The growth of the well cementing market is driven by the increasing exploration and production (E&P) in unconventional and conventional oil and gas reserves to adhere to the surging demand for energy products, such as liquified petroleum gas (LPG), aviation turbine fuel, compressed natural gas (CNG), gasoline, fuel oil, piped natural gas, heating oil, and gas oil. Due to this factor, the market is expected to reach $10,065.4 million by 2024 from $7,577.6 million in 2018, showcasing a CAGR of 4.7% during the forecast period.
Due to the surge in E&P activities in conventional and non-conventional oil and gas reserves, the number of well completions has increased worldwide that has added to the size of the well cementing market. The rise in E&P activities is supported by the recovery of the oil & gas sector. Due to the increasing E&P investments, Russia, the U.S., Brazil, and China account for the high revenue in the market. Thus, the demand for well cementing services is rising from the oil & gas sector, worldwide.
Get More Insights: Well Cementing Market Revenue Estimation and Growth Forecast Report
The well cementing market has a highly consolidated nature, owing to the presence of few key players. These players are mostly multinational corporations (MNCs) that operate at a large scale. The major players in the market include Halliburton Company, Baker Hughes, and Schlumberger Limited. Other companies offering well cementing services are Gulf Energy SAOC, Consolidated Oil Well Services LLC, China Oilfield Services Limited, Nine Energy Service Inc., Halliburton Company, Magnum Cementing Services Ltd., Schlumberger N.V., Calfrac Well Services Ltd., and Weatherford International plc.
Thus, increase in E&P activities and discovery of new oil and gas reserves are expected to drive the growth of the market during the forecast period.
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