Wireline Service Market: In-depth Analysis, Demand Statistics & Competitive Outlook 2022-2028

Stratview Research published a new report on the “Wireline Service Market” that offers detailed segmentation of the market based on Service Type, Application Type, Hole Type, Wireline Type, and Region.
According to the report, the wireline service market was valued at USD 8.1 billion in 2021 and is likely to grow at a CAGR of 2.25% during 2022-2028 to reach USD 9.5 billion in 2028.
The major factors propelling the growth of the market are aging reservoirs and increasing oil production.
COVID-19 IMPACT
Lockdown in transportation, industrial and commercial operations and a halt in upcoming exploration projects caused due to the spread of the Covid-19 virus posed a big threat to the global wireline service market. The virus outbreak most significantly impacted the downstream oil market resulting from the crash in crude oil prices, eventually leading to reduced production and exploration activities. These factors led to a huge decline in the demand for the wireline service market.
What is wireline service?
Wireline service is the regular and frequent maintenance of a wellbore using wireline tools or equipment so that well-completion operation can be accomplished following further processes. The tools used in the process are designed in such a way that they function and help in taking down any type of instrument in and out of the wellbore.
Key Market Players –
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- Weatherford International PLC
- Superior Energy Services.
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