Wireline Services Global Market Report 2024

The wireline services market size has grown strongly in recent years. It will grow from $10.41 billion in 2023 to $11.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to advancements in reservoir evaluation and monitoring, well logging and formation evaluation technologies, innovations in well intervention and completion methods, increased use of pressure and fluid sampling techniques, and the implementation of multi-well campaigns.

The wireline services market size is expected to see strong growth in the next few years. It will grow to $15.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period is driven by the development of unconventional resources, an increased focus on reservoir management, the growing global energy demand, the need for well integrity assessment, and the importance of regulatory compliance. Additionally, wireline services in offshore exploration play a significant role in this growth. Major trends expected in this period include advancements in logging technologies, the digitization of wireline services, the development of downhole imaging technologies, the improvement of perforating systems, and the implementation of real-time data transmission systems.

The anticipated growth in the wireline services market is directly linked to the escalating levels of deep water and shallow water drilling activities. Deepwater drilling, which involves creating boreholes in the Earth's crust for oil extraction in deep-sea environments, relies significantly on wireline logging data to assess formations during oil and gas drilling operations. The surge in investment by oil and gas companies in new offshore drilling ventures targeting both deep and shallow water wells is poised to intensify the demand for wireline services. For instance, as reported by World Oil, a US-based technical publication catering to upstream professionals, the total number of wells drilled in 2021 stood at 36,630, rising to 40,879 in 2022, marking an 11.6% increase. This surge in drilling activity signifies a notable upswing in exploration and production efforts. Therefore, the surge in both deep water and shallow water drilling activities serves as the primary driver behind the burgeoning growth of the wireline services market.

The escalating demand for energy is poised to drive the expansion of the wireline services market. Energy demand signifies the consumption of energy propelled by human activities, fundamentally shaping the entire energy system. It dictates the overall energy usage, fuel preferences, and their locations within the energy supply framework. The increasing reliance on oil and gas production, a consequence of the world's mounting energy demand, necessitates greater utilization of wireline services for exploration, enhancement, and expansion purposes. For instance, as reported by the Energy Information Administration in 2022, primary energy consumption in the United States reached 100.4 quadrillion British thermal units (quads), marking a 3% surge from 2021. Hence, the surge in energy demand stands as the impetus driving the growth of the wireline services market.

In the wireline services market, major companies are emphasizing strategic collaborations to ensure reliable services for their customers. Strategic collaboration involves mutually beneficial partnerships between independent entities working together to achieve shared goals aligned with their strategic objectives. For example, in March 2021, Expro, a UK-based wireline services company, partnered with FTAI Ocean, a Singapore-based provider of vessel-based well intervention services. This collaboration aims to enhance the capabilities and resources of both companies, enabling them to deliver a fully integrated intervention package to the wireline services industry.

Prominent companies in the wireline services market are placing emphasis on innovative technologies, such as real-time wireline data visualization, to enhance the current features of their platforms. Real-time wireline data visualization involves utilizing technology to offer a live, consistent view of data across wireline operations as it is received from the rig. For example, in October 2022, Halliburton Corporation, a US-based oil service company, introduced HalVue, a real-time data monitoring program aimed at helping clients maximize asset value by providing a unified view of data as it is generated from the field during operations. With HalVue, users can swiftly and easily access complex yet impactful data, facilitating real-time collaboration.

In July 2021, Ranger Energy Services Inc., a US-based provider of high-specification mobile rig well services, cased-hole wireline services, and ancillary services, acquired PerfX for $2.25 million. This acquisition is aimed at enhancing Ranger Energy Services' business by expanding the scale and scope of its existing Mallard wireline business. The acquisition includes a comprehensive suite of production services and adds geographic diversity, allowing the company to deliver greater value to the market. PerfX, based in the US, is a wireline services company that offers a range of solutions, including pump-down perforating and pressure control equipment.

Major companies operating in the wireline services market report are Siemens AG, Schneider Electric India Pvt. Ltd., Schlumberger Limited, Baker Hughes Company, Halliburton Company, Emerson Electric Co., GE Oil & Gas Corporation, National Oilwell Varco Inc., SGS SA, China Oilfield Services Limited, Weatherford International PLC, Nextier Oilfield Solutions Inc., Weir Oil and Gas Pty Ltd., Nabors Industries Ltd., Petrofac Limited, C&J Energy Services Inc., Oceaneering International Inc., Precision Drilling Corporation, RPC Inc., Superior Energy Services Inc., Select Energy Services Inc., Expro International Group Ltd., ProPetro Holding Corp., Archer Ltd., Scientific Drilling Controls Inc., OilServ Oil Field Services Ltd., Pioneer Energy Services Corp., Savanna Energy Services Corp., Allied-Horizontal Wireline Services LLC., Weltec Engineering Ltd., Recon Petrotechnologies Ltd., Food Machinery Corporation.

North America was the largest market in the wireline services market in 2023. The regions covered in the wireline services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wireline services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the context of the oil and gas industry, the main types of wireline services are electric lines and slicklines. Electric lines are used for the distribution of electric energy within residential developments or commercial complexes. Wireline services encompass various operations such as intervention, logging, and completion, which involve different types of well holes, including open hole and cased hole. These services can be deployed in onshore and offshore locations within the oil and gas industry.

The wireline services market research report is one of a series of new reports that provides wireline services market statistics, including Wireline services industry global market size, regional shares, competitors with a wireline services market share, detailed wireline services market segments, market trends and opportunities, and any further data you may need to thrive in the wireline services industry. This wireline services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wireline services market includes revenues earned by entities by providing services such as case whole logging, directional drilling, coil tubing, and perforating services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.