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Well Cementing Market Size Worth USD 16.63 Billion By 2026; Advancements in Hydrocarbon Exploration Activities to Aid Growth

January 09, 2020 | Energy & Power

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 demand for hydrocarbons has risen dramatically in recent years. The growing demand for energy and power will emerge in favor of the companies operating in the market. There has been a constant rise in the investment in the research and development of oil and gas exploration activities. There are several forms of well cementing which are used in accordance with the requirements of the user. Moreover, the emphasis on drilling activities will contribute to the well cementing market growth. The role of cementing in enhancing the overall process of oil and gas exploration and drilling activities will aid the growth of the market in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/well-cementing-market-101932


Key Segments in the Well Cementing Market:



  • By Type: The market is segmented on the basis of type into primary cementing and remedial cementing. Primary cementing helps avoid fluid movement between formations, thereby minimizing the contamination of underground water. This mode of cementing also helps in zonal isolation which helps keep the well economically productive. It also helps keep the well from being corrupted. The exceptional properties of primary cementing have led to a widespread adoption across the world. Accounting to the benefits offered by this type, this segment will hold a higher well cementing market share in the coming years. On the flipside, the remedial type will exhibit a comparatively low CAGR. This type is used in cases of fault and rectification in primary cementing.

  • By Application: On the basis of application, the market is segmented into onshore and offshore. Among these, the onshore segment continues to dominate the market due to the advantages and feasibility. Most of the large scale companies prefer onshore exploration due to its benefits. Onshore activities account for majority of the oil and gas production across the world. The operational costs in onshore activities is much lesser than those in offshore drilling. The favourable properties of onshore drilling will aid the growth of this segment in the coming years. Moreover, the complexities associated with offshore drilling have led to a wider adoption for onshore drilling. The increasing investment in betterment of onshore activities will have a positive impact on the growth of this segment.

  • By Region:  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 is likely to dominate the market in the coming years. The increasing number of drilling activities across North America will aid the growth of the market in this region. Additionally, the efforts taken to maximize hydrocarbon exploration will emerge in favor of 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, owing to recent industry developments.


Halliburton and Schlumberger to Witness Considerable Growth


The rising demand for oil and gas across several industry verticals will create several growth opportunities for the companies operating in this market. Together, Halliburton and Schlumberger account for a dominant market share. Besides these, a few of the other companies operating in the market include:



  • Halliburton

  • Schlumberger

  • 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


Key Industry Developments:



  • In August 2019, Halliburton secured a contract from Woodside Energy (Senegal) BV for drilling, completion, and testing services.

  • In June 2018, Equinor awarded a drilling and well service contract to a consortium that includes Baker Hughes, Halliburton, and Schlumberger.


The global well cementing market is segmented on the basis of:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Type



  • Primary Cementing

  • Remedial Cementing



By Application



  • Onshore

  • Offshore



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)


Well Cementing Market
  • PDF
  • 2018
  • 2015-2017
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

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