The market report on the Wireline Service Market published by Stratview Research indicates lucrative growth opportunities in the Wireline Service industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.

Wireline Service Market Forecast:

The wireline service market was estimated at USD 8.31 billion in 2022 and is likely to grow at a CAGR of 2.2% during 2023-2028 to reach USD 9.5 billion in 2028.

What is wireline service?

Wireline service refers to a set of wiring infrastructure and tools used in regular maintenance of wellbores to accomplish well-completion operations like well-intervention, logging, etc. This equipment is needed throughout the lifespan of an oil and gas well. Wireline services collect critical data related to the subsurface geology, reservoir conditions, maintenance, intervention operations, etc.

COVID-19 IMPACT

Lockdown in transportation, industrial, and commercial operations and a halt in upcoming exploration projects caused by the spread of the COVID-19 virus posed a big threat to the global wireline service market. The virus outbreak most significantly impacted the downstream oil market resulting from the crash in crude oil prices, eventually leading to reduced production and exploration activities. These factors led to a huge decline in the demand for the wireline service market.

Market Dynamics

There are several drivers that are fuelling the growth of the wireline service market. Below mentioned are a few –

• Increasing demand for oil and gas products globally- The global demand for crude oil is growing rapidly. In 2022, the crude oil demand worldwide (including biofuels) amounted to ~99.57 million barrels per day (mb/d) and it is projected to increase to 101.89 million barrels per day in 2023. Organization of Petroleum Exporting Countries (OPEC) projects the global supply of liquids to increase to ~105.7mn b/d in 2025, and then to 109.8mn b/d in 2045.
• The rise of unconventional oil and gas resources- Unconventional oil and gas resources, such as shale gas and tight oil, have boosted the requirement for wireline services. These resources require specialized drilling and completion techniques which often rely heavily on wireline data collecting and intervention.

Thus, continuous growth in the exploration, production, and completion tasks to deliver the ever-growing demand for oil and gas products globally pushes the demand for the wireline service market.

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