Global well cementing market is estimated
to be valued at USD 872 million by 2023 with a CAGR of approx. 4.50%. Well
cementing is the process of filling the cement in the spaces of well bore. It
is one of the most important aspects of the drilling activity and its
completion process. Cementing holds the well, preventing the slurry from coming
out of the walls. The main function of well cementing is to seal the inner line
of the well, control corrosion, and provide uniformity and strength to
pipes. Proper cementing of the well avoids
accidents. For cementing of wells, following procedures needs to be done which
include proper laboratory testing of slurry amount of water present in slurry
and other dry mixtures.
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Industry
Highlights
From 2016, the oil and gas upstream sector
has ramped up. Exploration and production activities are increasing for
fulfilment of demands of the various developing countries. However, the market
is still recovering from crude oil price variation. the market for well
cementing is estimated to progress with a CAGR of approx. 4.5% during the
forecast period, which indicates a decent response for the market.
The key drivers of well cementing market
are technological advancements in tools, innovation in technology to reduce the
time consumption, exploration in unconventional resources, skilled labour in
upstream sector, mature oil and gas field and increment in ultra-deep
exploration activities.
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Industry
Segmentation
The global well cementing market is
further segmented on the basis of type, well type, and region.
Based on the type, the global well
cementing market is bifurcated into Primary, Remedial and others.
Based on well type, the global well
cementing market is further segmented into onshore and offshore.
By region, the industry is segmented into North
America, Asia Pacific, Middle East, South America & Africa.
Prominent
Players
The major key player in global upstream
services markets are Schlumberger Limited (U.S.), Halliburton (U.S.), Baker
Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada), Weatherford
(U.S.), Nabors Industries Ltd (Bermuda), China Oilfield Services Limited
(China), Transocean Ltd. (Switzerland), Valluorec (France), Tmk (Russia), AES
Precast Co Inc, Inc. (U.S.), GOES GmbH (Germany), GE Oil & Gas (U.S.) and
they are highly proficient to give premium service in the industry.
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