Overview and Scope
Well cementing is the process of mixing a slurry of cement, water, and additives and pumping it down through steel casing to critical points in the annular space between the wall of the well and the outside of the casing to form a cement sheath that ensures zonal isolation, supports the casing, and protects it.
Sizing and Forecast
The well cementing services market size has grown strongly in recent years. It will grow from $10.32 billion in 2023 to $11.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to industry consolidation and market dynamics, standardization and quality control, safety and risk mitigation, geopolitical and economic facto, training and skilled workforce development..
The well cementing services market size is expected to see strong growth in the next few years. It will grow to $14.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising energy demand, offshore exploration, focus on environmental sustainability, unconventional resource development, well integrity and maintenance.. Major trends in the forecast period include oil and gas exploration, environmental regulations, deepwater and ultra-deepwater exploration, reservoir and well complexity, focus on well integrity. .
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Segmentation & Regional Insights
The well cementing services market covered in this report is segmented –
1) By Service: Primary well cementing, Remedial well cementing, Other Services
2) By Well Type: Oil, Gas, Shale Gas
3) By Application: Onshore, Offshore
North America was the largest region in the well cementing services market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the well cementing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing exploration and production in oil and gas is expected to propel the growth of the well-cementing services market going forward. Oil and gas exploration is the search for and extraction of oil and gas from land and beneath the oceans using highly advanced and sophisticated well-completion equipment to drill in harsh conditions in deep water to meet energy demands. Well-cementing services help by providing a hydraulic seal that establishes zonal isolation, preventing fluid communication between producing zones in the borehole and blocking the escape of fluids to the surface. For instance, in August 2022, according to the U.S. Energy Information Administration, a US-based federal statistical organization, the total global production of crude oil was 93.88 million barrels per day and increased to 95.68 million barrels per day in 2021. Therefore, increasing exploration and production in oil and gas are fueling the growth of the well-cementing services market.
Key Industry Players
Major companies operating in the well cementing services market report are Schlumberger Ltd., Baker Hughes Inc., Halliburton Company, Weatherford International plc, Gulf Energy SAOC, Calfrac Well Services Ltd., Sanjel Energy Services Inc., Nabors Industries Ltd., Trican Well Service Ltd., China Oilfield Services Ltd., Condor Energy Services Ltd., Vallourec SA, Daleel Petroleum LLC, National Energy Services Reunited Corp., China Oilfield Service Limited, C&J Energy Services Inc., China Well Cementing Services Limited, National Oilwell Varco Inc., Sledgehammer Oil Tools Pvt. Ltd., Crimson Oil Tools Pvt. Ltd., Wilco Machine & Fab Inc., Wellcare Oil Tools Services LLC, Welltec A/S, Volant Products Inc., Pioneer Energy Services Corp., Magnum Cementing Services Operations Ltd., Gulf Coast Cement shell Inc., Cementing Solutions Inc.
The well cementing services market report table of contents includes:
1. Executive Summary
2. Well Cementing Services Market Characteristics
3. Well Cementing Services Market Trends And Strategies
4. Well Cementing Services Market – Macro Economic Scenario
5. Global Well Cementing Services Market Size and Growth
…..
32. Global Well Cementing Services Market Competitive Benchmarking
33. Global Well Cementing Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Well Cementing Services Market
35. Well Cementing Services Market Future Outlook and Potential Analysis
36. Appendix
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