NEW YORK, April 08, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, well cementing market is expected to reach $10,065.4 million by 2024, with a CAGR of 4.7% during the forecast period. The market growth is mainly driven by increasing exploration and production (E&P) in both conventional and unconventional oil and gas reserves, owing to growing global demand for energy products such as gasoline, gas oil, heating oil, fuel oil, aviation turbine fuel, liquified petroleum gas, piped natural gas, and compressed natural gas.
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The well cementing market is segmented on basis of service type, well type, application, and geography. Furthermore, based on the service type, the market is categorized into primary, remedial, and others (advanced cementing). Among these, primary cementing category accounted for an estimated revenue share of more than 75.0% in 2018. The global downfall in crude oil prices in 2014 had a negative impact on the E&P investments, thereby resulting in slow growth of the primary cementing market during the historical period. However, this market has been recovered on account of revival in crude oil prices since 2017.
Based on well type, the well cementing market is classified into oil, gas, and shale gas. The market for well cementing services for shale gas wells is expected to witness the fastest growth, with more than 6.0% CAGR during the forecast period. The discovery of shale gas in the U.S. and large-scale E&P investments in the domain will continue boosting the market growth in this category.
Based on the application, the well cementing market is bifurcated into onshore and offshore. The market for offshore application is expected to grow at a faster pace, witnessing a CAGR of more than 5.0% during 2019–2024. The maturity of onshore fields has resulted in the shift of E&P investments toward offshore fields for the exploration of energy sources. Moreover, some major offshore reserve discoveries have been made in recent years in various parts of the world, such as the Arctic and Guyana, which are expected to drive the market for offshore application during the forecast period.
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North America held the largest share in the well cementing market, with an estimated revenue contribution of more than 35.0% in 2018. Large-scale investments in the oil and gas sector in the region, particularly in well drilling for shale gas extraction in the U.S. and Canada, continue to aid the demand for well cementing services in North America.
Some of the major players operating in the global well cementing 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.; Halliburton Company; and Weatherford International plc.
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The well cementing market is highly consolidated in nature and is characterized by the presence of a limited number of players operating at a large scale. These players are mainly multinational corporations, offering well cementing services across different oil and gas producing regions around the world. Companies such as Halliburton Company, Schlumberger Limited, and Baker Hughes, a GE company are altogether sharing more than 70.0% share in the market.
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