What's driving the Well Cementing Market Growth? Top Key Players are Halliburton, Schlumberger, Baker Hughes, a GE company, Baker Hughes, a GE company

Well cementing market is expected to reach $10,065.4 million by 2024, with a CAGR of 4.7% during the forecast period. The market growth is mainly driven by increasing exploration and production (E&P) in both conventional and unconventional oil and gas reserves, owing to growing global demand for energy products such as gasoline, gas oil, heating oil, fuel oil, aviation turbine fuel, liquified petroleum gas, piped natural gas, and compressed natural gas.

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The well cementing market is segmented on basis of service type, well type, application, and geography. Furthermore, based on the service type, the market is categorized into primary, remedial, and others (advanced cementing). Among these, primary cementing category accounted for an estimated revenue share of more than 75.0% in 2018. The global downfall in crude oil prices in 2014 had a negative impact on the E&P investments, thereby resulting in slow growth of the primary cementing market during the historical period.

the well cementing market is classified into oil, gas, and shale gas. The market for well cementing services for shale gas wells is expected to witness the fastest growth, with more than 6.0% CAGR during the forecast period. The discovery of shale gas in the U.S. and large-scale E&P investments in the domain will continue boosting the market growth in this category.

North America held the largest share in the well cementing market, with an estimated revenue contribution of more than 35.0% in 2018. Large-scale investments in the oil and gas sector in the region, particularly in well drilling for shale gas extraction in the U.S. and Canada, continue to aid the demand for well cementing services in North America.

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The Artic region has large onshore and offshore oil and gas reserves. According to the United States Geological Survey (USGS), the Arctic region is estimated to contain around 90.0 billion barrels of undiscovered oil, 1,669 trillion cubic feet of gas, and 44.0 billion barrels of undiscovered natural gas liquid. At present, Russia, the U.S., Canada, Norway, Denmark, and Iceland have direct access to the Arctic Ocean.

Some of the major players operating in the global well cementing market are Consolidated Oil Well Services LLC; Nine Energy Service Inc.; Gulf Energy SAOC; Magnum Cementing Services Ltd.; Calfrac Well Services Ltd.; China Oilfield Services Limited; Baker Hughes, a GE company; Schlumberger N.V.; Halliburton Company; and Weatherford International plc.

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