Well Test Market Outlook, Size 2018 | Top Industry Leaders : AGR Group ASA, FMC Technologies Inc., Schlumberger Ltd., Halliburton Company, Weatherford Intern., Greene's Energy Group

Market Overview
The global well testing market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at a rapid pace during the forecast period. Well testing plays a crucial role in oil and gas exploration activities. Well testing can be as the process of data acquisition to gather the information and data to understand the reservoir properties and rock formation. The overall objective of well testing is to understand the reservoir capability to produce hydrocarbons like oil, gas, condensates, and so on. The process of well testing has multiple applications which can be grouped as formation pressure measurement, permeability and skin interpretation, fluid characterization, and reservoir characterization. The well testing is conducted at each and every stage of the well that is exploration, development, and production. Increasing demand for oil and gas is also expected to fuel the demand in the well testing process. As per the study conducted by Market Research Future, the global market for well testing is likely to grow at the CAGR of around 6%.

Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, well testing methods is one of them. In other words, the growth in the oil & gas industry will create a positive impact on the market for global well testing. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the technology providers. With the current oil market scenario, formulating them will be an expensive task.

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Competitive Analysis
The global market for well testing is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their well testing systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their exploration and production operations.

Prominent Players
AGR Group ASA (Norway), FMC Technologies Inc. (U.S.), Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Tetra Technologies Inc. (U.S.), Weatherford International Ltd. (Ireland), Expro International Group Ltd (U.K.), Greene's Energy Group (U.S.), Helix Energy Solutions Group Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Well Testing Market.

Industry News/ Latest Industry Updates:
In October, 2017 – Weatherford International plc today announced the commercial release of the PressurePro control system, a fully integrated rotating control device (RCD) and choke system for wellbore pressure management on land.

In June, 2017 – AGR’s software is now used to create efficiencies in Aker BP’s Drilling & Well department. Aker BP has been a long standing client of AGR’s software solutions, having used both the P1 and iQ on its projects for a number of years. The E&P Company has recently made a number of acquisitions to strengthen its position on the NCS and now operates the Valhall, Ula, Ivar Aasen, Alvheim and Skarv fields. AGR’s software solutions are focused on creating cost and well operational efficiencies through digital transformation.

In May, 2017 – Schlumberger Launched New Fluid Mapping-While-Drilling Service. SpectraSphere service uniquely enables the understanding of reservoir properties while drilling for improved reservoir characterization, well placement and reduction in overall well construction cost.

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