The global wireline services market is estimated to grow at a CAGR of 2.1% from 2016 to 2021. Slow market growth can be attributed to the slump in oil prices since 2014 last quarter and is continuing till date. This has led to reduction in new drilling operations across the globe, mainly in North America and European region. However, in spite of low oil price, oil production is rising due to growing demand of oil leading to higher demand for well intervention services to boost production from existing wells. This is the major driving factor for wireline services market. The North American market is projected to be the largest for wireline services by 2021, due to the high growth in manufacturing, chemicals, petrochemicals, oil & gas industries in the region
The wireline services market is highly fragmented, and comprises numerous regional as well as international players. Leading market players include Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Baker Hughes Inc. (U.S.), Weatherford International PLC (Switzerland), Superior Energy Services Inc. (U.S.) and Pioneer Energy Services Corp. (U.S.). Other companies operating in the market include C&J Energy Services Ltd. (U.S.), Expro International Group Holdings Ltd. (U.K.), Archer Ltd (U.K.), National Oilwell Varco Inc. (U.S.), Basic Energy Services Inc. (U.S.), and Oilserv (UAE).
New products/services/technology launches are among the most employed strategies, by players in the wireline services market to increase their revenue and market share. Given the increasingly stringent government regulations and growing environmental concerns, launching new products is an effective means of adhering to new environmental regulations and providing more advanced and efficient monitoring, logging, and data capturing.
Halliburton Company (U.S.) recorded the highest number of new product launches from 2013 to 2016. The company is one of the top four of the oilfield service providers, and has expanded its market presence in developing regions such as the Asia-Pacific and the Middle East to tap into the growing demand for wireline services in these regions. Halliburton recently launched Acoustic Conformance Xaminer service (ACX) which helps in detecting wellbore leaks by analyzing soundwaves from the flow pattern. The company has decades of experience in the wireline services industry, which has enabled it to build a strong brand in the global market.
Baker Hughes Incorporated (U.S.) is also one of the top four in oilfield services. The company has also chosen the strategy of new product launches to increase its penetration in the global wireline services market by offering a variety of new services and software solutions to improve production and capital efficiency, enhance stimulation treatment, and improve completion time. The company has launched Jewel Suite 6 for reservoir engineering and geological modelling which will further aid the operators in improving production rate from the well.
Wireline Services Market by Application (Onshore & Offshore), Type (Electricline & Slickline), Services (Completion, Intervention, & Logging), Hole Type (Cased Hole & Open Hole), and Region - Global Forecasts to 2021
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