Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9 billion in 2023 global slickline services market will reach USD 12.09 billion in 2033. Within the oil and gas sector, slickline services are vital. They are essential for oil maintenance and help with oil exploration. A collection of thin, solid wires that are used in oil wells to easily accomplish a variety of activities and operations are known as slickline services. Surface equipment, downhole tools, and slickline cable are the three main categories of slickline services' constituents. As the name implies, slickline cable is a type of solid stainless-steel wire. Other metals or alloys with great strength can also be used to make them. It comes in a range of sizes. Surface equipment includes things like drums, reels, and measuring devices that help slickline cable work. Slickline cable is also aided by downhole tools. A less intrusive technique for oil exploration and maintenance is slickline wire. Slickline services also make well surveys and inspections easier. They support the oversight and improvement of operations related to oil and gas exploration. It is an affordable way to keep an eye on and maintain wells. Installing it is simple.
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Key Insight of the Global Slickline services Market
North America will dominate the market during the forecast period.
The vast and unexplored oil and gas sector provides a favourable atmosphere for the development of slickline services in the area. Given the existence of major market players in the area, access to modern slickline services contributes to the growth of the regional market. The industry's regulatory environment is likewise favourable and supports the expansion of that sector. The expansion of the business in the area is further aided by the increasing amount of offshore exploration activity.
In 2023, the pulling tools segment dominated the market with the largest market share of 35% and revenue of 3.15 billion.
The tools segment is divided into pulling tools, gauge cutter, downhole bailer, bridge plug and others. In 2023, the pulling tools segment dominated the market with the largest market share of 35% and revenue of 3.15 billion.
In 2023, the onshore segment dominated the market with the largest market share of 56% and revenue of 5.04 billion.
The application segment is divided into offshore and onshore. In 2023, the onshore segment dominated the market with the largest market share of 56% and revenue of 5.04 billion.
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Advancement in market
The Well Intervention section of WSG was sold, and the proceeds will be used to launch a period of international expansion for the newly rebranded WSG Energy Services (WSGES). Following a significant restructuring, WSGES will now concentrate on expanding its market position in Process, Pipeline & Industrial Services (PPIS) after selling off its conventional Well Intervention offering, which included coil tubing and slickline services. The contract contains no redundant elements. The money raised from the sale of the Well Intervention division to Excellence Logging (Exlog) will be utilized to finance additional acquisitions and to continue research and development aimed at improving the company's emissions management technologies and procedures, which are in high demand from energy companies seeking to achieve net-zero emissions.
Market Dynamics
Driver: The growing need for energy.
The need for energy has increased due to the growing population, rapid urbanisation, and industrialisation. The demand for energy has also increased due to positive economic growth and rising consumer disposable income. The expanding automation and digitisation of sectors also contribute to the rising energy demands. In order to swiftly meet this demand, further oil and gas exploration will be made possible by the growing energy needs. Fossil fuels remain the primary source of energy due to their established, rapid, and effective characteristics. The effects of fossil fuel exploration and extraction on the environment, however, are also a source of increasing worry. Slickline services provide less intrusive oil exploration that addresses environmental concerns as well, allowing the oil and gas industry to manage the growing need for energy. As a result, the growth of the global slickline services market will be driven by the rising demands for energy.
Restraints: Operational restrictions.
Slickline services can't support real-time data collecting and monitoring because they're more mechanical than digital or automated. Slickline cables' strength also restricts how much weight they can support, which in turn limits how well they work. The ability to operate slickline services is further restricted by the structural complexity of wells with intricate or difficult pathways. The industry's rigorous standards and harsh environmental conditions necessitate frequent repair, which further restricts operation. Thus, the expansion of the market will be hampered by the operational limits of slickline services in more difficult and intricate exploration projects.
Opportunities: developments in technology.
Slickline services' technological innovations increase operational effectiveness, decrease downtime, and boost safety. The accuracy and dependability of slickline services are increased by the incorporation of smart technologies that provide real-time monitoring and analysis. Thus, during the projected time, technology developments will propel the growth of slickline services globally.
Challenges: Environmental concerns.
Slickline services are considered less invasive than open well operations. However, they still contribute to negative environmental consequences. It can cause soil and water pollution. It can also lead to land pollution in the face of improper disposal of waste. It can also cause disruption to the biodiversity and ecology. therefore, environmental concerns of slickline services will challenge the market’s growth.
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Some of the major players operating in the global slickline services market are:
• Altus Intervention
• AOS Orwell Ltd.
• Archer Ltd.
• Baker Hughes Company
• China Oilfield Services Limited
• Expro Holdings UK 2 ltd.
• Halliburton Company
• National Oilwell Varco
• Reliance Oilfield Services
• Schlumberger Limited
Key Segments covered in the market:
By Tools
• Pulling Tools
• Gauge Cutter
• Downhole Bailer
• Bridge Plug
• Others
By Application
• Offshore
• Onshore
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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