The global slickline services market is growing at a rapid pace. The market growth predominantly attributes to favorable government policies of slickline infrastructure dockets. Moreover, the growing oil industry with sustaining supply-demand balance and other macroeconomic factors drive the slickline services market size. The oil and gas industry has steadily been growing over the past few years, witnessing rapid discoveries of reservoirs.

Slickline Services Market share is expected to exceed USD 960 million by the end of 2030, with a CAGR of 5.9% during the forecast period.

Key Players

·       Schlumberger Limited (US)

·       China Oilfield Services Limited (China)

·       Halliburton Company (US)

·       Weatherford International Plc. (US)

·       Baker Hughes Company (US)

·       AOS Orwell Ltd. (Nigeria)

·       Archer Ltd. (UK)

·       Expro Holdings UK 2 ltd. (UK)

·       National Oilwell Varco (US)

·       Superior Energy Services Inc. (US)

·       Reliance Oilfield Services (US)

·       Altus Intervention (Norway)

·       National Energy Services Reunited Corp (US)

·       HLS Asia Limited (India)

·       Wellmax (India) 

Favorable Government Policies for EnP Development Projects are Major Market Trends

The slickline services market outlook looks extremely promising. Growing mining and power industries worldwide and huge R&D investments made by industry players to improve slickline services drive the market growth. Spurring rise in mining industries across the world and the booming demand for removing rare earth elements drive the slickline services market shares. 

Emerging regions present many untapped opportunities for the slickline services market. Furthermore, growing government mandates & policy updates in developing countries offer significant opportunities to market players. Rising mature oil wells and field development activities foster the slickline services market value. Moreover, advances in oil extraction techniques, cabling technology, and cost-effective maintenance methods of the wellbores boost the market growth.

COVID-19 Impacts 

The slickline services industry was severely affected by the COVID-19 pandemic. Lockdown mandates worldwide initiated to control the spread of the virus disrupted the production and sales, hampering the supply chain on a global scale. Besides, the pandemic disrupted and halted exports of the raw materials required for production, affecting the market landscape. 

Moreover, the changing consumer purchasing patterns due to economic uncertainties affected the market demand vastly. However, the market is rapidly returning to normalcy as the demand for slickline services gradually increases. Further, the market is estimated to witness a speedy recovery with the gradual reopening of major EnP activities.  

Segmentation

The slickline services market analysis is segmented into slickline tools, applications, and regions. The slickline tools segment is sub-segmented into pulling tools, gauge cutter, downhole bailer, bridge plug, and others. Among these, the pulling tools segment holds the largest market share due to their uses in retrieving seated components such as plug prongs. 

The segment is estimated to grow at the highest rate during the forecast period. The application segment is sub-segmented into onshore and offshore. The region segment is bifurcated into Asia Pacific, Americas, Europe, and rest-of-the-world.

Regional Analysis

North America dominates the global slickline services market. The region houses a large number of technology developers and futuristic infrastructure, offering a favorable platform for the market to evolve significantly. As a result, the market perceives a higher growth in developments and early adoption of innovative technologies in the oil and gas industries. 

Besides, increasing exploration and rock study activities for shale oil, oil sands, and carbonate rocks drive the slickline services market growth. Also, rising shale oil production and overall oil production in the US exponentially contribute to the region’s slickline services market shares. The presence of major market players and increasing demand for energy act as key driving forces for regional market growth.

Competitive Analysis

The slickline services market would witness several strategic initiatives, such as collaborations, mergers & acquisitions, expansions, and product launches. Key industry players make substantial strategic investments to drive their research and development activities and expansion plans. 

For instance, recently, on Aug.25, 2021, Deleum Bhd announced its return to the black in the second quarter (Q2), recording a net profit of RM1.56 MN from a net loss of RM11.15 MN registered in the same quarter a year ago. The improved performance was attributed to favorable movement in foreign exchange differences and non-occurrence of the one-off impairment charges on the slickline operating assets and corporate long-term other receivables. 

Also, the company said that the profit increase was due to stronger operating margins recorded on the back of a positive change in the sales mix of products and services and lower write-offs made on inventories and other receivables from the oilfield services segment. 

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