Overview and Scope
The well-testing services predict and analyze the limits and capacity of the reservoir and determine the best possible efficient ways or methods for producing wells. The well-testing services includes executing a set of planned data acquisition activities and time taken to measure to well test.
Sizing and Forecast
The well testing services market size has grown strongly in recent years. It will grow from $7.78 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to global energy demand, exploration and production activities, reservoir management, asset integrity management, multi-well testing campaigns, rise in deepwater and ultra-deepwater exploration..
The well testing services market size is expected to see strong growth in the next few years. It will grow to $10.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increased focus on unconventional resources, geopolitical and economic factors, decommissioning activities, climate change mitigation measures, enhanced safety measures.. Major trends in the forecast period include technological advancements in testing equipment, rise in unconventional resource development, real-time data monitoring and analysis, integration of digitalization and iot, .
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Segmentation & Regional Insights
The well testing services market covered in this report is segmented –
1) By Services Type: Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing
2) By Product Type: Horizontal Wells, Vertical Wells
3) By Application Type: On-Shore, Off-Shore
North America was the largest region in the well testing services market in 2023. South America is expected to be the fastest-growing region in the forecast period. The regions covered in the well testing 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
The rising demand for oil globally is contributing to the growth of the well-testing services market. The growth of an economy is considered to be the biggest factor in increasing the demand for crude oil generally, as the transportation sector of the whole world is almost totally relying on petroleum products. For example, according to the International Energy Agency, a Paris-based independent intergovernmental organisation, in 2021, the world’s oil demand is expected to increase by 5.4 mb/d, and then by another 3.3 mb/d the following year, when it returns to pre-Covid levels at 99.5 mb/d. Therefore, the rising global demand for crude oil is positively affecting the growth of well-testing services and driving up the growth of the market.
Key Industry Players
Major companies operating in the well testing services market report are Schlumberger Limited, Halliburton Company, Expro International Group, Baker Hughes Company, Weatherford International, Rockwater Energy Solutions Inc., AGR Group ASA, Oil States International Inc., Tetra Technologies Inc., FMC Technologies Inc., Mineral Technologies Inc., China Oilfield Services Limited, SGS S.A., PW Well Test Ltd, CETCO Energy Services, Edge Drilling, EXALO Drilling SA, Greene’s Energy Group, Intertek Group plc, Kappa Engineering, MB Petroleum Services LLC, Nabors Industries Ltd., Noble Energy Inc., Oilfield Testing & Consulting, Premier Oilfield Laboratories, Reservoir Group, Ryder Scott Company, Absolute Openhole Inc., Alliance Well Services Ltd., Alpha Production Testing Inc.
The well testing services market report table of contents includes:
1. Executive Summary
2. Well Testing Services Market Characteristics
3. Well Testing Services Market Trends And Strategies
4. Well Testing Services Market – Macro Economic Scenario
5. Global Well Testing Services Market Size and Growth
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31. Global Well Testing Services Market Competitive Benchmarking
32. Global Well Testing Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Well Testing Services Market
34. Well Testing Services Market Future Outlook and Potential Analysis
35. Appendix
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