations of the US. However, the onshore drilling activity contributes higher in comparison to the offshore activity due to the operational difficulty and higher risk. Moreover, the proven oil reserves likely to increase the demand for the wireline service market in the region for example, in 2020, Utah witnessed approximately 30 increases in the proven oil reserves which in turn grow the demand for the wireline service.
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 portfolios, 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:
The global wireline services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Wireline Services Market Analysis (2021-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global wireline services market were the three major steps undertaken to create and analyze the adoption of wireline 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 Wireline Services 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 wireline services 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 wireline services 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 type, service, location of deployment, and hole type. 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 Wireline Services market. Further, we conducted factor analysis using dependent and independent variables such as various type, service, location of deployment, and hole types of wireline 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 wireline services 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 wireline services 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 wireline services market across the major markets domestically.
- All percentage shares, splits, and breakdowns of market segments and sub-segments.
- Key players in the global wireline services 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 wireline services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, service, location of deployment, and hole type in the global wireline services market.
The main objective of the Global Wireline Services Market Study
The current & future market trends of the global wireline services 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 wireline services 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 type, service, location of deployment, and hole type.
- Define and analysis of the regulatory framework for the wireline services industry.
- 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 wireline services 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 Wireline Services 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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