North America Wireline Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Wireline Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The North American wireline services market is expected to register a CAGR of over 3% during the 2020 – 2025. Increased new discoveries and increased investment in the offshore sector are expected to drive the market for wireline services. However, the volatile nature of oil prices in recent years is expected to decrease the exploration activity in the coming years, causing a slowdown for the North America wireline services market.

Key Highlights

• The onshore segment is expected to have a maximum share in the market. Onshore drilling encompasses all the drilling sites on dry land and accounts for over 70% of worldwide oil production.
• The increasing exploration activity in the region to compensate for aging mature oil and gas fields and rising production from shale plays is expected to offer significant opportunities for the wireline logging service providers.
• United States is expected to dominate the market due to the increased drilling activity in shale plays. The recent development of shale plays, horizontal drilling, and fracking has increased demand for wireline services.

Key Market TrendsOnshore Segment to Dominate the Market

• United States is expected to maintain its dominance in the region in the forecast period, owing to the increased drilling and completion activities in shale plays, over the recent past, and recovery of oil prices in the oil and gas market.
• Another driving force that is expected to promulgate the demand for wireline services is the advancements in shale technology. According to United States Geological Survey (USGS), over 46 billion barrels of oil, 280 trillion cubic feet of gas, and 20 billion barrels of natural gas liquids are trapped in the low-permeability shale formations of United States.
• Unconventional resources led to a revolution in the US energy industry, bringing with it the growing energy independence, an enormous economic windfall, and a stronger geopolitical position through the burgeoning exports in both oil and gas (LNG).
• As of April 2019, 8,390 drilled wells are incomplete in the country, with the largest share of the Permian Basin. These wells are expected to be completed in the coming years, creating ample opportunity for wireline services.
• Therefore, factors above are expected to drive the market in the forecast period, similar to the trend witnessed in recent years.

United States to Dominate the Market

• United States is expected to maintain its dominance in the region in the forecast period, owing to the increased drilling and completion activities in shale plays, over the recent past, and recovery of oil prices in the oil and gas market.
• Another driving force that is expected to promulgate the demand for wireline services is the advancements in shale technology. According to United States Geological Survey (USGS), over 46 billion barrels of oil, 280 trillion cubic feet of gas, and 20 billion barrels of natural gas liquids are trapped in the low-permeability shale formations of United States.
• Unconventional resources led to a revolution in the US energy industry, bringing with it the growing energy independence, an enormous economic windfall, and a stronger geopolitical position through the burgeoning exports in both oil and gas (LNG).
• As of April 2019, 8,390 drilled wells are incomplete in the country, with the Permian basin having the largest share. These wells are expected to be completed in the coming years, creating ample opportunity for wireline services.
• Therefore, the factors above are expected to drive the market in the forecast period, similar to the trend witnessed in recent years.

Competitive Landscape

The North American wireline services market is partially consolidated, with major players holding a big share of the market. Some of the major companies are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International plc, Nextier Oilfield Solutions Inc., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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