Slickline Services Market – Industry Analysis and Forecast (2022-2027) by Slickline Tools, Application and Regions

Slickline Services Market size was valued at US$ 8.71 Bn. in 2021 and the total revenue is expected to grow at 2.4% through 2022 to 2027, reaching nearly US$ 10.04 Bn.
Slickline Services Market Overview:
During the period 2022-2027, the global slickline services market is predicted to increase at a CAGR of around 2.4 percent. Due to the many lockdowns and restrictions imposed by the COVID-19 pandemic, the oil and gas industry saw a considerable drop in demand, resulting in lower demand for slickline services. Furthermore, the global spread of COVID-19 in Q1 2020 has caused substantial drilling operations to be delayed, affecting demand for slickline services. For example, in April 2020, Beach Energy issued a termination notice to Diamond Offshore for their year-long offshore drilling programme with the semi-submersible Ocean Onyx in the Otway basin in Southern Australia, citing logistical challenges caused by the Covid-19 pandemic services. Demand for slickline services is being driven by factors such as increased drilling and completion activity around the world. However, the current volatility in oil prices, owing to the supply-demand gap, geopolitics, and a variety of other issues, has slowed the expansion of the slickline services business.



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Slickline is a single-strand wire used to run a variety of tools down into the wellbore for various purposes. It's utilized in the oil and gas industry for well drilling activities. It can also refer to a specific section of the trade that involves using a slickline vehicle or performing a slickline job. Slickline resembles a long, smooth, upbraided wire with a bright silver/chrome appearance. It comes in a variety of lengths to match the depth of the wells within the space. It is used to lower and lift downhole tools in oil and gas wells to the appropriate depth of the trained well.
Slickline Services Market Dynamics:
With the continuous rise of industrialization around the world, the market for crude oil is in constant demand. As a result, oil and gas exploration activities have increased significantly over the world. The rise in demand for slickline services in the industry is largely due to the increased number of exploratory activities. Because of the low operational expenses, onshore drilling is becoming more common. Several maintenance and other chores, such as garbage collection and downhole plug replacement, must be completed to ensure maximum productivity from these wells. For a higher production rate, all of these processes necessitate effective slickline services. Several large corporations are currently investing extensively in drilling new wells in order to meet market demand for fuel. For example, ONGC has announced plans to drill over 200 wells in the Indian state of Assam in 2019. Slickline services are projected to rise in the near future as a result of these advancements. However, market growth is constrained by fluctuating crude oil prices. The shift from traditional to digital services, which are perceived to be more capable of performing more tasks and providing better control and monitoring capabilities, particularly for downhole operations, is driving up demand in the market, allowing it to maintain a steady growth path over the forecast period. Furthermore, precise monitoring of tension, deviation, and temperature contributes to the appeal of digital services. Oil consumption in 2020 was 88,696 thousand barrels per day, up from 86568 thousand barrels per day in 2010, indicating an increase in oil demand.

Several macro shifts in the dynamics of overall Technical Services procurement trends, as well as Slickline Services procurement trends, are ready to alter business practices and procurement laws. The most common reason for employing Slickline Services is a lack of skilled in-house employees. More and more Slickline Services buyers are looking for suppliers who follow lean business principles in order to acquire highly optimized services and resources that protect them from cost overruns in part. Suppliers are incorporating self-service solutions like virtual agents into their customer care ecosystems to help consumers handle issues faster and for less money. Category managers must consider the implications of these developments and reconsider the modifications that must be made to their procurement methods.
Slickline Services Market Segment Analysis:
Based on Slickline Tools, the Slickline Services Market is segmented into Pulling Tools, Gauge Cutter, Downhole Bailer, Bridge Plug and Others. Because Pulling tools are used to reclaim seated components such as plug pins, they are predicted to have the largest market share and increase at the fastest rate during the forecast period. Almost all drag tools have a safety function that allows the tool chain to surface for component modifications when a trapped tool is released. All of these variables are to blame for the greatest market share of traction tools.

Based on Application, the Slickline Services Market is segmented into Offshore and Onshore Services. Onshore drilling refers to all drilling that takes place on dry land and accounts for 70% of global oil production. Onshore drilling is comparable to offshore drilling, but it avoids the difficulties of drilling in deep water between the platform and the oil. So Onshore services dominates the Slickline Services Market.


Slickline Services Market Regional Insights:
The slickline services market is likely to be dominated by North America, which is expected to grow at a substantial rate throughout the forecast period. Offshore oil and gas projects in North America are becoming more competitive as efficiency and the supply chain tighten, resulting in lower offshore drilling expenses. The US federal government has initiated an auction of more than 80.9 million acres for oil and gas extraction to be leased by the US government in 2021. Furthermore, the recent growth of shale plays, horizontal drilling, and fracking has resulted in a tremendous increase in drilling and completion fluid demand in the country. For example, in 2020, operators drilling horizontal wells in the Uinta Basin reported extending and discovering 92 million barrels of new proved crude oil reserves. United States, Colorado,

Mexico's annual oil output has been declining in recent years as the massive Cantrell field in the Gulf of Mexico's shallow waters has dried up. However, the Mexican government is attempting to stimulate private investment in regions of the Gulf of Mexico that it controls. For example, between 2017 and 2020, private sector companies in Mexico have declared 12 commercial oil and gas finds. As a result, rising oil and gas drilling and completion activities in the region are likely to boost slickline services demand.

The objective of the report is to present a comprehensive analysis of the Slickline Services market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Slickline Services market dynamics, structure by analyzing the market segments and project the Slickline Services market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Slickline Services market make the report investor’s guide.
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Global Slickline Services Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 8.71 Bn.


Forecast Period 2022 to 2027 CAGR:
2.4 %
Market Size in 2027:
US $ 10.04 Bn.


 Segments Covered:
by Slickline Tools
• Pulling Tools
• Gauge Cutter
• Downhole Bailer
• Bridge Plug
• Others


by Application
• Onshore
• Offshore



Slickline Services Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Slickline Services Market Key Players
• Pioneer Energy Services Corp. (U.S.)
• Weatherford International PLC (U.S.)
• C&J Energy Services Ltd. (U.S.)
• National Oilwell Varco (U.S.)
• Halliburton Company (U.S.)
• Expro Group (U.K.)
• Schlumberger Limited (U.S.)
• Reliance Oilfield Services (U.S.)
• Superior Energy Services Inc. (U.S.)
• Basic Energy Services Inc. (U.S.)
• Altus Intervention (Norway)
• Baker Hughes (U.S.)
• GE Co. (U.S.)
• Archer Limited (Norway)

Frequently Asked Questions:

1. What is the forecast period considered for the Slickline Services market report?
Ans. The forecast period for the Slickline Services market is 2022-2027.

2. What segments are covered in the Slickline Services Market Report?
Ans. The Slickline Services Market is segmented by

3. What is the compound annual growth rate (CAGR) of the Slickline Services market for the forecast period?
Ans. The Slickline services market is forecasted to grow at CAGR of 2.4%.

4. Which is the dominating segment by Application in the Slickline Services market?
Ans. Onshore service segment dominated the Slickline Services Market.

5. Which country is expected to hold the largest share in Slickline Services market?
Ans. U.S. is expected to hold the largest market share in Slickline Services Market.