Slickline Logging Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.30 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Slickline Logging Services Market Analysis
The slickline services market is expected to witness a CAGR of over 2.3% during the forecast period. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline in demand due to the various lockdowns and restrictions, which resulted in decreased demand for slickline services. The outspread of COVID-19 in Q1 of 2020 resulted in the delay of significant drilling projects worldwide, which in turn has affected the demand for slickline services globally. For Instance: in April 2020, Beach Energy announced a termination notice to Diamond Offshore for its year-long offshore drilling program in the Otway basin in Southern Australia with the semi-submersible Ocean Onyx, citing the logistical difficulties caused by the Covid-19 pandemic services. Factors such as the increased drilling and completion activities globally are driving the demand for slickline services. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the demand for the slickline services market.
- The onshore segment is expected to have the maximum share in the market in 2021. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
- The increasing oil and gas discoveries, coupled with the liberalization in the industry globally, have been leading to the creation of new opportunities for the players to invest in global players.
- North America is estimated to have the maximum share of the slickline services market in 2021. The growth rate of the South America region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region, over the forecast period.
Slickline Logging Services Market Trends
This section covers the major market trends shaping the Slickline Logging Services Market according to our research experts:
Onshore Segment to Dominate the Market
- Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the worldwide oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
- The global crude oil prices have shown signs of recovery and are improving at a good pace, and the onshore projects are easier to kick start than offshore ones. Therefore, riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period, in turn driving the demand for the slickline services market.
- Oil consumption worldwide reached 94,088 thousand barrels daily in 2021, up from 86,568 thousand barrels daily in 2010. Thus with an increase in oil demand, new oil wells are expected to be drilled in the coming years, resulting in an increased demand for slickline services worldwide.
- In 2021, ADONOC Drilling (drilling subsidiary of ADNOC) awarded a five-year USD 3.8 billion contract with Adnoc Onshore for the continued provision of drilling, workover, and other well services.
- In 2021, Saipem was awarded new onshore drilling contracts in the Middle East and South America. The new contracts are worth a total of USD 70 million.
- Hence, with the new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability, which in turn are expected to increase the demand for slickline services market globally.
North America to Dominate the Market
- North America is expected to dominate the slickline services market and is expected to grow at a significant rate over the forecast period.
- In North America, offshore oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening the supply chain, which led to declining offshore drilling costs.
- In terms of policy and government support, the United States federal government launched an auction of more than 80.9 m acres to be leased by the United States government for oil and gas production in 2021.
- The recent development of shale plays, horizontal drilling, and fracking resulted in a massive increase in the country's demand for drilling and completion fluids. For instance, in 2020, extensions and discoveries of 92 million barrels of new proved crude oil reserves were reported, mostly from operators drilling horizontal wells in the Uinta Basin, Colorado, United States.
- The annual oil output of Mexico has been dropping over the years, as the giant Cantrell field in the shallow waters of the Gulf of Mexico is drying up. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico. For instance: in Mexico, private sector firms announced 12 commercial oil and gas discoveries in Mexico between 2017 and 2020.
- Therefore, increasing oil and gas drilling and completion activities in the region are expected to increase the demand for slickline services market over the forecast period in the North American region.
Slickline Logging Services Industry Overview
The slickline services market is partially consolidated, due to the small number of companies operating in the industry. The key players in this market include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford PLC, and Baker Hughes Company.
Slickline Logging Services Market Leaders
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Schlumberger Limited
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Halliburton Company
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China Oilfield Services Limited
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Weatherford International Plc.
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Baker Hughes Company
*Disclaimer: Major Players sorted in no particular order
Slickline Logging Services Market News
- In October 2021, National Energy Services announced several drilling and evaluation service lines in GCC countries, totaling more than USD 150M. It also revealed that the multi-year contracts encompass slickline services, tubular running services, and testing services with multiple national oil companies.
- In September 2021, Reservoir Link Energy Bhd, a subsidiary of Reservoir Link Sdn Bhd, bagged a contract from Sarawak Shell Bhd/Sabah Shell Petroleum Co. Ltd for the provision of slickline equipment and services in Malaysia.
Slickline Logging Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Onshore and Offshore Active Rig Count, till March 2022
4.4 Historic and Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2020-2027
4.5 Historic and Forecast of Offshore CAPEX in USD billion, by Water Depth, 2020-2027
4.6 Historic and Forecast of Offshore CAPEX in USD billion, by Region, 2020-2027
4.7 Major Upcoming Upstream Projects
4.8 Recent Trends and Developments
4.9 Government Policies and Regulations
4.10 Market Dynamics
4.10.1 Drivers
4.10.2 Restraints
4.11 Supply Chain Analysis
4.12 Porter's Five Forces Analysis
4.12.1 Bargaining Power of Suppliers
4.12.2 Bargaining Power of Consumers
4.12.3 Threat of New Entrants
4.12.4 Threat of Substitutes Products and Services
4.12.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Operation
5.1.1 Well Completion
5.1.2 Well Intervention
5.1.3 Logging
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Baker Hughes Company
6.3.3 Schlumberger Limited
6.3.4 Weatherford International Ltd
6.3.5 Vallourec SA
6.3.6 National Oilwell Varco Inc.
6.3.7 Scientific Drilling International Inc.
6.3.8 China Oilfield Services Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Slickline Logging Services Industry Segmentation
The slickline services market report includes:
| Operation | |
| Well Completion | |
| Well Intervention | |
| Logging |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Slickline Logging Services Market Research FAQs
What is the current Slickline Services Market size?
The Slickline Services Market is projected to register a CAGR of greater than 2.30% during the forecast period (2024-2029)
Who are the key players in Slickline Services Market?
Schlumberger Limited, Halliburton Company, China Oilfield Services Limited, Weatherford International Plc. and Baker Hughes Company are the major companies operating in the Slickline Services Market.
Which is the fastest growing region in Slickline Services Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Slickline Services Market?
In 2024, the North America accounts for the largest market share in Slickline Services Market.
What years does this Slickline Services Market cover?
The report covers the Slickline Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Slickline Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Slickline Services Industry Report
The market for Slickline Services is segmented by operation, including well completion, well intervention, and logging, as well as by the location of deployment, covering both onshore and offshore environments. The geographical segmentation spans North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa.
Our industry analysis provides a comprehensive market overview, highlighting key market leaders and their strategies. The industry information includes a detailed market segmentation, offering insights into various market trends and market value. Industry reports and industry research underscore the market's growth rate and market growth, providing a clear picture of the industry's dynamics.
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For a more detailed examination, the report example is available for download as a report PDF, showcasing industry sales and market value. The industry trends and industry outlook are meticulously analyzed, offering a robust market review and a comprehensive market outlook.
Our research companies have compiled this market report to provide valuable insights into market growth, market leaders, and market trends, ensuring that stakeholders are well-informed about the market's future direction. The report is designed to serve as a reliable resource for understanding the market's current status and future potential, supported by industry statistics and market data.
Slickline Services Report Snapshots
