|01-11-2019 07:33 PM CET - Energy & Environment||
Well Cementing Market Research Report - Forecast to 2023 | Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada)
Press release from: Market Research Future - MRFR
Global Well Cementing Market Research Report: Information by Type (Primary, Remedial, and Others), By Well Type (Onshore and Offshore), and by Region (North America, Europe, Asia Pacific, Middle East and Africa) – Forecast till 2023
Well cementing is the process of filling the cement in the spaces of well bore. It is one of the most important aspects of the drilling activity and its completion process. Cementing holds the well, preventing the slurry from coming out of the walls. The main function of well cementing is to seal the inner line of the well, control corrosion, and provide uniformity and strength to pipes. Proper cementing of the well avoids accidents. For cementing of wells, following procedures needs to be done which include proper laboratory testing of slurry amount of water present in slurry and other dry mixtures.
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From 2016, the oil and gas upstream sector has ramped up. Exploration and production activities are increasing for fulfilment of demands of the various developing countries. However, the market is still recovering from crude oil price variation. the market for well cementing is estimated to progress with a CAGR of approx. 4.5% during the forecast period, which indicates a decent response for the market.
The key drivers of well cementing market are technological advancements in tools, innovation in technology to reduce the time consumption, exploration in unconventional resources, skilled labor in upstream sector, mature oil and gas field and increment in ultra-deep exploration activities.
Global well cementing market is estimated to be valued at ~USD 872 million by 2023 with a CAGR of approx. ~4.50%.
The global well cementing market is further segmented on the basis of Type (Primary, Remedial, and Others), Well Type (Onshore and Offshore), and Region (North America, Asia Pacific, Middle East, South America & Africa).
Based on the type, the global well cementing market is bifurcated into Primary, Remedial and others. The primary type market held largest portion in the market because of its availability, properties and application in the previous years.
Global Well Cementing Market
The well cementing market has more focus on unconventional reserves such as tight gas, coal bed methane and shale gas. Mergers & acquisitions activities help companies and service providers survive in the price volatile environment so that they can manage their debts and sustain in highly competitive market. At country level, government is also creating favorable policies, investment initiatives so that private ventures and public companies fulfil the nation’s energy demand, mutually.
Based on the well type, the global well cementing market is segmented on the basis of onshore and offshore. Offshore oil production holds about 35% share of the total oil production, globally. Since a few years, deep water and ultra-deep wells are being explored to increase the production and strengthen the market. A few unreachable prospects have been achieved due to advancements in drilling technology, dynamic equipment positioning, cementing units, and drilling units. However, improvements in technology and services help the service providers, gain better accessibility to deep-water wells, which are otherwise difficult to access compared to land exploration and shallow water.
Based on regions, offshore activities are mostly carried out in North America including Brazil, and U.S., which have encouraged other countries to increase their ultra-deep water and deep-water processes. For example, Brazil and United States together account for about 90% of global ultra-deep-water projects; expected to grow during the forecast period. In terms of revenue, in the year 2016,the contribution from North America was the highest, with about 38% of the global share. Moreover, the market is expected to grow further in this region of with a CAGR of~3.5% during the forecast period. North America has a plenty of resources in volumes.
Canada is also enthusiastically indulged in fracking activities to boom their exploration & production activities. Reasons behind the growth of well cementing services are shale gas boom, drilling activities in Gulf of Mexico, and search for untapped oil and gas reserves.
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The major key player in global upstream services markets are Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada), Weatherford (U.S.), Nabors Industries Ltd (Bermuda), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Valluorec (France), Tmk (Russia), AES Precast Co Inc, Inc. (U.S.), GOES GmbH (Germany), GE Oil & Gas (U.S.) and they are highly proficient to give premium service in the industry.
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