Well Cementing Services Market:
Growth opportunities in the well cementing services market look promising over the next six years. This is mainly due to the growing demand for well cementing by oil and gas companies because of the features offered by well cementing services like removal of the unrequired sub-surface fluids, and restraining irregular pore pressure, growth in energy consumption, and the increasing global population.
Well Cementing Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting demand for well cementing in oil and gas companies owing to the features possessed by them like protection against porous formations and casing form corrosion, prevention from irregular pore pressure, and the abolition of inessential sub-surface fluids, are the major drivers stimulating the growth of the market. The expansion in global population, increase in oil and gas resources demand, along with the contemporary innovations in hydrocarbon exploration techniques are some other factors that may boost the well cementing market size. The rise in energy consumption integrated with the inclination of energy & power companies to explore and recover unconventional hydrocarbon sources like tight and shale gas, and coal bed methane are projected to fuel the market growth.
Application Segment Drivers
On the basis of application, the market is segmented into offshore and onshore. Amongst which, onshore is expected to increase at a faster CAGR because of the boost in well operations in the onshore field regions such as Russia, China, Saudi Arabia, and the U.S. The rise in demand for oil and gas and the ongoing development of unoccupied oil wells and renewed projects in several onshore oilfields will further strengthen the well cementing market share.
Regional Drivers
Based on the regional coverage, Asia-Pacific is expected to lead the well cementing services market over the forecast period. This is largely due to the growing offshore drilling and exploration activities. Companies’ accelerating investment coupled with the favorable government policies to expand the oil and gas production is projected to offer huge growth opportunities to the well cementing services market. Increasing industries and the growing energy demand across different regions, particularly in developing countries that include India, China, Japan, and South Korea, further raises the demand for oil & gas exploration activities, thus bolstering the market growth.
Well Cementing Services Market’s leading Manufacturers:
- China Oilfield Services Limited
- Condor Energy
- Nabors Industries Ltd.
- Calfrac Well Services Ltd.
- Schlumberger Limited
- Gulf Energy SAOC
- Sanjel Energy Services
- Halliburton
- Trican Well Service Ltd.
- Baker Hughes Company
Well Cementing Services Market Segmentation:
Segmentation by Type:
- Primary Cementing
- Remedial Cementing
- Other Cementing
Segmentation by Application:
- Onshore Cementing
- Offshore Cementing
Segmentation by Casing Equipment:
- Onshore
- Offshore
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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