The ‘Global Well Cementing Services Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global well cementing services market, assessing the market on the basis of its segments like services, applications, and major regions.
Well Cementing Services Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Over USD 12.1 Billion
- Forecast CAGR (2023-2028): 7.20%
The use of well cementing services in onshore drilling applications for sealing and protecting the penetration of water into the wellbore is significantly surging. Well cementing services also offer various benefits, including the prevention of cross-contamination of sub-surface aquifers, the isolation of the production process, and combating hole problems.
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The well cementing services market is being aided by the surging oil and gas onshore drilling activities and the increasing demand for energy. Onshore drilling has low operating costs, high production levels, and lowered environmental risks, which is also boosting the demand for well cementing services.
Oil and gas companies are also adopting well cementing services that can optimise the trajectory of the wellbore and offer cementing solutions for extended wells with active bottom water. Moreover, providers are offering innovative technologies that can boost casing-and-liner running speeds, increase pressure, and lower cementing risks.
Well Cementing Services Industry Definition and Major Segments
Well cementing services consist of remedial and primary cementing for different applications, such as well abandonment and well repair. The construction of wells consists of the installation of various casing strings that require primary cementing operations. They are typically used in offshore and onshore oil and gas applications.
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The market, on the basis of services, is categorised into:
- Primary Well Cementing
- Remedial Well Cementing
- Others
Based on application, the market is divided into:
- Onshore
- Offshore
The major regional markets of well cementing services include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
One of the most significant well cementing services market trends include the robust growth of the oil and gas sector. In both developed and developing countries, energy demand is significantly increasing and governments globally are actively investing in oil and gas drilling activities. Hence, the surging oil production activities are positively influencing the demand for well cementing services.
Technological advancements and innovations are expected to boost the development of cement that can minimise carbon dioxide in the construction of well. The rising trend of sustainability and the surging attempts to minimise greenhouse gas emissions from upstream oil and gas production are also expected to propel the market in the coming years.
Key Market Players
The major players in the well cementing services market report are Schlumberger Limited, Baker Hughes Company, Halliburton Co, Weatherford International plc, National Energy Services Reunited Corp., Calfrac Well Services Ltd., and Sanjel Energy Services Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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