Press release
Well Testing Services Market Analysis: Innovations Driving Growth and Efficiency
Well testing services is a process involved in data acquisition to increase the understanding of reservoir conditions and the fluid properties. The increase in energy demand, there has been surge in exploration and production of oil & gas activities. The need for new oil wells to be economically viable and profitable for the oil & gas companies to explore and produce, hence there is a huge demand for the well testing services which can help in exploration and development of oil wells.
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North America accounts for the largest well testing services market share of the market, followed by Asia-Pacific and Europe.
North America well testing services industry would exhibit CAGR of 5.5% during 2022-2031.
The major companies profiled in this report include Weatherford, Baker Hughes Company, Schlumberger, Halliburton, China Oilfield Services Limited, Oil States International Inc., Tetra Technologies Inc., SGS SA, Edge Drilling, Oilserv, National Energy Services Reunited, Wellmax, TechnipFMC, EXALO Drilling SA, and Greene's Energy Group.
Growing population and industrial development are fueling the global demand for energy.
The global fuel consumption is gradually rising with rapid industrialization in developing countries across the world.
According to BP statistical review of 2019, oil consumption surged by 1.4 million barrels per day, while natural gas consumption increased by 195 billion cubic meters per day.
The rise in the demand for fossil fuel has led to surge in production of fuel from the top oil production companies.
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Increase in demand has led to the increase in the exploration of oil wells which are remote and deeper offshore areas. The above-mentioned factors resulted in the demand for well testing is high in deep water exploration and production activities.
The price of crude oil is affected by various factors which could possibly disrupt the supply of oil and gas.
The presence of geopolitical tensions is some of the key factors that hamper the demand for oil & gas. The above mentioned factors could lead to higher volatility in prices of oil and gas.
Most of the oil & gas resources come from North Africa and Middle East region which is highly unstable region due to political and cultural issues.
The outbreak of pandemic also has great impact over the prices of the crude oil due to shutdown of various industries and regional lockdown which have great impact on the transportation sector.
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On the basis of service type, it is segmented into downhole well testing, surface well testing, reservoir sampling, real time well testing, and hydraulic fracturing method testing. The real time well testing segment accounted for the largest share in 2021.
On the basis of well type, the market is segmented into horizontal wells and vertical wells. Horizontal well was the leading segment in 2021.
On the basis of application, the global well testing services market is segmented into onshore and offshore. Onshore segment has largest market share in 2021.
Impact of Covid-19 on Global Well Testing Services Market
The outbreak of has led to the decline in the production of billions of barrels of oil, trillions of cubic meters of gas, and millions of tonnes of coal from global energy systems in 2020.
The decline in the demand for oil & gas products across the globe due to the shutdown of manufacturing industries has negative impact on the well testing service market growth.
The shutdown of fossil fuel power generation facilities across the globe due to decline in the demand for power from chemical and other manufacturing industries have led to decline in the oil & gas resources.
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Government has invested in the oil & gas sectors to boost the development of economy which was affected due to outbreak of pandemic. The emerging economies such as India and China have invested in exploration activities to reduce the imports of fossil fuels in order to make the country energy demand sustainable.
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