Global wireline services market is estimated to be valued at US$ 22.5 Billion in 2021, according to the Global Wireline Services Market Report, by Service Type (Slick Line and E- Line), by Well Type (Open Hole and Cased Hole), by Application (Well Intervention, Logging, and Well Completion), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global wireline services market was valued at US$ 22.5 Billion in 2021. The Wireline Services market is expected to register a CAGR of 6.7% over the forecast period (2022–2030) to reach US$ 40.4 Bn by 2030. Increasing exploration activities to discover untapped oil and gas reserves plays a major role in increasing the demand for wireline services. Furthermore, South China Sea holds large deposits of oil and natural gas. The Reed bank, located near the Philippines coast, is expected to hold large reserves of oil and natural gas. The Red Sea holds one of the major untapped reserves of oil and gas in the Middle East and is reported to hold the largest volume of oil and gas reserves.
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Browse 50 market data tables* and 40 figures* on "Global Wireline Services Market” - Forecast to 2030.
Key Trends and Analysis of the Global Wireline Services Market:
- Among service type, the slick line segment is expected to exhibit the highest CAGR of 7.5% over the forecast period. A slick line is a single strand of wire that runs through wellbore and is used to carry out assessments efficiently. Increasing number of well intervention to assess the potential of wells in turn, is increasing the demand for slick line services. These services have a wide range of well intervention applications such as basic functions of assessments to allow for advanced technical services, to ensure optimum productivity of the well.
- Among well type, the open hole segment is expected to exhibit highest CAGR of 8.2% over the forecast period. Open hole wells facilitate operational ease for wireline services to be carried out easily. Conventionally, cased hole wells were preferred for the extraction and assessments using wireline services, however, along with advancement of the technology in wireline services the open hole wells are being preferred and are being relied upon for initiating operations of drilling upon. Open hole well services comprise logging operations performed on a well before cementing the wellbore.
Key Takeaways of the Global Wireline Services Market:
- The Middle East region is expected to grow with the highest CAGR of 7.9% over the forecast period. High production of energy in the Middle East plays a major role in growth of the market. According to data provided by British Petroleum, in 2020, around 27.7 million barrels of oil were produced per day in the Middle East. Saudi Arabia, Iran, Iraq, Kuwait, and U.A.E. These were major oil producers in the Middle East, in 2021. Saudi Arabia produced 10.02 million barrels of oil per day in 2021. High production of oil is a result of increased drilling activities in the region. Growing drilling activities in turn is increasing the demand for wireline services, thus driving growth of the wireline services market in this region.
- New Product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global wireline services market
