Insights Into The Well Cementing Services Market’s Growth Opportunities Through 2023-2032 – Includes Well Cementing Services Market Size
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Increasing oil and gas exploration and production are likely to promote innovation in well cementing services manufacturing, propelling the market during the forecast period.
The global well cementing services market is expected to grow from $9.47 billion in 2022 to $10.21 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The well cementing services market is expected to grow to $13.30 billion in 2027 at a CAGR of 6.8%.
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Global Well Cementing Services Market Segments Include:
- By Service: Primary well cementing; Remedial well cementing; Other Services
- By Well Type: Oil, Gas, Shale Gas
- By Application: Onshore, Offshore
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global well cementing services market in 2021.
Major Market Players in the well cementing services market include Schlumberger Ltd., Baker Hughes Inc., Halliburton, Weatherford International plc, Gulf Energy SAOC, Calfrac Well Services Ltd., Sanjel Energy Services, Nabors Industries Ltd.
Product innovation is a crucial trend that is gaining traction in the cementing services market. To increase their market position, major firms in the well-cementing services market are creating innovative products. For example, Halliburton Company, a US-based provider of energy industry products and services, introduced the IsoBond cement system in September 2021, which reduces sustained casing pressure at its source to provide a barrier that minimises fluid loss, improves shear bonding, and shortens transition time. When compared to standard systems, this technology minimises annular flow through cement and enhances anchoring force to the casing and formation by up to 40%.
The Well Cementing Services Global Market Report 2023 provides a well cementing services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The well cementing services market forecast analyzes well cementing services market size, well cementing services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Well cementing is the process of pumping a slurry of cement, water, and additives down through steel casing to critical points in the annular space between the well’s wall and the outside of the casing to form a cement sheath that ensures zonal isolation, supports, and protects the casing.
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