Market Size of Wireline Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 3.00 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wireline Services Market Analysis
The wireline services market is expected to grow at a CAGR of less than 3% during the forecast period. The global upstream oil and gas investments stood at approximately USD 476 billion in 2018, representing a 6% increase compared to that in the previous year. According to the estimates of Oil & Gas UK, the oil and gas exploration and production companies in Europe are expected to spend about USD 265 billion between 2019 - 2035. Factors, such as increasing demand for oil and natural gas and increasing investments in the upstream oil and gas sectors across the world, are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period. However, the crude oil prices have been highly volatile in 2018, fluctuating between USD 85 per barrel and USD 50 per barrel by the end of the year. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is expected to hinder the market during the forecast period.
- The increasing exploration activities in the offshore region is expected to boost the demand for wireline services market during the forecast period.
- The shift of the projects from onshore to offshore, shallow waters to deep waters and ultra-deep waters is an opportunity for the wireline service providers to innovate and come up with products suitable and customized to the harsh climatic conditions of offshore basins.
- North America is expected to dominate the market during the forecast period with majority of the demand coming from the United States, Canada, and Mexico.
