Wireline Services Market to Reach $14.13 Billion by 2027; Increasing Oil and Gas Exploration Activities will Contribute to Market Growth, says Fortune Business Insights™

Key Companies Covered in 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

Pune INDIA


Pune, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The global wireline services market size is projected to reach USD 14.13 billion by the end of 2027. 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 was worth USD 11.07 billion and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.

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https://www.fortunebusinessinsights.com/industry-reports/wireline-services-market-100480


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.

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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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.

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 the Key Companies Profiled In Wireline Services Market:

•             Schlumberger (Texas, US)
•             Baker Hughes (Texas, US)
•             Halliburton (Texas, US)
•             Weatherford (Texas, US)
•             China Oilfield Services Limited (Beijing, China)
•             National Oilwell Varco (Texas, US)
•             Archer Limited (Bermuda, United Kingdom)
•             Superior Energy Service Inc. (Texas, US)
•             FMC Technologies (Texas, US)
•             Weir Oil and Gas (Glasgow, United Kingdom)
•             Emerson (Missouri, US)
•             Weltec (Allerod, Denmark)
•             Schneider Electric (Rueil Malmison, France)
•             Siemens (Munich, Germany)
•             Petrofac (Saint Helier, Jersey)


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Industry Developments:

September 2018: Ministry of Petroleum and Mineral Resources of Egypt had signed two deals worth more than USD 1 billion with international firms for the exploration of petroleum in the Mediterranean which includes the drilling of 12 wells.

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Wireline Services Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments by Industry Players in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Wireline Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Well Type
      • Open Hole
      • Cased Hole
    • Market Analysis, Insights and Forecast – By Service
      • Electric Line
      • Slick Line
    • Market Analysis, Insights and Forecast – By Location
      • Onshore
      • Offshore
    • Market Analysis, Insights and Forecast – By Application
      • Well Completion
      • Well Intervention
      • Well Logging
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa


Continued…!


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