Well Testing Services Market is Forecasted to Reach US$ 9.57 Billion in 2028, Says Stratview Research

The global well testing services market is projected to witness a growth rate of 6.6% annually from 2023 to 2028 with an anticipated size of US$ 9.57 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global well testing services market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 9.57 billion
Growth (CAGR): 6.6% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Well Testing Services Market:

The global well testing services market is segmented based on service type, application type, and region.

Based on service type - The market is segmented as real-time well testing, downhole well testing, reservoir sampling, and surface well testing. The real-time well-testing segment holds a major share of the market and is estimated to grow at the fastest rate during the forecasted period. The segment monitors and provides proactive measures to ensure safe operation, validate data, optimize flaring operations, and reduce cost.

Based on application type - The market is segmented as offshore and onshore. The onshore segment dominated the market whereas the offshore segment is estimated to grow at a faster pace owing to increasing investments in subsea oil & gas activities. The growing concern regarding optimizing operations and minimizing cost has paced up the demand for well-testing services to improve productivity.

To know the most attractive segments, click here:
https://stratviewresearch.com/1749/well-testing-services-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is estimated to dominate the well-testing services market during the forecast period. This growth outlook is majorly attributed to the following-

• The growth is attributed to the increase in the production of hydrocarbons moving towards several discoveries and active rigs. The USA holds over 50% of new wells drilled. World Oil reports that approximately 27,000 wells were drilled in the U.S. in 2018, an increase from the 24,000 drilled in 2017.

On the other hand, Asia-Pacific holds the second position as the major contributors from China, India, Indonesia, and Thailand are anticipated to offer lucrative growth opportunities during the forecasted period. The Environmental Impact Assessment (EIA) anticipates a 47% rise in worldwide energy demand over the next three decades, fueled by population and economic expansion, notably in developing Asian nations.

Well Testing Services Market Drivers:

Some of the key drivers listed in the report are given below.

• Exploration and Production: Demand for well testing services depends on oil and gas exploration and production activities, as energy companies aim to extract resources accurately. According to the International Energy Agency (IEA) World Energy Outlook 2009, unconventional oil production accounted for 1.8 million barrels per day (mb/d) in 2008 and is projected to increase to 7.4 mb/d by 2030.
• Oil Prices and Drilling: Market performance is linked to oil price fluctuations and drilling activities. Higher oil prices encourage more drilling, increasing the need for well testing. The BP Statistical Review of 2020 reported that as of the end of 2019, there were still 1733.9 billion barrels of proven oil reserves worldwide awaiting exploration.
• Regulatory Policies: Regulations in the oil and gas industry impact the market, affecting the demand for comprehensive well testing to meet safety and environmental standards. The Oil 2023 medium-term market report forecasts that based on current government policies and market trends, global oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d).
• Geopolitical Factors: Global energy demand and geopolitical tensions can influence the market. For instance, Russia's attack on Ukraine caused a spike in crude oil prices, approximately $76 per barrel in early January 2022 to surpass $110 per barrel by March 4, 2022.

Top Companies in the Well Testing Services Market:

Stratview Research has identified the following companies as the top market players.
• AGR Group ASA
• Expro International Group Ltd
• FMC Technologies Inc
• Halliburton Company
• Helix Energy Solutions Group Inc
• MB Petroleum Services LLC
• Mineral Technologies Inc.
• Schlumberger
• Tetra Technologies Inc
• Weatherford

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Well Testing Services Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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This release was published on openPR.