As the popularity of onshore drilling increases because of their lower functional costs, there is expected to be rise in such activities. Such growth in drilling activities will lead to emergence of several wells that are ageing. In order to maintain the productivity from these drilled wells, some activities are required to be carried out such as removal of wax and change of downhole. To carry out these activities, slickline services are required. Naturally, in the coming years, the slickline services market will experience a promising rate of growth.
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One of the key driving factor for the development of the global slickline services market is the increasing onshore drilling activities. These activities formed a large chunk of the global market in the past few years because of ease of drilling in comparison with offshore drilling. Apart from this, as the prices of crude oil recover, the onshore projects are expected to witness a huge spike in terms of activities. This will thus lead to increasing demand for slickline services and subsequently drive the overall growth of the global market.
Improved Working Capabilities to Help in Market Development
In addition to this, a paradigm shift from traditional to digital services has been the key factor for the development of the globe slickline services market. With the advent of digital technologies, performing different tasks has become easier and it also offers improved monitoring capabilities and control, especially for downhole operations. These factors are thus contributing significantly in driving the growth of the global slickline service market in years to come. The regional segment of North America is currently the most dominant one and is expected to remain so in the coming years of the forecast period. Rise in the activities of drilling oil and gas wells in the region is the key growth factor for the North America market for slickline services.
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