Middle-East Wireless Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.62 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle-East Wireless Services Market Analysis
The Middle-East wireline services market is expected to witness a CAGR of 2.62% during the forecast period. Due to the COVID-19 pandemic, the wireline services market was affected adversely as oil and gas exploration, and production processes were put on halt due to a lack of demand from end-users. Factors such as increasing demand for oil and natural gas and growing investments in the upstream oil and gas sectors across the region are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period. As exploration and production costs are increasing, wire logging services become essential to optimize asset investment and reduce costs. However, the crude oil prices have been highly volatile between 2019 and 2022, fluctuating between USD 60 per barrel in 2019 and USD 25 per barrel by 2020, and about USD 92 barrel in February 2022. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is expected to hinder the market during the forecast period.
- The increasing exploration activities in the offshore region are expected to boost the demand for the wireline services market during the forecast period, thus making it a dominating segment.
- The shift of the projects from offshore to onshore, shallow waters to deep waters and ultra-deep waters is an opportunity for the wireline service providers to innovate and come up with products suitable and customized to the harsh climatic conditions of offshore basins.
- Saudi Arabia is expected to drive the wireline services market in the region, followed by United Arab Emirates (UAE), Iran, and others.
Middle-East Wireless Services Market Trends
This section covers the major market trends shaping the Middle-East Wireline Services Market according to our research experts:
Offshore to Dominate the Market
- The offshore oil and gas drilling sector has been subdued in the past few years, mainly due to the crude oil price being lower than the breakeven price of several offshore oil and gas fields. As a result, the demand in the oil and gas wireline services market was negatively impacted.
- The Brent crude oil price started showing signs of improvement after the COVID-19 pandemic and remained well above USD 60 per barrel throughout 2021. This, coupled with the cost reduction program of upstream oil and gas companies, gained investors' confidence for final investment decisions for projects which got canceled during the low commodity price environment.
- For instance, in 2022, ENI, an Italian gas company, made a gas discovery in offshore Block 2 in Abu Dhabi, and it is estimated that the well has around 1.5-2 trillion cubic feet of raw gas, and the completion of the well is expected to be completed by the second quarter of 2022. These new offshore exploration projects would directly aid the Middle-East wireline market.
- Hence, the offshore segment is expected to dominate the market during the forecast period.
Saudi Arabia to Dominate the Market
- The Kingdom of Saudi Arabia is one of the biggest global oil producers, with the production of 11.3 million barrels per day in 2020, according to the BP Statistical Review of World Energy 2021.
- The Kingdom of Saudi Arabia holds the second-largest proven oil reserves in the world after Venezuela. Saudi Aramco, the country's largest oil and gas company, is continuously engaged in exploration and development in order to compensate for declining fields elsewhere.
- The crude oil production rate has been consistent in Saudi Arabia, even during the distressful period in the industry, when crude oil prices plunged to a very low level in recent years.
- Oil and gas drilling activity in Saudi Arabia is anticipated to increase on account of government policy to drive the oil and gas production in the country. The policy to drive upstream activity will likely promulgate the oil and gas wireline services market in the near future.
- For instance, in November 2021, Saudi Arabian Oil company announced the development of the Jafurah unconventional gas field, where the company awarded an engineering, procurement, and construction contract worth USD 10 billion.
- Therefore, due to the above-mentioned points, the wireline services are expected to witness significant growth in Saudi Arabia during the forecast period.
Middle-East Wireless Services Industry Overview
The Middle-East wireline services market is moderately fragmented. Some of the key players include Schlumberger Limited, Halliburton Company, Baker Hughes Company, Expro Group, and Weatherford International PLC.
Middle-East Wireless Services Market Leaders
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Schlumberger Limited
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Halliburton Company
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Baker Hughes Company
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Expro Group
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Weatherford International Plc
*Disclaimer: Major Players sorted in no particular order
Middle-East Wireless Services Market News
- In 2021, Zubair Oil Field in Iraq entered the rehabilitation and enhanced re-development phase for the cost of USD 18 billion, and the field has 4.5 billion of proven reserves. The project is aimed to increase the production to the plateau of 700,000 barrels per day.
- In 2021, Abu Dhabi National Oil Company (ADNOC) announced the development of Hail and Ghasha sour gas fields, and it is intended to produce 1.5 billion cubic feet per day. It is expected to increase the production of gas in Abu Dhabi by 18% and can be a great opportunity for wireline services.
Middle-East Wireless Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Onshore and Offshore Active Rig Count and Forecast, till 2027
4.4 Major Upcoming Upstream Projects
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION AND ANALYSIS (Qualitative Analysis)
5.1 Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Type
5.2.1 Electric Line
5.2.2 Slick Line
5.3 Hole Type
5.3.1 Open Hole
5.3.2 Cased Hole
5.4 Geography
5.4.1 Saudi Arabia
5.4.2 Iran
5.4.3 United Arab Emirates
5.4.4 Rest of Middle-East
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Schlumberger Limited
6.3.2 Halliburton Company
6.3.3 Baker Hughes Company
6.3.4 Expro Group
6.3.5 Weatherford International PLC
6.3.6 OilServ FZCO
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Middle-East Wireless Services Industry Segmentation
The Middle-East wireline services market report includes:
| Deployment | |
| Onshore | |
| Offshore |
| Type | |
| Electric Line | |
| Slick Line |
| Hole Type | |
| Open Hole | |
| Cased Hole |
| Geography | |
| Saudi Arabia | |
| Iran | |
| United Arab Emirates | |
| Rest of Middle-East |
Middle-East Wireless Services Market Research FAQs
What is the current Middle East Wireline Services Market size?
The Middle East Wireline Services Market is projected to register a CAGR of greater than 2.62% during the forecast period (2024-2029)
Who are the key players in Middle East Wireline Services Market?
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Expro Group and Weatherford International Plc are the major companies operating in the Middle East Wireline Services Market.
What years does this Middle East Wireline Services Market cover?
The report covers the Middle East Wireline Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East Wireline Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle-East Wireless Services Industry Report
Statistics for the 2024 Middle-East Wireless Services market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Middle-East Wireless Services analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
