Market Size of Middle East Wireline Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.62 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle-East Wireless Services Market Analysis
The Middle-East wireline services market is expected to witness a CAGR of 2.62% during the forecast period. Due to the COVID-19 pandemic, the wireline services market was affected adversely as oil and gas exploration, and production processes were put on halt due to a lack of demand from end-users. Factors such as increasing demand for oil and natural gas and growing investments in the upstream oil and gas sectors across the region are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period. As exploration and production costs are increasing, wire logging services become essential to optimize asset investment and reduce costs. However, the crude oil prices have been highly volatile between 2019 and 2022, fluctuating between USD 60 per barrel in 2019 and USD 25 per barrel by 2020, and about USD 92 barrel in February 2022. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is expected to hinder the market during the forecast period.
- The increasing exploration activities in the offshore region are expected to boost the demand for the wireline services market during the forecast period, thus making it a dominating segment.
- The shift of the projects from offshore to onshore, shallow waters to deep waters and ultra-deep waters is an opportunity for the wireline service providers to innovate and come up with products suitable and customized to the harsh climatic conditions of offshore basins.
- Saudi Arabia is expected to drive the wireline services market in the region, followed by United Arab Emirates (UAE), Iran, and others.
Middle-East Wireless Services Industry Segmentation
The Middle-East wireline services market report includes:
| Deployment | |
| Onshore | |
| Offshore |
| Type | |
| Electric Line | |
| Slick Line |
| Hole Type | |
| Open Hole | |
| Cased Hole |
| Geography | |
| Saudi Arabia | |
| Iran | |
| United Arab Emirates | |
| Rest of Middle-East |
Middle East Wireline Services Market Size Summary
The Middle-East wireline services market is poised for growth, driven by increasing demand for oil and natural gas and significant investments in the upstream oil and gas sectors. Despite the adverse impact of the COVID-19 pandemic, which halted exploration and production activities, the market is expected to recover as exploration and production costs rise, making wire logging services essential for optimizing asset investments. The volatility of crude oil prices, however, remains a concern, potentially hindering market growth. The shift in exploration activities from offshore to onshore and from shallow to deep waters presents opportunities for wireline service providers to innovate and develop products tailored to the challenging conditions of offshore basins. Saudi Arabia is anticipated to be a key driver of market growth, followed by the UAE and Iran, with offshore exploration activities expected to dominate the market.
The offshore oil and gas drilling sector, previously subdued due to low crude oil prices, is showing signs of recovery, which is expected to positively impact the wireline services market. The improvement in Brent crude oil prices and cost reduction programs have restored investor confidence, leading to renewed investment decisions in previously canceled projects. Notable developments, such as ENI's gas discovery in Abu Dhabi, are expected to bolster the wireline market. Saudi Arabia, with its substantial oil reserves and consistent production rates, is set to experience significant growth in wireline services, supported by government policies aimed at enhancing oil and gas production. The market is moderately fragmented, with key players like Schlumberger, Halliburton, and Baker Hughes playing pivotal roles. Projects such as the rehabilitation of the Zubair Oil Field in Iraq and the development of sour gas fields in Abu Dhabi are expected to provide substantial opportunities for wireline services in the region.
Middle East Wireline Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Onshore and Offshore Active Rig Count and Forecast, till 2027
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1.4 Major Upcoming Upstream Projects
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION AND ANALYSIS (Qualitative Analysis)
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2.1 Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Type
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2.2.1 Electric Line
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2.2.2 Slick Line
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2.3 Hole Type
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2.3.1 Open Hole
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2.3.2 Cased Hole
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2.4 Geography
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2.4.1 Saudi Arabia
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2.4.2 Iran
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2.4.3 United Arab Emirates
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2.4.4 Rest of Middle-East
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Middle East Wireline Services Market Size FAQs
What is the current Middle East Wireline Services Market size?
The Middle East Wireline Services Market is projected to register a CAGR of greater than 2.62% during the forecast period (2024-2029)
Who are the key players in Middle East Wireline Services Market?
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Expro Group and Weatherford International Plc are the major companies operating in the Middle East Wireline Services Market.
