New York, NY 18 Sep 2020: The global well cementing services market size is anticipated to reach USD 13.38 billion by 2026 according to a new study published by Polaris Market Research. The report “Well Cementing Services Market Share, Size Trends & Industry Analysis Report [By Process Type (Primary Cementing, Remedial Cementing, Others); By Application (Onshore and Offshore); By Regions]: Segment & Forecast, 2019 – 2026” provides contemporary market insights and taps future market trends.
Well cementing operations are a crucial part of the well completion process. The function is cessation of water. The primary function is to seal lost circulation areas where there is reduced flow within the bore. It is a matter of great concern to know that the oil and gas industry has seen many reversals due to massive fluctuations in crude oil and gas prices. However, with several discoveries of new reserves, demand is expected to grow at a fast pace over the forecast period.
The cementing services for the petroleum industry are in the nascent stage of its economic cycle. The industry is distinguished by an increasing number of entrant service providers within the industry. The service providers of cementing have benefited unduly from oil and gas that need cement for sealing and casing. The slowdown in crude oil prices has hit the market to a certain extent. Strict regulations regarding cementing processes and its materials are expected to restrain industry growth in several nations. As the industry is fully dependent on production of oil and gas, its low prices have been a major distractor to market growth. The dip in crude prices has outweighed the market disrupting regional growth among oil producing nations.
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Onshore segment was the largest application sector because of large number of oil wells compared to offshore drilling. However, offshore drilling has far outstripped the onshore segment because of increased rate of drilling in offshore region.
Recent discoveries of oil and gas in African region are expected to drive new opportunities for further expansion. The Middle East is the largest market though North America stands out in industry growth with recent spate of discovery of shale gas reserves.
North America owes shale gas discovery as the driving factor for the region to be the most revered oil producing nation. Furthermore, with rising trend of sustainable production of energy in the U.S, energy companies have been concentrating on hydrocarbons from unconventional reserves as much as traditional ones. This trend will drive the growth into the future for well cementing services market.
The main players in the well cementing services market include Gulf Energy LLC, Sanjel Corporation, Condor Energy Services Ltd., Nabors Industries Ltd., Calfrac Well Services Ltd., Trican Well Services Ltd., Schlumberger Limited, Baker Hughes Inc., Viking Services, Tenaris and China Oilfield Services Ltd. among others.
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