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Well Cementing Market Latest Industry Size, Growth, Share, Demand, Trends, Competitive Landscape and Forecasts to 2028, Fortune Business Insights
Posted on Feb 25 2021 4:53 AM
"Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
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According to the report, the global well cementing market size is projected to reach USD 16.63 billion by 2026. Recent advancements in hydrocarbon exploration activities will emerge in favour of market growth. According to a report published by Fortune Business Insights, titled 'Well Cementing Market Size , Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026, the market was worth USD 8.82 billion in 2018. Driven by increasing investment in product R & D, the market will exhibit a CAGR of 8.3% during the forecast period, 2019-2026.
The global well cementing market size is projected to reach USD 16.63 billion by 2026 with CAGR of 8.3% during the forecast period, 2019-2026.
Well cementing ensures the durability of well casing and allows for greater efficacy. The demand for oil and gas resources has risen dramatically in recent years, accounting to the constantly rising global population. Recent advancements in hydrocarbon exploration techniques will aid the growth of the market in the coming years. The increasing investment in hydrocarbon drilling, coupled with the exponentially rising demand for oil and gas will constitute an increase in the well cementing market size in the forthcoming years. The adoption of standout business strategies aimed at the maximizing the use of hydrocarbons will open up a huge potential for the companies operating in this market.
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A few of the leading companies operating in the market include:
- Halliburton
- COSL - China Oilfield Services Limited
- Baker Hughes
- C & J Energy Services
- Trican Well Service Ltd.
- Superior Energy Services
- Weatherford
- Calfrac Well Services Ltd.
- Allied Oil & Gas Services
- Sanjel Energy Services
- Gulf Energy SAOC
- Schlumberger
MARKET DRIVERS
Some of the major operators in the world and government entities are continuously investing in the expansion of drilling activities to meet the growing demand for hydrocarbon. Furthermore, the strategic planning and forecasting of oil and gas consumption likely to underpin the market. Also, the enormous potential in untapped hydrocarbon reserves is expected to boost the market.
Oil & gas is the prime source of energy for many industry verticals. The World Bank recently reported that 80% of the world's GDP comes from cities. Thus, the expansion of urban areas is resulting in high consumption of oil and gas. In addition to this, the exponential growth in the transport sector may leverage the demand for oil and gas which subsequently underpin the growth of the well-cementing market.
North America to Emerge Dominant, Emphasis on Hydrocarbon Exploration to Aid Growth
The report analyses the ongoing well-cementing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America will emerge dominant in countries such as the US and Canada will aid the growth of the market in this region. Additionally, the efforts taken to enhance hydrocarbon exploration and use will benefit the companies operating in the regional market. As of 2018, the market in North America was worth USD 3.83 billion and this value is likely to increase further in the coming years. Besides North America, Asia Pacific will witness considerable growth in the coming years, owing to the massive potential held by companies.
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Market Segmentation
By Type
- Primary Cementing
- Remedial Cementing
By Application
By Region
- North America (U.S. and Canada)
- Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)
- Europe (UK, Germany, Norway, Russia, and Rest of Europe)
- Asia Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Kuwait, Oman, Qatar, Egypt, Nigeria, Algeria and Rest of Middle East & Africa)
Increasing Number of Company Collaborations to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, company collaborations have made the highest impact on the growth of the market. Many leading companies are looking to adopt newer strategies with a view to establishing a stronghold in the market. In July 2019, Halliburton and Kuwait Oil Company announced a collaboration for the offshore drilling service of six high-pressure high temperature exploration wells in the Arabian Gulf. This activity will not only help the company generate a substantial market revenue, but will also have a direct impact on the growth of the global market.
The economic prosperity of any country depends upon its energy policies and availability of natural resources. Currently, more than half of the energy demand meet by hydrocarbons, which indicates its significance in the international energy market. The extensive economic growth in different industry verticals resulted in increased consumption of oil and gas. Several companies are massively investing in exploration and production activities to compensate for the unwavering consumption of hydrocarbons. The national and state-owned oil companies are enormously investing in drilling activities. Well cementing is the most important part of the completion and workover operation while drilling to offer firm structure to the well casing and restrict fluid movement from the reservoir to the wellbore. Cementing involves a mixture of cement, water, and chemical additives which are pumped into the wellbore through the casing and fills the gap between casing the wellbore. A well cementing is bifurcated into primary and remedial cementing. The primary objective of primary cementing is to hold the casing while remedial cementing requires only if there is any fault or overhaul in primary cementing. An effective cementing operation offers several advantages such as enhances the durability of the well and economical production of hydrocarbon. Furthermore, it helps to prevent blowouts and protect the casing from corrosion. Hence, cementing assists in carrying out the production of oil and gas economically and ensures minimum hazards to the environment.
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REPORT COVERAGE
Oil & gas continues to dominate the global energy outlook. The leading conglomerate around the world and government entities are consistently investing in the exploration and production of hydrocarbon to meet the increasing demand for oil and gas. Drilling is a primary activity for the extraction of hydrocarbon in which casing plays an important role in zonal isolation between groundwater and oil and gas. The casing should be strong enough to withstand stresses while drilling that can be avoided by providing wellbore stability. Well cementing ensures the stability of the well by supporting the borehole walls and protect the casing against corrosion and erosion. Cementing can be done in two ways, i.e. Primary Cementing and Remedial Cementing. Primary cementing is a quintessential part of providing zonal isolation. If zonal isolation is achieved effectively, the future life of the well, safety, government regulations, other requirements would be met during the life of the well. Remedial cementing is used to rectify and correct any problems associated with primary cementing. Hence, cementing is very important for the overall life of the well and to maintain the surrounding ecology of the well clean and green.
Table of Content
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Key Insights Key Emerging Trends For Major Countries Latest Technological Advancement Regulatory Landscape Industry SWOT Analysis Porters Five Forces Analysis Global Well Cementing Market Analysis (USD Billion), Insights and Forecast, 2015-2026 Key Findings / Summary Market Analysis, Insights and Forecast By Type Primary Cementing Remedial Cementing Market Analysis, Insights and Forecast By Application Onshore Offshore Market Analysis, Insights and Forecast By Region North America Latin America Europe Asia Pacific Middle East and Africa North America Well Cementing Market Analysis (USD Billion), Insights and Forecast, 2015-2026 Key Findings / Summary Market Analysis, Insights and Forecast By Type Primary Cementing Remedial Cementing Market Analysis, Insights and Forecast By Application Onshore Offshore Market Analysis, Insights and Forecast By Country U.S. Canada TOC Continued...!!!
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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