Press release
Global Well Cementing Services Market Size To Grow At A CAGR Of 7.20% Till 2027
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Well Cementing Services Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 12.1 billion
• Forecast CAGR (2022-2027): 7.20%
• Forecast Market Size (2027): USD 18.36 billion
Increasing energy demand is anticipated to drive market growth and encourage exploration and production (E&P) firms to increase their financial investments in both onshore and offshore oil and gas reserves. Rising E&P for recovering unconventional hydrocarbon sources like coal bed methane, as well as shale gas, and tight gas are anticipated to boost the market for well cementing services during the forecast period.
Well cementing services supports the casing and provides adequate zonal isolation to shield it from corrosive fluids. However, the recent oil price volatility, caused by the gaps in supply and demand, aspects of geopolitics, and numerous other factors, has stymied growth of the well cementing services market.
Well Cementing Services Market Segmentation
Well cementing is the process of using cement and casing strings to create structural barriers that prevent problems like gas leaks and well blowouts. It uses primary and remedial cementing to inject cement into targeted well locations. The cement injection can be done for several purposes, such as repairment of the well and well abandonment.
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Based on services, the market is segmented into:
• Primary Well Cementing
• Remedial Well Cementing
• Others
Based on application, the well cementing services market is divided into:
• Onshore
• Offshore
The major regional markets include:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Well Cementing Services Market Trends
One of the key factors driving the well cementing services market is the increasing drilling activity for recovering unconventional hydrocarbons, such as shale and tight gas. Recovery of such hydrocarbons is aimed at lowering natural gas prices and increasing energy security and fuel availability. Rapid technological advancements in well cementing equipment and services that reduce time consumption are also driving the market growth.
Furthermore, several oil and gas companies are focusing on drilling new wells to increase global oil production. Governments are taking steps to offer cementing services by creating precise guidelines for well operators. Moreover, rising energy demands in the residential and non-residential sectors around the world are providing lucrative growth opportunities for well cementing services market growth.
Key Market Players
The major players in the Global Well Cementing Services Market report include
Schlumberger Limited
Baker Hughes Company
Halliburton Co
Weatherford International plc
National Energy Services Reunited Corp.
Calfrac Well Services Ltd.
Sanjel Energy Services Inc.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of the major market players.
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