Market Size of Slickline Services Industry
| 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 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 Services Market Size Summary
The slickline services market is poised for growth, driven by increased drilling and completion activities globally. The market experienced a downturn due to the COVID-19 pandemic, which led to delays in significant drilling projects and a subsequent decline in demand for slickline services. However, the recovery of global crude oil prices and the ease of initiating onshore projects compared to offshore ones are expected to bolster the market. The onshore segment is anticipated to hold a substantial share, as onshore drilling accounts for a significant portion of worldwide oil production. The market is also witnessing new opportunities due to oil and gas discoveries and industry liberalization, particularly in regions like North America and South America, where oil and gas activities are on the rise.
North America is expected to dominate the slickline services market, with significant growth anticipated over the forecast period. The region's offshore projects are becoming more competitive, and government support in the United States is fostering oil and gas production. Despite challenges in Mexico, efforts to increase private investments in the Gulf of Mexico are underway. The market is partially consolidated, with key players such as Schlumberger Limited, Halliburton Company, and Baker Hughes Company leading the industry. Recent contracts and investments in onshore oil and gas projects, along with the exploration of unconventional resources, are set to drive the demand for slickline services globally.
Slickline 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, till March 2022
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1.4 Historic and Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2020-2027
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1.5 Historic and Forecast of Offshore CAPEX in USD billion, by Water Depth, 2020-2027
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1.6 Historic and Forecast of Offshore CAPEX in USD billion, by Region, 2020-2027
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1.7 Major Upcoming Upstream Projects
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1.8 Recent Trends and Developments
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1.9 Government Policies and Regulations
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1.10 Market Dynamics
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1.10.1 Drivers
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1.10.2 Restraints
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1.11 Supply Chain Analysis
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1.12 Porter's Five Forces Analysis
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1.12.1 Bargaining Power of Suppliers
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1.12.2 Bargaining Power of Consumers
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1.12.3 Threat of New Entrants
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1.12.4 Threat of Substitutes Products and Services
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1.12.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Operation
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2.1.1 Well Completion
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2.1.2 Well Intervention
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2.1.3 Logging
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Slickline Services Market Size 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.
