Market Size of Slickline Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.30 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Slickline Logging Services Market Analysis
The slickline services market is expected to witness a CAGR of over 2.3% during the forecast period. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline in demand due to the various lockdowns and restrictions, which resulted in decreased demand for slickline services. The outspread of COVID-19 in Q1 of 2020 resulted in the delay of significant drilling projects worldwide, which in turn has affected the demand for slickline services globally. For Instance: in April 2020, Beach Energy announced a termination notice to Diamond Offshore for its year-long offshore drilling program in the Otway basin in Southern Australia with the semi-submersible Ocean Onyx, citing the logistical difficulties caused by the Covid-19 pandemic services. Factors such as the increased drilling and completion activities globally are driving the demand for slickline services. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the demand for the slickline services market.
- The onshore segment is expected to have the maximum share in the market in 2021. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
- The increasing oil and gas discoveries, coupled with the liberalization in the industry globally, have been leading to the creation of new opportunities for the players to invest in global players.
- North America is estimated to have the maximum share of the slickline services market in 2021. The growth rate of the South America region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region, over the forecast period.
