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Well Testing Services Market to Rise at 6.3% CAGR till 2027; Promising Advancements in Drilling Technologies to Positively Influence the Market

August 04, 2020 | Energy & Power

The global well testing services market size is projected to reach USD 9.91 billion by 2027 owing to increased spending on hydrocarbon exploration & production activities by major players, states Fortune Business Insights™ in its report, titled “Well Testing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing, and Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027”. The report also states that the value of the global market stood at USD 7.49 billion in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027.


However, the well testing services market growth is expected to shrink during 2020 on account of the COVID-19 pandemic. The outbreak of the pandemic, which led to lockdowns and stalled business activities, has caused a steep drop in energy demand and consumption worldwide. This has deeply affected oil & gas industry dynamics and will inevitably impact the market.


Halliburton Releases Unconventional Well Testing Technology


In February 2020, Halliburton introduced SPIDRlive™ (Self-Powered Intelligent Data Retriever), its novel and unconventional well testing and fracture interaction monitoring solution. Engineered to extract real-time well data, the technology eliminates the need for manual intervention and improves resource recovery through superior fracture understanding. The machine brings together the company’s proprietary modeling software and quartz-based hardware to enable the capturing of high-resolution and accurate data from the wellhead. Without requiring the running of downhole equipment, SPIDRlive will enable operators to optimize fracture design and enhance performance in unconventional well-sites.


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


https://www.fortunebusinessinsights.com/industry-reports/well-testing-service-market-100157


Increasing Interest in Offshore Drilling Projects to Feed Market Growth


The demand for well testing services is expected to rise at a substantial rate in the coming years as the offshore E&P projects are eliciting considerable interest from major global players. For example, the South Akcakoca Sub-Basin (SASB) gas field located in the Black Sea, offshore Turkey, has attracted investments worth USD 608 million since its commencement in 2007. Co-owned and operated by Trillion Energy, phases 3 & 4 are expected to be completed by 2022. Another major deep-sea oil & gas project is the Taggart Field Development in the Gulf of Mexico in the US, which is owned and operated by LLOG Exploration Offshore. Operations are anticipated to begin by 2022, with the site expected to deliver 27 million barrels of oil equivalent over a period of 8 years. As these projects gain momentum in the next few years, the adoption of well testing technologies is likely to spike.


Bagging Contracts to Remain Key Focus Area for Market Players


The structure of competition in the well testing services market is tending to become monopolistic owing to the dominant presence of a few strong players. While there are many regional companies, their entry into the global market, however, is restricted as giants in the hydrocarbon industry usually end up securing large contracts. These contracts are further enabling the leading companies to deepen their hold and broaden their presence in the market.


Industry Development:



  • July 2019: Halliburton inked a highly lucrative deal with the Kuwait Oil Company for Integrated Offshore Drilling Services for advanced exploration wells in the Persian Gulf. Halliburton will provide a range of offshore oilfield and logistical services for the project.


List of Key Players Covered in the Market for Well Testing Services:



  • Oil States International, Inc. (U.S.)

  • SGS SA (Switzerland)

  • TechnipFMC plc (U.K)

  • Weatherford International Plc (Switzerland)

  • Schlumberger Limited (U.S.)

  • TETRA Technologies, Inc. (U.S.)

  • China Oilfield Services Limited (COSL) (China)

  • Baker Hughes, a GE company (U.S.)

  • Expro Group (U.K)

  • Halliburton Inc. (U.S.)


Further Report Findings:



  • The real-time testing segment, with a market share of 36.1% in 2019, is expected to continue its leading position during the forecast period as real-time testing solutions enable precise gathering of data throughout the operation.     

  • Discovery of shale gas and quick adoption of advanced drilling technologies are anticipated to give North America a commanding hold of this market share. In 2019, the region’s market size was at USD 3.56 billion.

  • The market in Latin America and the Middle East & Africa is expected to soar owing to the abundance of fossil fuel reserves in these regions.


Table of Segmentation:








































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Service



  • Real Time Testing

  • Downhole Testing

  • Reservoir Sampling

  • Surface Well Testing

  • Others



By Application



  • Onshore

  • Offshore



By Region



  • North America (the U.S., and Canada)

  • Europe (the UK, Germany, France, Italy, Norway, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, and Rest of Asia Pacific)

  • Latin America (Argentina, Venezuela, Mexico, Brazil, and Rest of Latin America)

  • The Middle East & Africa (GCC, Algeria, Egypt, Nigeria, and Rest of the Middle East & Africa)


Well Testing Service Market
  • PDF
  • 2019
  • 2016-2018
  • 193

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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