San Francisco, 17 December 2018, Well
Cementing Services Market Analysis By Service (Primary Well Cementing, Remedial
Well Cementing), By Application (Onshore, Offshore) And Segment Forecast To
2024
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.
Access Full Research
Report On Well Cementing Services Market Analysis:
www.grandviewresearch.com/industry-analysis/well-cementing-services-market
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 At: 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
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Norway
o
UK
o
Russia
·
Asia Pacific
o
China
o
India
o
Indonesia
·
Middle East & Africa
o
Saudi Arabia
o
UAE
o
Nigeria
·
Central & South America
o
Brazil
o
Venezuela
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www.grandviewresearch.com/press-release/global-well-cementing-services-market
www.grandviewresearch.com/press-release/global-well-cementing-services-market
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.
For more information: www.grandviewresearch.com/