The global well cementing services market is expected to
reach USD 11.08 billion by 2024, according to a new report by Grand View
Research, Inc. Rising drilling activities to recover unconventional
hydrocarbons such as shale and tight gas coupled with rehabilitation activities
in existing oil & gas fields is expected to remain a key driving factor for
the global market.
A large number of unexplored
reserves particularly in Brazil, Russia, and China, coupled with technological
advancements in well cementing equipment and services provided by oil service
providers is projected to have a positive impact on the market growth in near
future.
Stringent environmental
regulations coupled with low crude oil prices are expected to hindermarket
growth over the next eight years. Low crude oil prices are anticipated to
support stronger economic growth, but it may hamper growth among energy
producing states.
Primary cementing was the leading
service segment and accounted for over 75% of total market revenue in 2015. It
is estimated to remain the largest segment over the next eight years owing to
rising E&P to exploit unconventional hydrocarbon reserves.Remedial
cementing is anticipated to emerge as the fastest growing well cementing
service market over the forecast period owing to increasing rehabilitation of
oil & gas wells in both onshore and offshore activities.
Browse full research report on Well Cementing Services
Market: http://www.grandviewresearch.com/industry-analysis/well-cementing-services-market
Further key findings from
the report suggest:
- Onshore application dominated the global well
cementing service demand and accounted for over 80% of total revenue in
2015. The rising onshore well operations, particularly in the U.S., Saudi
Arabia, Russia, and China,may be attributed to the high growth in this
particular segment.
- North America emerged as the leading well cementing
services consumer and accounted for 41.4% of the total revenue in 2015
owing to huge oil & natural gas production coupled with oilfield
development especially in shale &tight oil reserves in the U.S. and
Canada.
- Asia Pacific well cementing services marketis
anticipated to grow at a CAGR of 7.0% from 2016 to 2024.The high growth
may be attributed to favorable government policies such as FDI and tax
redemption in countries such as India, which is anticipated to promote
E&P in the region.
- The global industry is dominated by various
integrated players present across the value chain. Key companies operating
in the well cementing service market includeSchlumberger Ltd., Baker
Hughes Inc., Halliburton, Weatherford & Gulf Energy Llc., and Calfrac
Well Services Ltd.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented
the well cementing services market on the basis of service, application,and
region:
Global Well Cementing Service
Outlook (Revenue, USD Million, 2014 - 2024)
- Primary
- Remedial
- Others
Global Well Cementing
Application Outlook (Revenue, USD Million, 2014 - 2024)
- Onshore
- Offshore
Global Well Cementing Regional
Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Norway
- UK
- Russia
- Asia Pacific
- China
- India
- Indonesia
- Middle East & Africa
- Saudi Arabia
- UAE
- Nigeria
- Central & South America
- Brazil
- Venezuela
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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