Well cementing refers to the service that helps in preventing the movement of fluid from the reservoir to the wellbore. Cementing of wells also supports and protects the well casing. Oilfield service companies offer well cementing services for completing new wells and sealing lost circulation areas or zones where there is an absence of fluid movement or less fluid flow within the well. These companies offer remedial, primary, and other services.
As these services are primarily required in the well completion process, the surging number of well completions, primarily on account of the rising exploration and production (E&P) activities in conventional and unconventional gas and oil reserves, will drive the global well cementing market at a CAGR of 4.7% during the forecast period (2019–2024). The market value stood at $7,577.6 million in 2018, and it is projected to reach $10,065.4 million by 2024. Moreover, the soaring E&P investments in Russia, China, the U.S., and Brazil will augment the demand for well cementing services in the foreseeable future.
The well type segment of the well cementing market is categorized into shale gas, oil, and gas. Among these, the oil well category generated the highest revenue in 2018, due to the soaring investments made in E&P activities in oil wells, owing to the recovery in crude oil prices. These investments have resulted in the drilling of new oil wells. Whereas, the shale gas category is expected to register the fastest growth in the market throughout the forecast period, owing to the discovery of shale reserves in the U.S. and the huge E&P investments being made in this domain.
According to the market research company, P&S Intelligence, North America accounted for the largest share in the well cementing market in 2018. This can be credited to the huge investments made in the oil and gas sector, especially in well drilling for extracting shale gas in Canada and the U.S. Moreover, the strong influence of these countries over the oil and gas reserves of the Arctic region has supported the market growth in the region. As both nations have direct access to the Arctic Ocean, they are conducting extensive oil and gas E&P activities.
Thus, the rising E&P activities and increasing exploration of oil and gas reserves, especially in the Arctic region will amplify the need for well cementing services all over the world in the coming years.
The global well cementing services market size is anticipated to reach USD 13.38 billion by 2026 according to a new study published by Polaris Market Research.
The report “Well Cementing Services Market Share, Size Trends & Industry Analysis Report [By Process Type (Primary Cementing, Remedial Cementing, Others); By Application (Onshore and Offshore); By Regions]: Segment & Forecast, 2019 – 2026” provides contemporary market insights and taps future market trends.
Well cementing operations are a crucial part of the well completion process.
The cementing services for the petroleum industry are in the nascent stage of its economic cycle.
The dip in crude prices has outweighed the market disrupting regional growth among oil producing nations.
The classification has different grades of cement for different geographies.
The Global Well Cementing Service Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.
The report classifies the market into different segments.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Download Free Sample Report of Global Well Cementing Service Market @ https://www.decisiondatabases.com/contact/download-sample-716The report also covers the complete competitive landscape of the global Well Cementing Service market with company profiles of key players such as: HalliburtonSchlumbergerBaker HughesTrican Well ServiceCalfrac Well ServicesNabors IndustriesSanjelCondor Energy ServicesGulf EnergyChina Oilfield ServicesWeatherfordTop-CoTenarisValluorecTmkThe detailed description of each has been included, with information in terms of H.Q, future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments.SEGMENTATIONS IN THE REPORT: By TypePrimary CementingRemedial CementingPlug AbandonmentBy ApplicationOnshoreOffshoreBy GeographyNorth America (NA) – US, Canada, and MexicoEurope (EU) – UK, Germany, France, Italy, Russia, Spain & Rest of EuropeAsia-Pacific (APAC) – China, India, Japan, South Korea, Australia & Rest of APACLatin America (LA) – Brazil, Argentina, Peru, Chile & Rest of Latin AmericaMiddle East and Africa (MEA) – Saudi Arabia, UAE, Israel, South AfricaBrowse the complete Global Well Cementing Service Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027 @ https://www.decisiondatabases.com/ip/716-well-cementing-service-market-reportThe Global Well Cementing Service Market has been exhibited in detail in the following chapters –Chapter 1 Well Cementing Service Market Preface Chapter 2 Executive SummaryChapter 3 Well Cementing Service Industry AnalysisChapter 4 Well Cementing Service Market Value Chain AnalysisChapter 5 Well Cementing Service Market Analysis By TypeChapter 6 Well Cementing Service Market Analysis By ApplicationChapter 7 Well Cementing Service Market Analysis By GeographyChapter 8 Competitive Landscape Of Well Cementing Service CompaniesChapter 9 Company Profiles Of Well Cementing Service IndustryPurchase the complete Global Well Cementing Service Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-716Other Reports by DecisionDatabases.com:Global White Cement Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Masonry Cements Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027Global Fiber Cement Boards Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
