San
Francisco, 10 April , 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.
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Research Report On Well Cementing Services Market Analysis:
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: https://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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Press Release of this Report: https://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/
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