According to the latest report by IMARC Group, titled “Well Cementing Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global well cementing services market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global well cementing services market size reached a value of US$ 8.30 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.30 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
Well cementing is a method that uses casing strings and cement to build structural barriers that prevent issues, such as gas leaks and well blowouts. It relies on primary and remedial cementing to inject cement into strategic well locations for numerous purposes, including renovation and abandonment. It is widely used to seal off lost circulation areas in wells with reduced or no flow. It also finds extensive applications in directional drilling for blocking an existing well and operating a directional well from any location. At present, well cementing services are gaining immense traction across the globe due to increasing rehabilitation activities in existing oil and gas fields.
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Well Cementing Services Market Trends and Drivers:
The global well cementing services market is primarily driven by the rising drilling activities for recovering unconventional hydrocarbons, including shale and tight gas, to lower natural gas prices and improve energy security and the availability of energy fuels. Moreover, the shifting focus of oil and gas companies toward constructing new wells to increase oil production globally is positively influencing the market growth.
Additionally, the rising energy requirements in residential and non-residential sectors represent another major growth-inducing factor. Besides this, rapid technological advancements in well cementing tools and services to reduce time consumption have catalyzed market growth. Furthermore, there is a rise in the number of skilled laborers in the upstream sector.
In line with this, the surging number of offshore and onshore reserves is contributing to the market growth. Other factors, including the escalating energy demand, favorable government policies, and rising investments in various onshore projects, are also anticipated to create a positive market outlook.
Global Well Cementing Services Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Well Cementing Services Companies:
Advanced Cementing Services Incorporated, Baker Hughes Company, Calfrac Well Services Ltd., China Oilfield Services Limited (China National Offshore Oil Corporation), Gulf Energy SAOC (National Energy Services Reunited), Halliburton Company, Magnum Cementing Services Ltd., Sanjel Energy Services, Schlumberger Limited, Trican Well Service Ltd., Viking Services and Weatherford International PLC.
The report has segmented the market on the basis of region, type, well type and application.
Breakup by Type:
- Primary
- Remedial
- Others
Breakup by Well Type:
- Oil
- Gas
- Shale Gas
Breakup by Application:
- Onshore
- Offshore
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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