GOOG - Well Cementing Market to Hit USD10065.4 Million by 2024
The market growth is mainly driven by increasing exploration and production (E&P) in both conventional and unconventional oil and gas reserves, owing to growing global demand for energy products such as gasoline, gas oil, heating oil, fuel oil, aviation turbine fuel, liquified petroleum gas, piped natural gas, and compressed natural gas. The well cementing market is segmented on basis of service type, well type, application, and geography. Furthermore, based on the service type, the market is categorized into primary, remedial, and others (advanced cementing). Among these, primary cementing category accounted for an estimated revenue share of more than 75.0% in 2018. The global downfall in crude oil prices in 2014 had a negative impact on the E&P investments, thereby resulting in slow growth of the primary cementing market during the historical period. However, this market has been recovered on account of revival in crude oil prices since 2017.
North America held the largest share in the well cementing market, with an estimated revenue contribution of more than 35.0% in 2018. Large-scale investments in the oil and gas sector in the region, particularly in well drilling for shale gas extraction in the U.S. and Canada, continue to aid the demand for well cementing services in North America.
The Artic region has large onshore and offshore oil and gas reserves. According to the United States Geological Survey (USGS), the Arctic region is estimated to contain around 90.0 billion barrels of undiscovered oil, 1,669 trillion cubic feet of gas, and 44.0 billion barrels of undiscovered natural gas liquid. At present, Russia, the U.S., Canada, Norway, Denmark, and Iceland have direct access to the Arctic Ocean. Out of these, Russia, the U.S., Canada, and Norway are actively carrying out drilling activities in the region. Hence, increase in oil and gas exploration activities in the Arctic reserves is expected to offer growth opportunities to players operating in the well cementing market.
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Some of the major players operating in the global well cementing market are Consolidated Oil Well Services LLC; Nine Energy Service Inc.; Gulf Energy SAOC; Magnum Cementing Services Ltd.; Calfrac Well Services Ltd.; China Oilfield Services Limited; Baker Hughes, a GE company; Schlumberger N.V.; Halliburton Company; and Weatherford International plc.
The well cementing market is highly consolidated in nature and is characterized by the presence of a limited number of players operating at a large scale. These players are mainly multinational corporations, offering well cementing services across different oil and gas producing regions around the world. Companies such as Halliburton Company, Schlumberger Limited, and Baker Hughes, a GE company are altogether sharing more than 70.0% share in the market.
Source : P&S Intelligence