Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- The global wireline services market size is projected to reach USD 14.13 billion by the end of 2027, exhibit a CAGR of 6.8% during the forecast period. The increasing demand for oil and gas across the world will emerge in favour of market growth. According to a report published by Fortune Business Insights, titled “Wireline Services Market Size, Share & COVID-19 Impact Analysis, By Well Type (Open Hole and Cased Hole), By Service (Electric Line and Slick Line), By Location (Onshore and Offshore), By Application (Well Completion, Well Intervention, and Well Logging), and Regional Forecasts, 2020-2027”. The market size was worth USD 11.07 billion in 2019.
Wireline services are used to maintain the wellbore of oil and gas lines to ensure seamless supply of the resources and avoid contamination. The increasing investments in the research and development of efficient products will emerge in favor of growth of the overall market in the coming years. The massive demand for oil and gas across the world is consequential to increasing population in several countries across the world, subsequently contributing to the growth of the market. The rising investments in the integration of advanced concepts such as machine learning and other automated concepts in oil and gas exploration activities will create a massive platform for the growth of the market. Additionally, the presence of several large-scale companies across the world will have a positive impact on the growth of the market in the foreseeable future.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.8% |
| 2027 Value Projection | USD 14.13 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 11.07 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | By Well Type, By Service, By Location, By Application and Regional |
| Growth Drivers | Increasing Number of Company Collaborations will Emerge in Favor of Market Growth |
| North America to Emerge Dominant; Increasing Oil and Gas Exploration Activities will Emerge in Favor of Market Growth |
Market Drivers-
Increasing Number of Company Collaborations Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is a healthy market competition across the world. The strong market competition has encouraged companies to adopt newer strategies that have helped them establish a stronghold in the market. Due to the nature of long-term contracts and the low cost of services through these contracts, large scale companies are looking to enter into long term collaborations with medium scale and small-scale enterprises. In October 2018, Baker Hughes announced that it has bagged a new contract from the Oil and Natural Gas Corporation (ONGC), India. Although this doesn’t depict an example of the aforementioned scenario of small-scale contracts, the massive global presence of both these companies will encourage other businesses in this sector. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
Covid-19 Pandemic to Bring Several Challenges to Wireline Service Providers across the Globe
The recent coronavirus outbreak has had a massive impact on several economies across the globe. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The strict measures have delayed several proposed contracts associated with wireline services across the world. The pandemic has affected several manufacturers across the world due to the lack of workforce and manpower. Moreover, the measures implemented within countries, such as lockdowns and the implementation of social distancing practices will have a negative impact on the wireline services market in the foreseeable future.
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Highlights of the Report-
The report is based on extensive research on the market and its growth parameters, including drivers, restraints, challenges, and opportunities in the market. It also includes the table of segmentation, along with a list of segments dominating the market and its attributed factors. The report throws light on the significant industry developments, current wireline services market trends, and other interesting insights offered by the market. For more information on the market, log on to the company website.
Regional Analysis-
North America to Emerge Dominant; Increasing Oil and Gas Exploration Activities will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing oil and gas exploration activities by large scale companies in the United States and Canada will emerge in favour of growth of the market in this region. The presence of numerous large-scale companies in the US and Canada will contribute to the growth of the regional market. As of 2019, the market in North America was worth USD 5.30 billion and this value is projected to rise at a considerable pace in the coming years.
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List of Players Operating in the Wireline Services Market are as follows:
- Schlumberger
- Baker Hughes
- Halliburton
- Weatherford
- China Oilfield Services Limited
- National Oilwell Varco
- Archer Limited
- Superior Energy Service Inc.
- FMC Technologies
- Weir Oil and Gas
- Emerson
- Weltec
- Schneider Electric
- Siemens
- Petrofac
Wireline services Market Segmentation:
By Well Type:
- Open Hole
- Cased Hole
By Service:
- Electric Line
- Slick Line
By Location:
- Onshore
- Offshore
By Application:
- Well Completion
- Well Intervention
- Well Logging
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Wireline Services Market
5. Global Wireline Services Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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