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Revival in Oil Prices Driving the Well Cementing Market | Nine Energy Service, GULF ENERGY LLC, Magnum Cementing Services, Calfrac Well Services, COSL - China Oilfield Services Limited, Baker Hughes, a GE company, Schlumberger, Halliburton, Weatherford

08-06-2019 04:25 PM CET | Energy & Environment

Press release from: Power & Energy -P&S Intelligence

Revival in Oil Prices Driving the Well Cementing Market | Nine

The global well cementing market generated a revenue of $7,577.6 million in 2018 and is projected to reach $10,065.4 million by 2024, advancing at a CAGR of 4.7% during the forecast period (2019–2024). The factors driving the growth of the market are increasing exploration and production (E&P) activities in conventional and unconventional oil and gas reserves, recovery in the oil and gas sector, and rising demand for oil and gas across the world. Well cementing refers to the blocking of fluid movement from the reservoir to the wellbore and holding the casing pipe in place.

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When segmented by service, the well cementing market is divided into remedial, primary, and other services. Among these, in 2018, the primary services division held the largest revenue share of more than 75.0% in the market, owing to the fact that primary cementing is necessary for the efficacious utilization of wells. Since 2017, this division has been witnessing growth on account of a betterment in crude oil prices. Apart from this, rising E&P activities, along with the need for zonal isolation at the time of well cementing, is further leading to the growth of the sector.

Based on well type, gas, oil, and shale gas is the categories of the well cementing market. Out of these, in 2018, oil well cementing dominated the market with a revenue contribution of more than 55.0%. This is attributed to the revival in oil and gas prices and increasing capital allocation for such projects across the U.S., Africa, and Latin America (LATAM). The rising investments are further anticipated to escalate the demand for cementing, which, in turn, is predicted to aid the growth of the sector globally.

Get the detailed analysis at: https://www.psmarketresearch.com/market-analysis/well-cementing-services-market

On the basis of region, the well cementing market is categorized into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and LATAM. Among all, in 2018, North America held the largest share in the market (over 35.0%) due to the proliferation of drilled wells and discovery of more reserves of oil and gas. It has both conventional and unconventional resources of gas and oil in a significant number. Additionally, a huge amount of investments in the oil and gas industry in Canada and the U.S., especially in well drilling for shale gas extraction, is predicted to boost the demand for well cementing in North America.

In 2018, the global oil and gas industry experienced slight recovery and is predicted to continue on that path in the forecast period as well. This is mainly attributed to a number of factors, such as increase in crude oil prices, stable geopolitical climate, and proper optimization of funds by companies. Thus, the considerable recovery of the oil and gas industry, along with a substantial rise in extraction activities in the MEA, North American, and European regions, is helping in the growth of the well cementing market.

Hence, an improvement in the crude oil prices and increasing capital allocation for E&P projects are expected to push the demand for well cementing in the forecast period.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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