Well Testing Services Market Anticipated to Hit $8.8 Billion by 2026 | SLB, Halliburton, Baker Hughes, Weatherford, and EXPRO Group.

The global Well Testing Services Market is projected to reach USD 8.8 billion by 2026 from an estimated market size of USD 6.4 billion in 2021, at a CAGR of 6.4% during the forecast period. 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.

The players operating in the oil & gas industry are focusing on making discoveries as some of the existing fields may create challenges in producing hydrocarbons at an economical rate and require plug and abandonment. Major oil & gas companies have been making extensive discoveries in the onshore and offshore regions. According to the BP Statistical Review of 2020, the world still had unexplored 1,733.9 billion barrels of proven oil reserves by the end of 2019. Such reserves create opportunities for well drilling activities, which is expected to create demand for well testing services.

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Exploration and adoption of unconventional oil & gas resources

Unconventional oil & gas resources are generally oil or natural gas resources that do not appear in traditional formations and require specialized extraction or production techniques. Unconventional oil & gas resources typically include shale gas, tight gas, coalbed methane (CBM), shale oil, tight oil, and natural gas hydrates. These resources are not chemically different from conventional oil & gas resources. The distinction stems from their attributes and characteristics with respect to reservoir rock type, oil & gas origin, occurrence state, position underground, or the unusual nature of their reservoirs.

Although the remaining global conventional resources are still abundant, and their production is sufficient to meet current needs, unconventional oil & gas resources are gradually becoming valuable and attracting more interest due to the increasing price of oil. Unconventional oil & gas resources are being utilized more and more as decades of oil and natural gas production have resulted in the extensive use of conventional resources. 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.

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North America to emerge as the largest region in the Well Testing Services Market

The North America region is estimated to be the largest market for the well testing services, 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.

Some of the top players in the Well Testing Services Market. These players include SLB (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).

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