MRFR has a newly added “Global Well Cementing Services Market Report” that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.
Well Cementing Market Analysis
The global well cementing 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.
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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.
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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.
Industry Related
News
August 2018, DeltaTek Global, a specialist in well construction,
announced that it has won a 2-year contract from Sircar Point Energy, an
Aberdeen-based operator.
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
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