Well Cementing Services Market Research Report by Application, Forecast till 2027

 

Well Cementing Services Market

Well Cementing Services Market is forecast to witness a higher CAGR over the forecast period, owing to the growing demand for energy.

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Well cementing services market is driven by the reduction in crude oil prices and oil and gas production. Accelerating population, growing demand for oil and gas resources, and innovations in hydrocarbon exploration techniques are other factors supporting the market growth. Well cementing inhibits pore pressure, prevent casing from corrosion, and remove the non-essential sub-surface fluids, thus, raising the demand from oil and gas industry. Growing emphasis of oil and gas companies to develop new wells in order to enhance the production of oil has further boosted the Well Cementing Services market growth.

By type, the primary cementing segment is projected to grow at a faster CAGR over the forecast period due to the surge in capital expenditure by Energy and Petroleum companies to improve sub-sea construction activities.

By application, the onshore segment is expected to capture a higher share over the forecast period, owing to the surging demand for oil and gas. Increasing research activities attributed for the expansion of abandoned oil wells and rising well operations across China, the US, and Saudi Arabia are other drivers propelling the Well Cementing Services market size.

By region, the Asia-Pacific region is envisaged to lead the market with the highest share over the forecast period, owing to the growing demand for energy across the emerging nations such as Japan and India. Also, the intensified investment and strategic government norms enforced to increase the oil and gas production will positively impact the market growth.

Leading players operating in the global Well Cementing Services market include Schlumberger Limited, Trican Well Service Ltd., Baker Hughes Company, Halliburton, Nabors Industries Ltd., Sanjel Energy Services, Condor Energy, Gulf Energy SAOC, Calfrac Well Services Ltd., and China Oilfield Services Limited, among other.

Key Developments:

In 2020, Sanjel Energy Services partnered with Schlumberger Limited to offer Schlumberger cementing technologies to Sanjel Energy Services in Canada onshore. This agreement will improve the primary and remedial cementing portfolio of Sanjel Energy Services.

In 2020, Rockwell Automation, Inc., world’s largest industrial automation and Information Company, joined forces with Schlumberger Limited, leading vendors of technology for drilling, production, and processing to the oil and gas industry establish a new joint venture, Sensia.

Well Cementing Services Market Segmentation:

Well Cementing Services Market by Type

·         Primary Cementing

·         Remedial Cementing

·         Other Cementing

Well Cementing Services Market by Application

·         Onshore Cementing

·         Offshore Cementing

Well Cementing Services Market by Region:

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         North America

o   United States of America

o   Canada

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

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