Wireline Services Market: Current Analysis and Forecast (2022-2028)

Wireline service which is also called a cabling system is used in the oil and gas industry for pipe recovery activities, reservoir evaluation, and the intervention process. The technological advancement in the cabling/wireline industry derives the growth in the 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.

The Wireline Service Market is expected to grow at a steady rate of around 6% owing to the increasing demand and requirement for enhanced oil recovery coupled with the increasing investment in the upstream segment. There are several major companies in the market offering wireline services for the upstream segments with innovative service facilities. For instance, Haliburton offers single trip visualization and PLT with SPECTRUM which consists of a 360o camera and a wireline system and diagnosed the real-time data for the live well with the help of sensors.

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.

On the basis of service, the market is categorized into completion, intervention, and logging. The wireline logging segment is expected to show higher growth compared to the other two segments owing to their use during the initialization of the exploration process to gather the well log information, well pressure, and other real-time data. However, the completion segment is also expected to show significant growth during the forecast period due to its ability to provide the scaled data of the well bore.

Based on the location of deployment, the wireline service market is segmented into onshore and offshore. The offshore segment is expected to show higher market growth during the forecast period than the onshore due to the requirement of the wireline service for the well completion and other well service.

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. 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.

For a better understanding of the market adoption of the wireline service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the favorable government policy for the exploration and production of oil and gas as well as increasing shale oil discoveries and the requirement for enhanced oil recovery technology. In addition, technological advancements such as the integration of the IoT, AI, and ML continuously optimize the operation cost. Also, major players in the market continue to invest in R&D to provide efficient wireline solutions. For instance, Halliburton invested US $321 Million for research and development in the year 2021.

Some of the major players operating in the market include: 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.