The global well cementing market is estimated to be valued at USD 872 million by 2023 at a CAGR of 4.50% over the forecast period.
Technological advances of tools, mature oil and gas fields, exploration in unconventional resources, and innovations for reducing downtime are major drivers of the market. Large number of oil reserves and rise of E&P activities for recovery of tight gas and shale gas can drive the market growth. Moreover, low crude oil prices can facilitate market growth. However, stringent environment regulations can hamper the market.
The COVID-19 pandemic has imposed certain limitations during oil and gas production. To counter the effects of the virus and adherence to social distancing norms, Weatherford International Plc installed a liner hanger for cementing the wall on an offshore platform.
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The global well cementing market is segmented on the basis of type (primary, remedial, and others) and well type (Onshore and Offshore).
The primary well cementing segment is predicted to gain the lead in the market till the end of the forecast period. This is attributed to migration of fluids in the annulus and protection of the casing string from corrosion. Increased CAPEX for improving sub-sea wells can drive the segment growth.
Offshore oil production holds about 35% share of the total oil production, globally. Since a few years, deep water and ultra-deep wells are being explored to increase the production and strengthen the market. A few unreachable prospects have been achieved due to advancements in drilling technology, dynamic equipment positioning, cementing units, and drilling units. However, improvements in technology and services help the service providers, gain better accessibility to deep-water wells, which are otherwise difficult to access compared to land exploration and shallow water.
By region, it is segmented into North America, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.
North America is expected to take the leading position in the global well cementing market owing to rise in ultra-deep and deep-water projects. The region is expected to display a CAGR of 3.5% during the forecast period due to interest among the nations of Canada and the U.S., rise of fracking, and the boom in shale gas.
APAC is deemed to display an exceptional growth rate during the forecast period owing to favorable government policies. Tax redemption and foreign direct investment can drive opportunities in E&P activities and pave the way for well cementing.
China Oilfield Services Limited, Schlumberger Limited, GOES GmbH, Weatherford, AES Precast Co Inc, Inc., GE Oil & Gas, Halliburton, Tmk, Trican Well Service Ltd., Transocean Ltd., Baker Hughes Incorporated, Nabors Industries Ltd, and Valluorec are key players of the global well cementing market. Mergers and acquisitions are major strategies of players for sustaining their position in the industry.
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