Well Testing Services Market Reach $8.8 Billion by 2026 | Baker Hughes, Weatherford, Halliburton, Schlumberger, EXPRO Group.

The global well testing services market size is expected to grow from an estimated USD 6.4 billion in 2021 to USD 8.8 billion by 2026, at a CAGR of 6.4%. The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption off unconventional oil & gas resources.

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As per International Energy Agency (IEA) World Energy Outlook 2009, unconventional oil production is projected to increase from 1.8 mb/d in 2008 to 7.4 mb/d by 2030. By 2035, the world's unconventional oil production is expected to account for 15.3% of the world's total oil production. Hence, the increasing production of unconventional oil & gas paves the way for extensive exploration activities, which ultimately propels the demand for well testing services across the exploration sites.

North America is estimated to be the largest region for the well testing services market, followed by APAC. The North America region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.

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Onshore segment is expected to be the most significant well testing services market

The Well Testing Services Market, by application, is segmented into Onshore and Offshore. The onshore segment holds the largest share in the Well Testing Services Market, followed by offshore. The onshore exploration and re-exploration activities are expected to fuel the growth of the onshore segment of the Well Testing Services Market. Further, the technological advancements to achieve cost and operational efficiency is expected to boost the market for offshore segment of the Well Testing Services Market during the forecast period.

The leading players in the global well testing services market include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).

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