Slickline
Services Market Insights
The slickline
services market is estimated to grow at a moderate CAGR during the forecast
period. Aging reservoirs, lifting of Iranian oil export sanctions and
increasing oil production among others are some of the factors driving the
market growth of slickline services market across the globe. slickline
equipment consists of jar, stem, gauge cutter, pulling tools, downhole bailer,
lead impression block, sample bailer, stroke bailer among others.
The slickline
services involve the placement and recovery of wellbore hardware such as plugs,
gauges, and valves, which is dependent on drilling and production activities.
Growth in upstream activities is expected to boost the market growth during the
forecast period. Increasing number of wells completion has increased the demand
for slickline services. However, the number of well completion was reduced to
almost half during 2014 to 2016 due to the downturn in oil & gas industry,
which has hampered the market growth. In year 2017 revival of drilling
activities was witnessed in several countries such as Canada, U.S., U.A.E, and
Iraq among others. Iranian Oil export sanctions were also lifted during the
period, allowing the country to start exporting the oil. This has led to
increase in E&P investments in the country, thereby increasing oil
production.
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Slickline
Services Market: By Location of Deployment
The slickline
services market can be segmented based on location of deployment into onshore
and offshore segment. Onshore segment is expected to hold the largest market
share in terms of revenue. This strong hold can be attributed to various
factors such as increasing demand for slickline services across the world,
lower drilling cost of onshore fields, presence of large number of onshore
sites, and increasing dependency on conventional oil & gas among others.
The market growth can also be attributed to the ease of mobility in onshore
regions, which permits multiple practices of slickline services. However market
for offshore activity is expected to grow at high CAGR during the forecast
period. This growth can be attributed to increasing offshore operations of oil &
gas extraction, well completion, and logging operation. Increasing offshore oil
and gas operations majorly in Middle East, Brazil, North Sea, Gulf of Mexico
and the Caspian Sea is expected to increase the CAGR of slickline services
during the forecast period.
Slickline
Services Market: By Operation
The slickline
services market can be segmented on the basis of operation into well
completion, well intervention, and logging segments. Well completion segment is
expected to hold the largest market share in the forecasted period owing to
increased drilling of conventional oil & gas fields in the onshore regions
across the globe. Other factors such as rising demand for oil & gas
products across the world has resulted in rapid increase in the offshore drilling
and well completion activities. Stabilized crude oil price, and lower breakeven
price has increased the drilling activities which in turn has increased the
well completion activity.
Slickline
Services Market: Regional Insights
North America holds
the dominant position in the slickline services market and is anticipated to
continue its dominance over the forecast period. The U.S and Canada are the
major countries contributing to the growth of slickline services market.
Increasing production of shale gas in U.S., and increased offshore production
in the U.S Gulf of Mexico are some of the factors driving the market growth of
slickline services in the region. Increasing number of well completion
activities in North America is another factor driving the market growth for
slickline services. North America accounts for approximately 50% of total
active rig counts across the globe. The region amounts for large number of
advanced rig counts which are equipped with various latest and advanced
technologies for maintenance and effective monitoring, which is boosting the
demand for slickline services. Moreover presence of key market players is
another factor propelling the growth of sickline services market.
Slickline
Services Market: End-Use Landscape
The end-use landscape
entails a list of current and prospective consumers prevailing across the
regions. This section provides company addresses, contact details, products,
and regional presence of companies who are purchasing or are likely to purchase
slickline services over the coming years. Some companies which are currently
using slickline services and are likely to purchase it in future such as Rio
Tinto, BHP Billiton, Freeport McMoRan Copper & Gold, Glencore Xstrata,
China Shenhua Energy, and Vale among others.
Slickline
Services Market: Vendor Landscape
The report contains a
chapter dedicated to vendors operating in the market, covering raw material
manufactures, equipment developers, manufacturers, and distributors. The report
provides these insights on a regional level. This section of the report entails
contact details, experience, products manufactured/supplied, and geographical
presence of companies.
Slickline
Services Market Share & Competitor Analysis
Some of the key players operating in the slickline services market
are Halliburton Company,
Schlumberger Limited, Baker Hughes Incorporated, Superior Energy Services,
Weatherford International PLC, Pioneer Energy Services Corp., Archer Limited,
C&J Energy Services Ltd., Basic Energy Services, Inc., National Oilwell
Varco, Inc., Reliance Oilfield Services, and Altus Intervention among others.
In January 2017,
Schlumberger Limited announced successful acquisition of Peak Well Systems, the
company is engaged in the designing and manufacturing of advanced downhol tools
to extend well life, and restore well integrity.
In April 2016,
Schlumberger Limited signed an agreement to acquire Meta Downhole, the company
offers downhole isolation products using its METAMORPHOLOGY technology.
In October 2010,
Baker Hughes completed the acquisition of JOA Oil & Gas, the company offers
reservoir and geological simulation software and also incorporates support and
services for oil & gas industries.
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