Well Cementing Services Market Size
According to recent market research report, well cementing services market size was at USD 7.44 billion in 2015 and it is anticipated to reach USD 13.38 billion by 2026. The services provided by the cementing of wells include the isolation of formations of areas of porous formations that support vertical and radical roads, to eliminate underground fluids not required, to provide resistance to cement to chemical deterioration, the protection of the casing increases the possibilities of touching the target and limiting the irregular pressure of the pores.
Well Cementing Services Market Overview
It is expected that the vast unexplored reserves around the world, particularly in China, Brazil and Russia, together with the technological advances in equipment and services provided by the main oil service providers, will accelerate the growth of the well cementing services market over the forecast period. The increase in exploration and production activities to recover alternative sources of hydrocarbons will contribute to the growth of well cementing services. Strict regulations on environmental safety can hinder market growth.
Growth Opportunities, Challenges and Restraints of Well Cementing Services Market:
It is expected that the vast unexplored reserves around the world, particularly in China, Brazil and Russia, together with the technological advances in equipment and services of cementing wells provided by the main oil service providers, will accelerate the growth of the market in the period of forecast. It is expected that strict environmental regulations for cementing materials will limit the growth of the market during the forecast period.
The market for well cementation services depends to a large extent on the prices of crude oil and on oil and gas production. Low crude oil prices will support greater national economic growth, but will interrupt regional growth in the energy producing states. The increase in exploration and production activities to recover alternative sources of hydrocarbons, such as capture gas, coal bed and shale gas, will contribute to the growth of well cementing services. Strict regulations on environmental security hinder market growth.
Regional Existence of Well Cementing Services Market:
The region that owns a significant part of the global market for well cementing services is North America, followed by the Asia Pacific region and Europe. In North America, the United States dominates the market due to the large number of wells in deep water. In the Asia-Pacific region, the demand for well cementing is increasing due to the growing demand for energy and the redevelopment of mature oil fields. In China, pressure pumping and well construction activities have increased, which has helped improve overall market growth in the Asia-Pacific region. In countries such as Brazil, Russia and China, many unexplored reserves offer new opportunities in the market.
Some of the promising companies leading the Well Cementing Services Market:
- Gulf Energy LLC
- Sanjel Corporation
- Condor Energy Services Ltd
- Nabors Industries Ltd
- Calfrac Well Services Ltd
- Trican Well Service Ltd
- Schlumberger Limited
- Weatherford International Inc
- Halliburton, Inc
- Baker Hughes Inc
- Nine Energy Service
- Consolidated Oil Well Services
- Magnum Cementing Services Ltd
- Viking Services
- Top-Co and China Oilfield Services Ltd
This research report includes following segmentation for the Well Cementing Services Market size and forecast 2015 - 2026
Well Cementing Services Market - By Type
- Plug Abandonment
- Primary Cementing
- Remedial Cementing
Well Cementing Services Market - By Product
- Offshore Cementing
- Onshore Cementing
Well Cementing Services Market - By Region
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa