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Global Well Testing Services Market to Reach USD 11 Billion by 2026, Aided by Rising Exploration and Production Activities

According to a new report by EMR titled, ‘Global Well Testing Services Market Report and Forecast 2021-2026’, the global well testing services market size was around USD 9.2 billion in 2020. The industry is further expected to grow at a CAGR of 3% between 2021 and 2026 to attain a value of USD 11 billion by 2026.

The global well testing services market is being aided by the growing exploration and production activities and the growing energy demand. Currently, surface well testing services are the only technique that can provide customers with true reservoir capacity at full scale under dynamic conditions. It validates enhanced output during cleanup and commissioning and facilitates the monitoring of reservoirs to help enhance the field management practices. With the companies providing a wide range of surface well testing devices for the exploration and appraisal phase, the customers are expected to get more accurate and reliable surface well test measurements during each stage of the field development. Thus, it is expected that the growth of the segment over the forecast period will aid the overall market.

Some of the major companies in the global well testing services market include Halliburton Energy Services, Inc., a subsidiary of Halliburton Company (NYSE: HAL), Tetra Technologies, Inc. (NYSE: TTI), and Schlumberger Limited (NYSE: SLB). The growing investments by the companies to enhance their product portfolio will also accelerate the market growth. In May 2021, Tetra Technologies, Inc. announced that the company’s portfolio mix and completion fluids and products segment had aided it to achieve strong first quarter 2021 results, with the sales coming from a strong international offshore fluid demand or from the customers engaged in deepwater completion projects.

The favourable government initiatives in the emerging nations are further aiding the market growth. In August 2018, Baker Hughes announced that the company had bagged an oilfield development contract from Cairn Oil & Gas, a subsidiary of Vedanta Ltd, to build nearly 300 new wells and leverage a chemical enhanced oil recovery (EOR) programme in Rajasthan, India to increase oil and gas production across three fields in the area and support the government’s vision of minimising dependency on imports. The project marks one of the largest integrated projects for Baker Hughes in India, which will allow the company to strengthen its foothold in the country. Such developments are expected to aid the global well testing services market growth in the coming years.

Market Breakup by Services, Stage, Application, and Regions:

  • On the basis of services, the industry can be divided into down-hole testing, real time well testing, reservoir sampling and analysis, and surface well testing.
  • Based on stage, the industry can be bifurcated into exploration, appraisal and development stage, and production stage.
  • On the basis of applications, the industry has been segmented into onshore and offshore applications. 
  • Region-wise, the global well testing services market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global well testing services market is being driven by the growing demand for energy and rapid urbanisation and industrialisation. 
  • The introduction of favourable government policies and growing investments in the exploration and production activities are significantly contributing to the industry growth. 
  • The growing shale gas and drilling activities in regions like the United States and Canada are also aiding the growth of the overall market. 
  • The technological advancements and increasing demand for high precision devices are further fuelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global well testing services market for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for services, stages, applications, and regional markets of well testing services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global well testing services market are Expro International Group, Halliburton Energy Services, Inc., Tetra Technologies Inc., Greene’s Energy Group, Weatherford International plc, Schlumberger Limited, SGS SA, and TechnipFMC plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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