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The global well testing service market size was valued at nearly US$ 7.1 Bn in 2018, is projected to reach approximately US$ 11.3 Bn by the end of 2026, exhibiting a CAGR of 5.9%. Well testing services market plays a significant role in understanding the properties of reservoirs containing hydrocarbon. Well testing determines reservoir pressure, productivity index, fluid properties, flow rate, formation dynamics, and much more.
The information gathered through well test can be utilized to forecast the life cycle and cost analysis of the well. Increasing demand for energy has resulted in increasing investment in exploration & production activities around the world. Well testing helps the operator to monitor the reservoir capability and enhance production by providing real-time solutions. The rising demand for hydrocarbon production from onshore as well as offshore areas is expected to boost the market for well testing during the forecast period, 2018-2026.
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"Real Time Testing Service Segment to Dominate the Market by Service Type"
Real time testing service accounts for major share in the well testing market and it is estimated to maintain its dominance during the forecast period. Real time testing helps to monitor and proactive measures to ensure safe operation, validate the data, optimize the flaring operation and reduces cost. Real time testing has emerged as a significant tool for operators to strengthen their position and control expenditure in such a way that mild fluctuation in the price of crude oil will have a negligible effect on the operations. In terms of growth, the market demand is likely to move towards surface well testing and reservoir sampling services during the forecast period to optimize the operation and increase production output with minimum cost.
"Shifting Focus Toward Subsea Investment Is Likely to Derive the Well Testing Services Market"
In terms of application, the offshore sector is expected to be the fastest growing segment during the forecast period owing to increasing investment in subsea oil & gas assets. Rising concern over optimizing operations and reducing cost has increased the demand for well-testing services to improve productivity, reservoir performance, and overall life cycle of the well. The global oilfield service market was dominated by onshore segment in the year 2018 and it is expected to decline during the forecast period.
"North America Is the Leading Market for Well Testing Services"
North America holds a major market share of well testing service market owing to increasing production of hydrocarbons leading to a number of new discoveries and active rigs. Asia Pacific secured a second place where countries like China, India, Indonesia, and Thailand are the major contributors and the trend is anticipated to improve during the forecast period. Globally, the U.S. accounted for almost 50% of the new wells drilled in the year 2017 followed by China and other Asian countries. The Middle East & Africa region is expected to expand at a relatively higher CAGR during 2019-2026, which was ascribed to the increasing investment in Nigeria, Egypt, Algeria, and the Gulf countries.
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"Schlumberger and Halliburton Account for a Major Share in Terms of Revenue"
Around one-third of the global well testing services market share is covered by top three companies and among them, Schlumberger is at the leading position. However, well testing service market is highly fragmented with the presence of major companies providing standard as well as highly customized solutions around the world. Some of the key market players are Halliburton, Baker Hughes, SGS S.A., Weatherford International, BJ Services Company, Petrofac, Oil States Industries and China Oilfield Services Ltd.
Well-testing is important to determine reservoir pressure, fluid properties, flow rate, production capacities, permeability, and more. Thus, well testing plays a crucial role in acquiring data to analyze and broaden the knowledge and understanding on the characteristics of the reservoir and the trapped hydrocarbon such as oil, natural gas, and condensate. The overall objective of well testing is to get accurate and reliable data to save rig time and reservoir properties. The economic growth of the world is moving with enormous pace which requires a huge amount of energy. Therefore, well testing service is the best-suited technology to acquire the important characteristic of oil reserves and production capability.
North America Well Testing Market, 2018
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The report provides qualitative and quantitative insights on the well testing service industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by service, applications, and geography. Based on the service, the global well testing service market is segmented into real time testing, downhole testing, reservoir sampling, surface well testing, and others. Based on the applications, the global well testing services market is segmented into onshore and offshore. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, upstream investment scenario, technological advancement, and key industry trends.
Fortune Business Insights says that the well testing service market was valued at USD 7.14 Billion in 2018.
The global well testing service market is projected to reach USD 11.30 Billion in 2026.
Growing at a CAGR of 5.9%, the well testing service market will exhibit steady growth in the forecast period
North America was valued at 3.4 billion in the global well testing service market in 2018.
Real-time testing and downhole testing will lead to a well testing service market in the forecast period.
Rising demand for energy and increasing exploration activities are the key factor driving the growth of the market. High fluctuation in the price of crude oil directly affects the oil and gas upstream sector.
Schlumberger, Halliburton, Baker Hughes, and Weatherford International are among the top players in the well testing service market.
North America is expected to hold the highest market share in the well testing service market.