New York City, 18 January 2019: The global Well Cementing Services Market is anticipated to
reach USD 13.38 billion by 2026 according to a new study published by Polaris
Market Research.
Well cementing operations are the
vital part of well completion process that plays the major function of
permanently stopping water to penetrate into the well. The major function is to
permanently seal the lost circulation areas wherever there is reduced flow
within the wellbore. In the past four to five years, oil and gas industry has
been greatly violated owing to massive fluctuations in crude oil and gas
prices. Increasing production from unconventional reserves has been a major
factor driving demand for these services. With several discoveries of new reserves
demand for well cementing services market is expected to grow substantially
over the forecast period.
The cementing services for the
petroleum industry are in the growth stage of its economic cycle. It is
characterized by an increasing number of new service providers entering the
industry space. These service providers of cementing have benefited more and
more from oil & gas wells that require cement for sealing and casing wells.
The dip in crude prices has however significantly affected the well cementing
services market up to certain extent. Stringent regulations regarding cementing
processes and its materials are anticipated to restrain the market in several
geographies. As this industry is fully dependent on production of oil and gas
and its low prices has been a major concern.
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The
dip in crude prices is anticipated to enhance strong economic growth however;
the situation has disrupted regional growth among the oil producing nations.
API standards for the cement used for cementing services have several
classifications and different grades of cement are used in different
geographies. Remedial well cementing services have been very popular in the low
crude price era. Several new unexplored reserves in Brazil, China, Russia and
several parts of Europe is expected to drive further the well cementing
services market in the coming years.
Competitive Landscape and Key
Vendors:
Furthermore, North America was one of
the potential regional markets apart from the Middle East region. Increasing
exploration and production from shale reserves in the region is the major
driving factor. Moreover, with the rising trend for sustainable production and
development of energy in the U.S., energy companies have been focusing more on
hydrocarbon extraction from unconventional reserves along with the conventional
ones. Hence, this trend is expected to drive the for well cementing services
market.
The Middle East region has been the
largest regional well cementing services market. However, North American
regional industry growth has been growing faster owing to the recent shale
reserves discovered.
Some of the leading industry
participants in the well cementing services market include Gulf Energy LLC,
Sanjel Corporation, Condor Energy Services Ltd., Nabors Industries Ltd.,
Calfrac Well Services Ltd., Trican Well Service Ltd., Schlumberger Limited,
Weatherford International Inc., Halliburton, Inc., Baker Hughes Inc., Nine
Energy Service, Inc., Consolidated Oil Well Services, Magnum Cementing Services
Ltd., Viking Services, Tenaris, Vallourec, Top-Co and China Oilfield Services
Ltd.
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