Slickline Services Market Size, Growth, Analysis - Forecasts to 2026
Slickline Services Market Insights
The slickline services market is estimated to grow at a moderate CAGR during the forecast period. Aging reservoirs, lifting of Iranian oil export sanctions and increasing oil production among others are some of the factors driving the market growth of slickline services market across the globe. slickline equipment consists of jar, stem, gauge cutter, pulling tools, downhole bailer, lead impression block, sample bailer, stroke bailer among others.
The slickline services involve the placement and recovery of wellbore hardware such as plugs, gauges, and valves, which is dependent on drilling and production activities. Growth in upstream activities is expected to boost the market growth during the forecast period. Increasing number of wells completion has increased the demand for slickline services. However, the number of well completion was reduced to almost half during 2014 to 2016 due to the downturn in oil & gas industry, which has hampered the market growth. In year 2017 revival of drilling activities was witnessed in several countries such as Canada, U.S., U.A.E, and Iraq among others. Iranian Oil export sanctions were also lifted during the period, allowing the country to start exporting the oil. This has led to increase in E&P investments in the country, thereby increasing oil production.
Slickline Services Market: By Location of Deployment
The slickline services market can be segmented based on location of deployment into onshore and offshore segment. Onshore segment is expected to hold the largest market share in terms of revenue. This strong hold can be attributed to various factors such as increasing demand for slickline services across the world, lower drilling cost of onshore fields, presence of large number of onshore sites, and increasing dependency on conventional oil & gas among others. The market growth can also be attributed to the ease of mobility in onshore regions, which permits multiple practices of slickline services. However market for offshore activity is expected to grow at high CAGR during the forecast period. This growth can be attributed to increasing offshore operations of oil & gas extraction, well completion, and logging operation. Increasing offshore oil and gas operations majorly in Middle East, Brazil, North Sea, Gulf of Mexico and the Caspian Sea is expected to increase the CAGR of slickline services during the forecast period.
Slickline Services Market: By Operation
The slickline services market can be segmented on the basis of operation into well completion, well intervention, and logging segments. Well completion segment is expected to hold the largest market share in the forecasted period owing to increased drilling of conventional oil & gas fields in the onshore regions across the globe. Other factors such as rising demand for oil & gas products across the world has resulted in rapid increase in the offshore drilling and well completion activities. Stabilized crude oil price, and lower breakeven price has increased the drilling activities which in turn has increased the well completion activity.
Slickline Services Market: Regional Insights
North America holds the dominant position in the slickline services market and is anticipated to continue its dominance over the forecast period. The U.S and Canada are the major countries contributing to the growth of slickline services market. Increasing production of shale gas in U.S., and increased offshore production in the U.S Gulf of Mexico are some of the factors driving the market growth of slickline services in the region. Increasing number of well completion activities in North America is another factor driving the market growth for slickline services. North America accounts for approximately 50% of total active rig counts across the globe. The region amounts for large number of advanced rig counts which are equipped with various latest and advanced technologies for maintenance and effective monitoring, which is boosting the demand for slickline services. Moreover presence of key market players is another factor propelling the growth of sickline services market.
Slickline Services Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase slickline services over the coming years. Some companies which are currently using slickline services and are likely to purchase it in future such as Rio Tinto, BHP Billiton, Freeport McMoRan Copper & Gold, Glencore Xstrata, China Shenhua Energy, and Vale among others.
Slickline Services Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Slickline Services Market Share & Competitor Analysis
Some of the key players operating in the slickline services market are Halliburton Company, Schlumberger Limited, Baker Hughes Incorporated, Superior Energy Services, Weatherford International PLC, Pioneer Energy Services Corp., Archer Limited, C&J Energy Services Ltd., Basic Energy Services, Inc., National Oilwell Varco, Inc., Reliance Oilfield Services, and Altus Intervention among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2017, Schlumberger Limited announced successful acquisition of Peak Well Systems, the company is engaged in the designing and manufacturing of advanced downhol tools to extend well life, and restore well integrity.
In April 2016, Schlumberger Limited signed an agreement to acquire Meta Downhole, the company offers downhole isolation products using its METAMORPHOLOGY technology.
In October 2010, Baker Hughes completed the acquisition of JOA Oil & Gas, the company offers reservoir and geological simulation software and also incorporates support and services for oil & gas industries.
Check the Press Release on Global Slickline Services Market Size Report
We value your investment and offer free customization with every report to fulfil your exact research needs.
The global Slickline Services Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Slickline Services Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.
80% of our clients seek made-to-order reports. How do you want us to tailor yours?