Global well cementing services market is projected to reach $8,862.0 million by 2023, increasing exploration and production (E&P) in unconventional reserves and large number of mature wells are driving the market growth. The chief objective of primary cementing is to provide zonal isolation, in order to prevent migration of fluids in the annulus. Also, it provides protection to the casing string from corrosive formation fluids.
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On the basis of service type, the well cementing services market is categorized into primary, remedial, and others. Of these, primary services held the largest share in the market during the historical period, contributing more than 75.0% revenue in 2017. This is mainly driven by increasing E&P activities coupled with the increasing need of providing proper zonal isolation during well cementing.
Based on application, the well cementing services market is segmented into onshore and offshore applications. Of these, onshore was a larger category in the market during the historical period, contributing more than 80.0% revenue in 2017. The increasing well operations in onshore areas coupled with the growing demand for oil and gas is estimated to increase the use of these services in onshore activities.
Globally, North America has been leading the well cementing services market, which is attributed to the increasing drilling activities in deep water and onshore wells, especially in the U.S. Increasing drilling activities in shale and tight gas reserves in the U.S. are expected to drive the market growth in the region during the forecast period. Additionally, large scale production of oil and gas from their reserves scheduled to produce oil and gas in the coming years, will drive the market growth.
The region has abundance of unconventional oil and gas, and the U.S. is the only country producing commercially significant volumes of these resources from shale reserves in the current scenario.
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Some of the major players operating in the global well cementing services market are Consolidated Oil Well Services LLC, Nine Energy Service Inc., Gulf Energy SAOC, Magnum Cementing Services Ltd., Calfrac Well Services Ltd., China Oilfield Services Limited, Baker Hughes, a GE Company, Schlumberger N.V. (Schlumberger Limited), Halliburton Company, and Weatherford International PLC.
GLOBAL WELL CEMENTING SERVICES MARKET SEGMENTATION
By Service Type
- Primary
- Remedial
- Others
By Application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Norway
- U.K.
- Russia
- Rest of Europe
- APAC
- China
- India
- Indonesia
- Rest of APAC
- Central and South America (CSA)
- Brazil
- Venezuela
- Rest of CSA
- Middle East and Africa (MEA)
- Saudi Arabia
- U.A.E.
- Nigeria
- Rest of MEA
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