Global “Well Cementing Services Market” report provides a detailed analysis of the market from 2018 to 2023. Well Cementing Services market report focuses on market capacity, share, current market trends and upcoming future predictions. Global Well Cementing Services Market is expected to register a CAGR of approximately XX% during the forecast period of (2018 – 2023).
360 MARKET UPDATES Report provides a 360-degree overview of the global Well Cementing Services Market with special emphasis on all aspects including CAGR Status, drivers, restraints, and opportunities, market and regional segmentation.
Well Cementing Services Market Report Covers Leading Manufacturers: Advanced Cementing Services, Inc., Baker Hughes, a GE Co., BJ Services, Calfrac Well Services Ltd, China Oilfield Services Limited, Eneroil Offshore Drilling Ltd, Halliburton Company, Saipem S.p.A., Schlumberger Limited, Superior Oilfield Services, Inc., Trican Well Services Corporation, and Weatherford International plc,
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The primary cementing services dominate the well cementing services market. The primary cementing services include the casing cementation jobs during drilling activity. Therefore, the well cementing services market is heavily linked with drilling activity. The growing drilling activity and increasing exploration and production from conventional and shale fields are expected to drive the market during the forecast period.
Growth in Offshore Activity to Drive the Market
Since the oil price crisis in mid-2014, the offshore activity has declined significantly. But during 2016-17, owing to the stability in oil prices, the offshore drilling activity has also stabilized. During 2014-17, the breakeven oil prices for offshore production had declined significantly. For instance, some of the North Sea fields oil production now breaks even at as low as USD 25 per barrel. During the forecast period, the offshore oil production cost is expected to further reduce, owing to technological development and focus on efficient operations. The oil prices are also expected to witness a substantial increase during next five years. Hence, increasing oil prices and lower offshore production breakeven costs are expected to spur the offshore drilling activities. Offshore cementation operations are more complex than onshore cementation. The offshore well depths are generally higher, and as a result, significant temperature and pressure changes are encountered throughout the well. The offshore cementation jobs are considerably more expensive. Hence, growth in offshore drilling activity is expected to have a significant positive impact on well cementing services market.
Asia-Pacific to Register Significant Growth
Asia-Pacific is the second largest market, after North America. China and India are expected to drive the market during the forecast period. The drilling activity in China and India, after the oil-price crisis in mid-2014, has remained relatively stable, as both the countries are one of the largest consumers and net importers of oil and gas. To reduce the imports, governments of both the countries are encouraging the exploration & production activity. During the forecast period, increasing oil prices and growing oil and gas consumption are expected to drive the drilling activities of both of the countries, in turn, driving the well cementing market in the region. In addition, China has recently started exploring its unconventional reserves. Sinopec Ltd reported that Fuling shale gas field in Southwestern China produced a cumulative 3.76 billion cubic meter (bcm) of gas in 2016. The reserve had an additional producing capacity of 5.5 to 6.5 bcm. With growing consumption of gas in the country, the drilling activity in shale gas fields is expected to increase, driving the growth of well cementing services market in the region.
The US to Lead the Market Growth
The United States is estimated to have the largest market share of well cementing services market. The United States had the highest number of active drilling rigs, i.e., 946, as of January 2018, highest in the region. The government policies, such as allowing exploration & production activity in almost all the US waters, increasing production in Permian basin and the Gulf of Mexico, decreasing oil breakeven price in shale plays, and increase in oil prices after 2016, are expected to drive the drilling and production activity in the country, in turn, driving the well cementation services market.
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