Well Cementing Market Analysis
The
global Well
Cementing Services Market is anticipated to witness a period of growth and
expansion in the forthcoming years as calculated by Market Research Future
(MRFR) in its study report. The report specifies that the global market is
expected to grow at a compound annual rate of 4.5% during the forecast period
between 2018 and 2023. Additionally, the market is projected to value USD 872
million by the end of the forecast period in 2023.
Well
cementing is known as the process of filling the cement in various spaces of
the well bore. This process is considered to be one of the most important
components of the drilling activity and it completion process. The cementing of
the well bore helps in holding the well intact, thereby preventing the slurry
from oozing out of the walls. The primary function of well cementing is sealing
the inner lining of the well, control from corrosion, and provide uniformity
and strength to the pipes.
Market
Segmentation
The global well cementing market segmentation is
divided in terms of well type and type components.
By type, the market includes primary, remedial, and
others. The primary market type segment held the maximum share globally and is
anticipated to remain the largest player in the near future. This is due to the
primary market’s availability, application, and properties in recent years.
By well type, the market divides into onshore and
offshore well type. The offshore oil production segment holds close 35% of the
market share.
Regional Analysis
The global well cementing market is geographically
broken down into the following regions: North America, Europe, Asia Pacific,
the Middle East & Africa, Latin America, and the Rest of the World,
Regionally, the North American regional market for
well cementing is highly competitive in nature. The demand for the market is
superior in the global landscape and is expected to continue in the near
future. The need for well cementing services is growing at a rapid pace in the
North American region owing to presence of a vast population of aged and mature
wells. The increasing demand for energy makes oil and gas targets highly
difficult to find, one which can be achieved by shale gas and tight gas. This
drives the demand for the market in this region.
The US market holds the largest share in the North
American region and contributes immensely to drive the region’s global
dominance. The booming demand for shale is further projected to influence a
positive growth of the market. The North American region is experiencing growth
of well cementing services due to the shale gas boom, search for untapped oil
and gas reserves, and drilling activities undertaken in the Gulf of Mexico.
Competitive
Landscape
The global well cementing market has a number of
prominent players under its wing, including Nabors Industries Ltd (Bermuda),
Baker Hughes Incorporated (U.S.), Baker Hughes Incorporated (U.S.), Valluorec
(France), Tmk (Russia), Transocean Ltd. (Switzerland), x Halliburton (U.S.),
Trican Well Service Ltd. AES Precast Co Inc, Inc. (U.S.), (Canada), China
Oilfield Services Limited (China), GOES GmbH (Germany), China Oilfield Services
Limited (China), GOES GmbH (Germany), Weatherford (U.S.), GE Oil & Gas
(U.S.), and others. The players hold a significant importance in aiding the
global market with their constant innovations and developments to stand out in
the cut-throat competition.
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