Global Well Cementing Services Market Size Is Projected To Exceed USD 13.38 billion by 2026 says a new report by Polaris Market Research.
The global Well Cementing Services Market generated USD 79.31 billion in 2017 and is anticipated to grow at a CAGR of 4.9% during the forecast period.
The increasing demand for energy, hence forth the expansion of oil & gas exploration and production towards new fields, deep strata, drilling and completion engineering confront with several cementing problems. But, the increasing demand for hydrocarbon has also lead to significant technological developments that has helped in solving cementing problems under complex operating and geologic conditions including brine, salt gypsum formations, HTHP, long cemented sections, sour gas reservoirs etc. Anti-channeling evaluation method, close packaging method, cement ring failure evaluation, etc. and other complex oil and gas well cementing technologies such as leak well, deep well, horizontal well, salt gypsum, glass storage cementing processes are the recently developed and most widely used technologies currently. Industry participants have been developing partnerships among themselves and developing several novel well cement types for improved and more efficient operational advantages.
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The dip in crude prices has however significantly affected the well cementing service market up to certain extent. Stringent regulations regarding cementing processes and its materials are anticipated to restrain the well cementing service market in several geographies. As this industry is fully dependent on production of oil and gas and its low prices has been a major concern. The dip in crude prices is anticipated to enhance strong economic growth however; the situation has disrupted regional growth among the oil producing nations. API standards for the cement used for cementing services have several classifications and different grades of cement are used in different geographies. Remedial well cementing services have been very popular in the low crude price era. Several new unexplored reserves in Brazil, China, Russia and several parts of Europe is expected to drive further demand of these services.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Well Cementing Services Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Competitive Landscape and Key Vendors
Middle East & Africa, considered as a combined well cementing services market account for the maximum share in 2017. Increasing exploration and drilling operations in several African countries is the major factor driving the regional well cementing service market along with the Middle East countries exceptionally higher figures of well counts in a worldwide scale. North America is anticipated to be the second leading well cementing services market in terms of revenue generation form well cementing operations. Asia Pacific is among the fast growing regional well cementing services market driven by significantly increasing E&P operations in the past few years.
Some of the leading industry participants in well cementing services market include Gulf Energy LLC, Sanjel Corporation, Condor Energy Services Ltd., Nabors Industries Ltd., Calfrac Well Services Ltd., Trican Well Service Ltd., Schlumberger Limited, Weatherford International Inc., Halliburton, Inc., Baker Hughes Inc., Nine Energy Service, Inc., Consolidated Oil Well Services, Magnum Cementing Services Ltd., Viking Services, Tenaris, Vallourec, Top-Co and China Oilfield Services Ltd.
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Key Segments
Product Type
- Primary Cementing
- Remedial Cementing
- Others
Application Type
- Onshore
- Offshore
Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia-Pacific
o China
o India
o Pakistan
o Rest of Asia-Pacific
• Latin America
o Brazil
o Rest of Latin America
• Middle East and Africa
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