The new report published by Stratview Research, titled Wireline Service Market, is Segmented 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).
Market Insights:
The wireline service market was estimated 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.
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.
COVID-19 IMPACT
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.
Segment Analysis
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.
Research Methodology
This report offers actionable insights and is the outcome of an extensive study comprising of secondary research, primary interviews with industry stakeholders, validation and triangulation with Stratview Research’s internal database. Experts at Stratview Research have conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
The report also covers market structure, market environment analysis, market segment trends and forecasts, competitive landscape and dynamics, attractive market segments and associated growth opportunities, emerging trends, strategic growth opportunities for the existing and new players, and key success factors.
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Stratview Research is a global market research firm, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with insightful market data to aid strategic decision making. These exclusive reports are the result of extensive research and are available for key industries such as chemicals, composites, advanced materials, technology, renewable energy, and more.
