Well Cementing Services Market Future Outlook: Analyzing Size, Share, Growth Patterns
The global well cementing services market is expected to reach USD 11.6 billion by 2030. The market is projected to grow at a CAGR of 4.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising drilling activities to recover unconventional hydrocarbons such as shale and tight gas coupled with rehabilitation activities in existing oil & gas fields is expected to remain a key driving factor for the global market.
Well Cementing Services Market Report Highlights
The primary type dominated the market with a global revenue share of 77.7% in 2023 and is projected to continue its dominance from 2024 to 2030.
The well cementing services market in North America secured 41.1% of the global revenue share in 2023. The development of untapped hydrocarbon reserves was a major driving force.
The Asia Pacific well cementing services market was significantly augmented owing to the strong growth in cement consumption, partially due to the reopening of the Chinese economy.
The global industry is dominated by various integrated players present across the value chain. Key companies operating in the well cementing service market include Schlumberger Ltd., Baker Hughes Inc., Halliburton, Weatherford & Gulf Energy Llc., and Calfrac Well Services Ltd.
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A large number of unexplored reserves particularly in Brazil, Russia, and China, coupled with technological advancements in well cementing equipment and services provided by oil service providers is projected to have a positive impact on the market growth in the near future. Stringent environmental regulations coupled with low crude oil prices are expected to hinder market growth over the next eight years. Low crude oil prices are anticipated to support stronger economic growth, but it may hamper growth among energy-producing states.
Primary cementing was the leading service segment and accounted for over 75% of total market revenue in 2015. It is estimated to remain the largest segment over the next eight years owing to rising E&P to exploit unconventional hydrocarbon reserves. Remedial cementing is anticipated to emerge as the fastest-growing well cementing service market over the forecast period owing to increasing rehabilitation of oil & gas wells in both onshore and offshore activities.
List of major companies in the Well Cementing Services Market
Advanced Cementing Services Incorporated
Baker Hughes Company
Calfrac Well Services Ltd.
China Oilfield Services Limited
Gulf Energy SAOC
Halliburton Company
Magnum Cementing Services Ltd.
Sanjel Energy Services
Schlumberger Limited
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We have segmented the global well cementing services market on the basis of type, well type, deployment and region.
