Well Cementing Services Market

Well Cementing Services Market Size, Share, Development, Growth and Demand Forecast to 2023

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The global well cementing services market is projected to grow at a significant level, during the forecast period (2016-2022), on account of increasing demand for energy that has urged exploration and production (E&P) companies to increase investments in onshore and offshore oil and gas reserves. Additionally, the growing E&P activities for recovering unconventional hydrocarbon sources like shale gas, tight gas and coal bed methane are further expected to spur the growth of the global well cementing services market, during the forecast period. Technological advancements in well cementing equipment and services offered by major oil service providers and large unexplored reserves, worldwide, including China, Brazil and Russia, are expected to drive the demand for well cementing services, during the forecast period. The well cementing services market is dependent on two factors - crude oil prices and oil and gas production. Reduction in crude oil prices is likely to have a positive impact on the global market, resulting in stronger national economic growth.

Based on application, onshore was the largest application in the global well cementing services market in 2015. The offshore application is expected to exhibit the fastest growth rate during the forecast period. Several factors such as the rising well operations in the onshore fields, in countries such as Saudi Arabia, the U.S., China and Russia, and the increasing demand for oil and gas, the onshore market is expected to witness a stable growth rate, during the forecast period. Additionally, the offshore segment is likely to grow significantly in the near future on account of significant development of existing offshore wells in deep and ultra-deep waters, growing exploration activities and technological advancements in equipment and service, which has made drilling operations more cost-effective and feasible in the offshore application.

Based on service, primary well cementing generated the maximum demand in the global well cementing services market in 2015. The market is expected to grow further, during the forecast period, on account of increasing exploration for recovering unconventional hydrocarbon sources, worldwide. Remedial well cementing is likely to be the fastest growing segment, during the forecast period, due to increasing need for rehabilitation of oil and gas wells in countries such as Gulf of Mexico, North America, North Sea and Russia. The advanced cementing services are forecasted to witness considerable growth over the forecast period, due to the growing requirement for oilfield services, particularly in deep sour gas wells.

North America is the leading market in the global well cementing services market, in terms of value, followed by Asia-Pacific. The major factors driving the growth of the North American market for well cementing services are growing production of oil and natural gas in the region, rising offshore drilling activities, boom in shale gas production in Gulf of Mexico and increasing quest for finding untapped oil and gas reserves. Asia-Pacific is likely to witness the highest growth rate, owing to increasing investment from exploration and production companies and favorable government policies such as allowance of tax redemption, and FDI (Foreign Direct Investment) policies that have enabled high investment opportunities in the region. These factors are expected to help in enhancing the oil and gas production in the region.

Major players operating in the global well cementing services market are Schlumberger Ltd., Baker Hughes Inc., Halliburton, Weatherford, Gulf Energy LLC., Calfrac Well Services Ltd. and China Oilfield Services Ltd, among others.

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