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Monday, August 29, 2022

Global Well Cementing Services Market Size To Grow At A CAGR Of 7.20% Till 2027

The ‘Global Well Cementing Services Market Price, Share, Size, Trend, Report and Forecast 2022-2027’ by Expert Market Research, gives a comprehensive outlook of the well cementing services market at a global level. It assesses the market on the basis of its key segments like services, application, and major regions.

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Well Cementing Services Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2017-2027)

• Historical Market Size (2021): USD 12.1 billion
• Forecast CAGR (2022-2027): 7.20%
• Forecast Market Size (2027): USD 18.36 billion

Report AttributeDetails
Historical Period2017-2021
Forecast Period2022-2027
Base Year2021
Market Size in 2021USD 12.1 billion
Revenue Forecast in 2027USD 18.36 billion
Growth Rate CAGR7.20%
Major PlayersSchlumberger Limited, Baker Hughes Company, Halliburton Co, Weatherford International plc,
National Energy Services Reunited Corp., Calfrac Well Services Ltd.,
Sanjel Energy Services Inc.and Others

Increasing energy demand is anticipated to drive market growth and encourage exploration and production (E&P) firms to increase their financial investments in both onshore and offshore oil and gas reserves. Rising E&P for recovering unconventional hydrocarbon sources like coal bed methane, as well as shale gas, and tight gas are anticipated to boost the market for well cementing services during the forecast period.

Well cementing services supports the casing and provides adequate zonal isolation to shield it from corrosive fluids. However, the recent oil price volatility, caused by the gaps in supply and demand, aspects of geopolitics, and numerous other factors, has stymied growth of the well cementing services market.

Well Cementing Services Market Segmentation

Well cementing is the process of using cement and casing strings to create structural barriers that prevent problems like gas leaks and well blowouts. It uses primary and remedial cementing to inject cement into targeted well locations. The cement injection can be done for several purposes, such as repairment of the well and well abandonment.

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Based on services, the market is segmented into:

• Primary Well Cementing
• Remedial Well Cementing
• Others

Based on application, the well cementing services market is divided into:

• Onshore
• Offshore

The major regional markets include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Well Cementing Services Market Trends

One of the key factors driving the well cementing services market is the increasing drilling activity for recovering unconventional hydrocarbons, such as shale and tight gas. Recovery of such hydrocarbons is aimed at lowering natural gas prices and increasing energy security and fuel availability. Rapid technological advancements in well cementing equipment and services that reduce time consumption are also driving the market growth.

Furthermore, several oil and gas companies are focusing on drilling new wells to increase global oil production. Governments are taking steps to offer cementing services by creating precise guidelines for well operators. Moreover, rising energy demands in the residential and non-residential sectors around the world are providing lucrative growth opportunities for well cementing services market growth.

Key Market Players

The major players in the Global Well Cementing Services Market report include

  • Schlumberger Limited
  • Baker Hughes Company
  • Halliburton Co
  • Weatherford International plc
  • National Energy Services Reunited Corp.
  • Calfrac Well Services Ltd.
  • Sanjel Energy Services Inc.
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of the major market players.

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

Media Contact:

Company Name: Claight Corporation
Contact Person: Eliana Grace, Business Consultant
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
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