Global Well Testing Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Well Testing Services Market: Overview
“The global Well Testing Services Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Well testing services includes complete process of well exploration and development. It includes planning, specialized equipment, monitoring, and measurement of factors relating to the production of oil & gas and water at a well site. Well testing is performed during three phases i.e. exploration, development, and production.
Increasing energy demand, high spending on energy & power, coupled with increasing oil & gas exploration activities are some of the major factors projected to boost growth of the well testing services market over the forecast period.
In addition, adoption of Internet of things (IoT) in oil & gas sector and constant advancement in technology, are expected to bolster growth of the target market. In February 2018, for instance, US-based Schlumberger Limited launched motion-compensated testing services for drill strings and to operate in harshest environment.
Also, increasing investments to well testing monitors, high precision measurement while drilling (MWD), and reservoir condition measurement instruments are expected to drive growth of the target market.
Recent trend observed in the market is increasing exploration and drilling activities in deep-water and ultra-deepwater reservoirs, which is expected to fuel demand for well testing services.
However, fluctuations prices of crude oil, increasing focus on renewable energy sources, along with stringent environmental policies and regulations are some major factors may restrain growth of the global market during the forecast period.
Global Well Testing Services Market: Segment Analysis
Among the service segments, the real time well testing service segment is expected to account for significant revenue share in the global well testing services market.
Among the application segments, the offshore application segment for the global well testing services market is predicted to grow at fastest pace during the forecast period.
Global Well Testing Services Market: Regional Analysis
The market in North America is expected to dominate global well testing services market. Increasing initiatives to boost the E&P activities, along with presence of the large number of drilled but uncompleted (DUC) wells are some factors expected to propel growth of the global well testing services market. Moreover, increasing offshore exploration activities, along with increasing government expenditure in the exploration activities in countries such as US and Canada in the region, are also expected to bolster growth of the target market over the forecast period.
The Asia Pacific region is anticipated to hold a significant share of the global market, owing to increase of the testing services, increasing investments in oil and gas sector in Indonesia and China, which is expected to drive demand for well testing services in this region.
The Middle East & Africa accounts for significant revenue share in the global market and is expected to witness considerable growth in the upcoming period. Increased drilling activity, growing energy and power industries, recent discovery of oil reserves in Nigeria, Angola, Algeria, Libya, and Egypt, are some factors expected to propel growth of the target market during the forecast period.
Global Well Testing Services Market Segmentation:
Segmentation by Service:
- Downhole Testing Service
- Surface Well Testing Service
- Reservoir Sampling Service
- Real Time Well Testing Service
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Expro International Group Ltd
- Halliburton Company
- Schlumberger Limited
- Tetra Technologies Inc.
- Weatherford International Ltd.
- AGR Group ASA
- FMC Technologies Inc.
- Greene’s Energy Group
- Helix Energy Solutions Group Inc.
- MB Petroleum Services LLC
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