Pune, Aug. 05, 2020 (GLOBE NEWSWIRE) -- The global well testing services market size is projected to reach USD 9.91 billion by 2027, exhibiting a CAGR of 6.3% during the forecast period. Escalating demand for energy worldwide will emerge as the key growth determinant for this market in the near future, observes Fortune Business Insights™ in its report, titled “Well Testing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing, and Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027”.
Under its Current Policies Scenario, the International Energy Agency (IEA) estimates that the global energy demand will grow by 1.3% annually to 2040. The US is expected to account for 85% of the global increase in oil production and 30% for gas by 2030 as a result of the country’s rising shale output. Moreover, the IEA predicts that 35% of world’s energy demand by 2040 will be met by natural gas. Growing demand for energy will inevitably expand exploration & production (E&P) activities of fossil fuels, in which well testing services will play a crucial part. These services are employed to check the quality of the underlying reserves to determine the economic feasibility of carrying out E&P activities on the well-site.
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According to the report, the global market value stood at USD 7.49 billion in 2019. It also contains the following information:
- Careful projections of the upcoming market opportunities;
- Detailed evaluation of the major market drivers, trends, and restraints;
- Exhaustive analysis of all market segments; and
- Actionable insights into the regional and competitive dynamics of the market.
Market Driver
Discovery of Unconventional Hydrocarbon Reservoirs to Enhance Market Potential
For the past few decades, the discovery of unconventional fossil fuel reserves has gained momentum around the world. For example, oil sands, or tar sands, contain bitumen, which is a semi-solid mixture of hydrocarbons. According to the University of Michigan, Canada possesses 73% of the estimated oil sands globally, with the country producing 64% of its fossil fuel energy from these reserves. Similarly, China is known to have the world’s largest reserves of recoverable shale gas, followed by Argentina and Algeria, the university further highlights. These reserves are now being actively explored as conventional reservoirs are depleting at an accelerated pace. Unconventional oil & gas reserves generally occur in wide geological formations, necessitating the deployment of advanced extraction mechanisms. Adoption of well testing services is likely to spike in the coming years as governments and private players ramp up their E&P activities to meet the surging energy demand, especially in developing nations.
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Regional Insights
Steady Increase in Oil Production in the US to Favor the North America Market
With a market size of USD 3.56 billion in 2019, North America is set to lead the well testing services market share during the forecast period owing to steadfast rise in oil & gas production in the United States. For instance, World Oil estimates that 27,000 wells were drilled in the US in 2018, growing by 12.5% from 2017 levels.
Asia Pacific is expected to register impressive growth on account of rapidly rising consumption of crude oil and natural gas in the region. Moreover, the region is a net importer of fossil fuels, which favors the market expansion in the region. In Europe, the market will be primarily driven by the drilling activities conducted by the UK, Norway, Germany, Denmark, and Russia in the North Sea.
Competitive Landscape
Geographic Expansion & Operational Diversification to be Mainstay Strategies for Players
Major companies in this market are intensely focused expanding their presence in foreign lands and diversifying their operational horizons. To meet these dual goals, players are undertaking measures such as collaborations and contract signing with regional entities to amplify their business reach across geographies.
Industry Developments:
- November 2019: Expro Group won a contract to deliver well test and subsea services to Ichthys LNG, a massive oil & gas project near Darwin, Australia, headed by INPEX. Expro will supply a comprehensive well testing package, which will include advanced electronic emergency shutdown systems.
- August 2019: Halliburton secured contracts from Woodside Energy to conduct drilling and completion services in offshore Senegal for the SNE Field Development Phase I. The operations will begin early 2021 and will be completed over a period of 3-4 years.
List of Key Players Profiled in the Well Testing Services Market Report:
- TETRA Technologies, Inc. (U.S.)
- China Oilfield Services Limited (COSL) (China)
- Baker Hughes, a GE company (U.S.)
- Expro Group (U.K)
- Halliburton Inc. (U.S.)
- Oil States International, Inc. (U.S.)
- SGS SA (Switzerland)
- TechnipFMC plc (U.K)
- Weatherford International Plc (Switzerland)
- Schlumberger Limited (U.S.)
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Well Testing Services Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100157
Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Research Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Merger & Acquisition, Partnership, etc.
- Latest Technological Advancement
- Global Upstream Investment Scenario
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Well Testing Service Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Well Testing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Real Time Testing
- Downhole Testing
- Surface Well Testing
- Reservoir Sampling
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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