North America Wireline Services Market - Growth, Trends, and Forecast (2018 - 2023)
In 2016, North America accounted for one-fifth of the global oil production and one-fourth of global gas production. The drilling activity in the region had witnessed significant growth during 2016-2017, i.e., after the stability in oil prices. During the forecast period, the oil & gas drilling and production activities are expected to increase significantly, owing lower breakeven oil prices, change in the policy of major oil producing countries in the region, and recovery in oil prices, which, in turn, is expected to drive the wireline services market.
Increasing Exploration and Production Activities to Drive the Market
Crude oil price crisis, after mid-2014, had an adverse effect on the exploration and production activity in North America. The decline in oil prices continued for almost two years touching as low as USD 30 per barrel and started to increase after mid-2016. In November 2017, it crossed USD 60 per barrel mark. After an increase in oil prices, the drilling activity in the region also increased. The average yearly rig count of the region increased from 660 in 2016 to 1099 in 2017. Further, exploration and production activity is expected to increase in the region due to the removal of the ban on upstream activities from the US coastline waters. Growing drilling and production activities are expected to drive the wireline services market in the region during the forecast period.
The United States to Lead the Growth of Market during the Forecast Period
During 2014-17, the shale oil breakeven price in the United States dropped by more than 50%. The offshore oil production breakeven prices had also dropped significantly. The oil production from its two most prominent fields, Permian Basin of Texas and Gulf of Mexico, had registered a CAGR of about 13.5% during the 2014-17 period. With stability in oil prices, decreasing breakeven oil prices, and government policy to allow the exploration & production in the US waters, the oil & gas drilling and production activity is expected to increase significantly, which, in turn, is expected to support significant growth of the US market.
Key Developments in the Market
May 2018: Keane Group announced the acquisition of RockPile Energy Services, a provider of completion services. The acquisition is expected to help Keane Group with acquiring a higher share of completion services market in the United States.
The Major Players Include - Baker Hughes A GE Company, Halliburton Company, Pioneer Energy Services Corp., Schlumberger Limited, SGS S.A., Weatherford International Plc, OiLSERV, and Expro Group, amongst others.
Reasons to Purchase the Report
Current and future North America wireline services market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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