Press release
Well Testing Services Market to Reach$10.54 Billion by 2028, Fueled by Global Oil Demand Surge
Well Testing Services Market Report
The well testing services market size is expected to see strong growth in the next few years. It will grow to $10.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increased focus on unconventional resources, geopolitical and economic factors, decommissioning activities, climate change mitigation measures, enhanced safety measures. Major trends in the forecast period include technological advancements in testing equipment, rise in unconventional resource development, real-time data monitoring and analysis, integration of digitalization and iot.
Market Overview -
The well-testing services predict and analyze the limits and capacity of the reservoir and determine the best possible efficient ways or methods for producing wells. The well-testing services includes executing a set of planned data acquisition activities and time taken to measure to well test.
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Global Oil Demand Surge Catalyzes Growth In Well-Testing Services Market
The rising demand for oil globally is contributing to the growth of the well-testing services market. The growth of an economy is considered to be the biggest factor in increasing the demand for crude oil generally, as the transportation sector of the whole world is almost totally relying on petroleum products. For example, according to the International Energy Agency, a Paris-based independent intergovernmental organisation, in 2021, the world's oil demand is expected to increase by 5.4 mb/d, and then by another 3.3 mb/d the following year, when it returns to pre-Covid levels at 99.5 mb/d. Therefore, the rising global demand for crude oil is positively affecting the growth of well-testing services and driving up the growth of the market.
Competitive Landscape -
Major companies operating in the well testing services market report are Schlumberger Limited, Halliburton Company, Expro International Group, Baker Hughes Company, Weatherford International, Rockwater Energy Solutions Inc., AGR Group ASA, Oil States International Inc., Tetra Technologies Inc., FMC Technologies Inc., Mineral Technologies Inc., China Oilfield Services Limited, SGS S.A., PW Well Test Ltd, CETCO Energy Services, Edge Drilling, EXALO Drilling SA, Greene's Energy Group, Intertek Group plc, Kappa Engineering, MB Petroleum Services LLC, Nabors Industries Ltd., Noble Energy Inc., Oilfield Testing & Consulting, Premier Oilfield Laboratories, Reservoir Group, Ryder Scott Company, Absolute Openhole Inc., Alliance Well Services Ltd., Alpha Production Testing Inc.
Innovative Technology Reshaping Well-Testing Services Market Landscape
Technological advancement is gaining popularity in the well-testing services market. Major players in the market are focusing on bringing innovative products to obtain an edge in the market against their competitors. Technological advancement in well-testing services allows the user to do measurements on a real-time basis with better accuracy in results to maximize the production from a well. For instance, in November 2022, Halliburton Company, a US-based oil field service company, launched the FloConnect Surface Automation Platform, a fully automated and scalable solution for efficient and safe surface well testing operations. Through automated workflows, the FloConnect technology monitors, quantifies, and evaluates surface well testing. The cutting-edge platform gives operators better well controllability, process safety, flow assurance, and emissions quantification while also fostering a collaborative work atmosphere. It also permits control from a command center or remote location, process monitoring, and real-time data access.
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Key Segments -
The well testing services market covered in this report is segmented -
1) By Services Type: Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing
2) By Product Type: Horizontal Wells, Vertical Wells
3) By Application Type: On-Shore, Off-Shore
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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