Global Well Testing Services Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
The well testing services market is expected to grow at a CAGR of over 2%, during 2020-2025. The increasing drilling activities, globally, is one of the major factors driving the demand for the well testing services market. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics and several other factors has been restraining the growth in the demand for well testing services market.
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Market By Top Companies:
Halliburton Company, Schlumberger Limited, Expro Group, Baker Hughes Company, Weatherford International Plc, TETRA Technologies, Inc., SGS S.A., China Oilfield Secvices Limited, PW Well Test Ltd, CETCO Energy Services
Industry Research Coverage
– The onshore is expected to have the maximum share in the market, in 2018. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
– North America is estimated to have the maximum share of the slickline services market, in 2018. Additionally, the growth rate of the South America region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region, over the forecast period.
– The increasing oil and gas discoveries coupled with the liberalization in the industry globally, has been leading to the creation of new opportunities for the players to invest in.
Onshore Segment to Dominate the Market
– Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
– The global crude oil prices have shown signs of recovery and are improving at a good pace and the onshore projects are easier to kick start than offshore ones. Therefore, riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period, in turn, driving the demand well testing services market.
– In August 2018, Baker Hughes was awarded a development contract by Cairn, Vedanta Limited, to construct approx. 300 new wells and deploy a chemical enhance oil recovery program aimed at increasing production from the Rajasthan area. The project marks the largest integrated project for BHGE in India, expanding its presence in the country and supporting the governments mission of reducing dependency on imports.
– In 2019, ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years.
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The well testing services market is partially consolidated, due to the small number of companies operating in the industry. The key players in this market include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford Plc. and Baker Hughes Company.
Major points covered in this research are:-
─Well Testing Services Market Overview, Segment by Type (Product Category), by Application, by Region (2020-2025), Competition by Manufacturers
─Global Market Size (Value) of Well Testing Services (2020-2025)
─Global Well Testing Services Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2020-2025)
─Global Well Testing Services Production, Revenue (Value), Price Trend by Type
─Global Well Testing Services Market Analysis by Application
─Global Well Testing Services Manufacturers Profiles/Analysis
─Well Testing Services Manufacturing Cost Analysis
─Industrial Chain, Sourcing Strategy and Downstream Buyers
─Marketing Strategy Analysis, Distributors/Traders
─Market Effect Factors Analysis
─Global Well Testing Services Market Forecast (2020-2025)
─Research Findings and Conclusion
Finally, this Well Testing Services report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Well Testing Services product development and gives an outline of the potential Global market.
How we have factored the effect of Covid-19 in our report:
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Irfan Tamboli (Sales)
Phone: + 1704 266 3234