Global Well Cementing Services Industry valued approximately USD 21.9 billion in 2017 is anticipated to grow with a healthy growth rate of more than 11.2% over the forecast period 2019-2025. The Well Cementing Services Industry is continuously growing in the global scenario at significant pace. Well Cementing is the most important aspect of the well completion process; it plays a critical role in permanently stopping water from penetrating the well. The basic function of Well Cementing Services is to seal the lost circulation zone and areas where there is reduced flow within the wellbore. There are three basic purposes of cementing, namely, zonal isolation and segregation, corrosion control and formation stability, and pipe strength improvement. When these functions are achieved, production and stimulation operations are conducted. Escalating capital expenditure in E&P operations, rising onshore & offshore Drilling Activities and refracting of mature oil & gas wells are the substantial driving factors of the Industry during the forecast period. Moreover, exploration in arctic oil and gas reserves is the major factor that likely to creating lucrative opportunity in the near future. However, reduction in exploratory drilling and volatile prices of raw materials are the factor that limiting the Industry growth of Well Cementing Services during the forecast period.
The regional analysis of Global Well Cementing Services Industry is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of Industry share due to rising drilling activities on deep water & onshore wells and favorable government support across the region. Further, Europe is estimated to grow as stable rate in the global Well Cementing Services Industry over the upcoming years. Asia-Pacific is anticipated to exhibit higher growth rate / CAGR over the forecast period 2019-2025 owing to rapid growth in gas & oil consumption among end-user industries across the region.
The objective of the study is to define Industry sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Industry. Additionally, the report shall also incorporate available opportunities in micro Industrys for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
Well Cementing Services Industry Share and Size by 2019-2025
Well Cementing Services Market Segmentation:
* North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Major Market Players in Well Cementing Services Market are as follows:
Baker Hughes Inc.
Trican Well Service Ltd.
Calfrac Well Service Ltd.