Global Well Cementing Market Scenario
The global well cementing market is anticipated to witness a period of growth and expansion in the forthcoming years as calculated by Market Research Future (MRFR) in its study report. The report specifies that the global market is expected to grow at a compound annual rate of 4.5% during the forecast period between 2018 and 2023. Additionally, the market is projected to value USD 872 million by the end of the forecast period in 2023.
Well cementing is known as the process of filling the cement in various spaces of the well bore. This process is considered to be one of the most important components of the drilling activity and it completion process. The cementing of the well bore helps in holding the well intact, thereby preventing the slurry from oozing out of the walls. The primary function of Oil Well Cementing Market is sealing the inner lining of the well, control from corrosion, and provide uniformity and strength to the pipes. A precise and effective cementing of the well helps avoid accidents. The cementing of wells require a proper laboratory testing of the water slurry and other dry mixtures.
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Competitive Landscape
The global well cementing market has a number of prominent players under its wing, including Nabors Industries Ltd (Bermuda), Baker Hughes Incorporated (U.S.), Baker Hughes Incorporated (U.S.), Valluorec (France), Tmk (Russia), Transocean Ltd. (Switzerland), x Halliburton (U.S.), Trican Well Service Ltd. AES Precast Co Inc, Inc. (U.S.), (Canada), China Oilfield Services Limited (China), GOES GmbH (Germany), China Oilfield Services Limited (China), GOES GmbH (Germany), Weatherford (U.S.), GE Oil & Gas (U.S.), and others.
Market Segmentation
The global well cementing market segmentation is divided in terms of well type and type components.
By type, the market includes primary, remedial, and others. The primary market type segment held the maximum share globally and is anticipated to remain the largest player in the near future. This is due to the primary market’s availability, application, and properties in recent years.
By well type, the market divides into onshore and offshore well type. The offshore oil production segment holds close 35% of the market share.
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Regional Analysis
The global well cementing market is geographically broken down into the following regions: North America, Europe, Asia Pacific, the Middle East & Africa, Latin America, and the Rest of the World,
Regionally, the North American regional market for well cementing is highly competitive in nature. The demand for the market is superior in the global landscape and is expected to continue in the near future. The need for well cementing services is growing at a rapid pace in the North American region owing to presence of a vast population of aged and mature wells. The increasing demand for energy makes oil and gas targets highly difficult to find, one which can be achieved by shale gas and tight gas. This drives the demand for the market in this region. The US market holds the largest share in the North American region and contributes immensely to drive the region’s global dominance. The booming demand for shale is further projected to influence a positive growth of the market. The North American region is experiencing growth of well cementing services due to the shale gas boom, search for untapped oil and gas reserves, and drilling activities undertaken in the Gulf of Mexico.
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