NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Well Cementing Market by Service Type (Primary, Remedial), by Well Type (Oil, Gas, Shale Gas), by Application (Onshore, Offshore), by Geography (U.S., Canada, Norway, U.K., Russia, China, India, Indonesia, Malaysia, Mexico, Brazil, Venezuela, Colombia, Saudi Arabia, U.A.E., Kuwait, Nigeria, Algeria, Angola) Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024
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According to the report, the well cementing market is predicted to attain a size of $10,065.4 million by 2024, advancing at a CAGR of 4.7% during the forecast period (2019–2024). This is attributed to the rising exploration and production (E&P) in both unconventional and conventional oil and gas reserves, which is itself driven by the increasing demand for energy products, such as fuel oil, heating oil, gasoline, gas oil, aviation turbine fuel, piped natural gas, liquified petroleum gas, and compressed natural gas.
The well cementing market is segmented by well type, service type, application, and geography. On the basis of service type, the market is categorized into remedial, primary, and others (advanced cementing). Out of these, in 2018, the primary cementing category held the largest revenue share of over 75.0% in the market. The downfall in the prices of crude oil in 2014 globally that had an adverse impact on the E&P investment, resulting in the slow growth of the primary cementing market during the historical period. However, since 2017, this market has been recovering on account of a renewal in crude oil prices.
Now, on the basis of well type, the well cementing market is divided into shale gas, oil, and gas. During the forecast period, the shale gas wells division is predicted to register the fastest growth with a CAGR of more than 6.0%. Due to the discovery of shale gas and large-scale E&P investments in the U.S., the market is expected to continue growing. Further, based on application, the market is bifurcated into offshore and onshore. During 2019–2024, the offshore application is anticipated to grow at a rapid pace, with a CAGR of over 5.0% in the market.
Moreover, in recent years, there have been some major discoveries of offshore reserves worldwide, such as in the Arctic and Guyana, which are predicted to propel the application of well cementing in offshore fields during the forecast period. In 2018, North America led the well cementing market with a revenue contribution of more than 35.0%. Furthermore, large-scale investments in the oil and gas industry, especially in well drilling for shale gas in Canada and the U.S., continue to propel the demand for well cementing services in North America.
Quite consolidated in nature, the well cementing market is characterized by the presence of a small number of players, holding significant shares. Multinational corporations are the key players providing well cementing services in various oil and gas-producing countries, globally. Companies such as Schlumberger Limited, Halliburton Company, and Baker Hughes, a General Electric subsidiary, together hold over 70.0% share in the market.
GLOBAL WELL CEMENTING MARKET SEGMENTATION
Market Segmentation by Service Type
• Primary
• Remedial
• Others
Market Segmentation by Well Type
• Oil
• Gas
• Shale Gas
Market Segmentation by Application
• Onshore
• Offshore
Market Segmentation by Geography
• North America Well Cementing Market
- By service type
- By well type
- By application
- By country – U.S. and Canada
• Europe Well Cementing Market
- By service type
- By well type
- By application
- By country – Norway, U.K., Russia, and Rest of Europe
• Asia-Pacific (APAC) Well Cementing Market
- By service type
- By well type
- By application
- By country – China, India, Indonesia, Malaysia, and Rest of APAC
• Latin America (LATAM) Well Cementing Market
- By service type
- By well type
- By application
- By country – Mexico, Brazil, Venezuela, Colombia, and Rest of LATAM
• Middle East and Africa (MEA) Well Cementing Market
- By service type
- By well type
- By application
- By country – Saudi Arabia, U.A.E., Kuwait, Nigeria, Algeria, Angola, and Rest of MEA
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