Market Analysis
The global slickline services market is likely to grow at a healthy CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Slickline refers to single strand cable or wire which is launched into a well for delivering or retrieving downhole hardware. The hardware components comprise gauges, valves, and plugs, and other tools which can be adjusted with slickline tools.
Various factors are fuelling the global slickline services market share. As per the recent MRFR market estimates, such factors include the increasing oil and gas exploration, growing efforts towards oil and gas production in mature oilfields, and recovery in oil and gas prices.
On the contrary, process complexities involved in slickline services, volatility of oil prices, gap between call and supply, impact of the COVID-19 pandemic, and geopolitics may limit the global slickline services market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global slickline services market based on application and slickline tools.
By slickline tools, the global slickline services market is segmented into bridge plug, downhole bailer, gauge cutter, pulling tools, and others. Of these, the pulling tools segment will lead the market over the forecast period as these tools are used to retrieve seated components like plug prongs.
By application, the global slickline services market is segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period.
Regional Analysis
By region, the global slickline services market covers the recent trends and growth opportunity across North America, South America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will remain the forerunner in the market over the forecast period. Increasing per capita energy consumption, increase in EP of oil and gas as they are used to retrieve and deliver downhole tools and helps in oil and gas production, rise in the production of oil and gas in the US, increasing production of crude oil, increase in the number of oil and gas projects both offshore and onshore, increasing investments in production and exploration activities, and rise in government initiatives are adding to the global slickline services market growth in the region. Canada and the US hold the utmost market share.
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In Europe, the global slickline services market is predicted to have promising growth over the forecast period for development of unconventional oil and gas exploration activities like shale.
In the APAC region, the global slickline services market is predicted to have favorable growth over the forecast period for the increasing oil and gas exploration activity. Thailand, Australia, Indonesia, India, and China hold the utmost market share.
In South America and the MEA, the global slickline services market is predicted to have steady growth over the forecast period for growing investment in oil and gas exploration activities. Besides, the UAE and Saudi Arabia are the biggest oil and gas exporters, the presence of well-established hydrocarbon reserves, rise in new oil reserves discovered in the deep-water regions of Nigeria, and increasing investments being made to explore potential new reserves are adding to the global slickline services market growth in the region.
Key Players
The leading players profiled in the global slickline services market report include Wellmax (India), HLS Asia Limited (India), National Energy Services Reunited Corp (US), Altus Intervention (Norway), Reliance Oilfield Services (US), Superior Energy Services Inc. (US), National Oilwell Varco (US), Expro Holdings UK 2 ltd. (UK), Archer Ltd. (UK), AOS Orwell Ltd. (Nigeria), Baker Hughes Company (US), Weatherford International Plc. (US), Halliburton Company (US), China Oilfield Services Limited (China), and Schlumberger Limited (US), among others.
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The global slickline services market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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