NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global well cementing services market is projected to reach $8,862.0 million by 2023, increasing exploration and production (E&P) in unconventional reserves and large number of mature wells are driving the market growth.
On the basis of service type, the well cementing services market is categorized into primary, remedial, and others. Of these, primary services held the largest share in the market during the historical period, contributing more than 75.0% revenue in 2017. This is mainly driven by increasing E&P activities coupled with the increasing need of providing proper zonal isolation during well cementing. The chief objective of primary cementing is to provide zonal isolation, in order to prevent migration of fluids in the annulus. Also, it provides protection to the casing string from corrosive formation fluids.
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Based on application, the well cementing services market is segmented into onshore and offshore applications. Of these, onshore was a larger category in the market during the historical period, contributing more than 80.0% revenue in 2017. The increasing well operations in onshore areas coupled with the growing demand for oil and gas is estimated to increase the use of these services in onshore activities. Along with that, large untapped petroleum reserves along with expected future investments from international oil companies (IOCs) are expected to drive the market growth.
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Globally, North America has been leading the well cementing services market, which is attributed to the increasing drilling activities in deep water and onshore wells, especially in the U.S. Increasing drilling activities in shale and tight gas reserves in the U.S. are expected to drive the market growth in the region during the forecast period. Additionally, large scale production of oil and gas from their reserves scheduled to produce oil and gas in the coming years, will drive the market growth.
Presently, there are six countries, namely Russia, the U.S., Canada, Norway, Denmark, and Iceland, with regions beyond the Arctic circle and direct access to the Arctic ocean. Out of these six, only first four are actively drilling in arctic areas for oil and natural gas. According to the U.S. Geological Survey (USGS), the Arctic is estimated to contain almost 90 billion barrels (bbls) of undiscovered oil, 17 trillion cubic feet (tcf) of undiscovered gas and 44 bbls of natural gas liquids. Hence, the future possibilities of oil and gas explorations from arctic reserves is expected to create ample opportunities for well cementing services providers.
Some of the major players operating in the global well cementing services market are Consolidated Oil Well Services LLC, Nine Energy Service Inc., Gulf Energy SAOC, Magnum Cementing Services Ltd., Calfrac Well Services Ltd., China Oilfield Services Limited, Baker Hughes, a GE Company, Schlumberger N.V. (Schlumberger Limited), Halliburton Company, and Weatherford International PLC.
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