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Global Well Cementing Services Market Size, Share, Report: By Services: Primary Well Cementing, Remedial Well Cementing, Others; By Application: Onshore, Offshore; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Well Cementing Services Market Outlook
The global well cementing services market reached a value of about USD 12.1 billion in 2021. The market is further estimated to grow at a CAGR of 7.20% in the forecast period of 2024-2032 to reach a value of around USD 18.36 billion by 2027.
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Growing Application in Onshore Drilling Activities to Propel the Market Growth of Well Cementing Services
Based on application, the onshore segment is expected to hold a significant market share of well cementing services over the forecast period. The increasing utilisation of cementing services in onshore drilling to protect and permanently seal water penetration into the wellbore is contributing to the steady market growth of well cementing services. Also, the well cementing secures the casing strings, isolates zones for the production process, prevents contamination of sub-surface aquifers, and solves various hole problems, thereby fuelling the market expansion. The rising inclination of onshore drilling of oil and gas owing to its multiple advantages such as low operation cost and easy availability of workforce, compared to offshore drilling, plays a critical role in developing the market of well cementing services. The rising onshore drilling to meet the energy demands of the growing population is likely to aid the market of well cementing over the forecast period.
Market Segmentation
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The well cementing services add cement to the annular space between the wellbore and casing or between the two successive casing strings to achieve zonal isolation and prevent problems such as gas leaks. There are mainly two types of well cementing services-primary and remedial services. Primary cementing places a cement sheath in the annulus between the casing and the formation, while the remedial cementing inject cement into strategic well locations.
The market for well cementing services, by services, is divided into:
- Primary Well Cementing
- Remedial Well Cementing
- Others
Based on application, the market is bifurcated into:
- Onshore
- Offshore
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The regional markets for well cementing services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising Demand for Oil and Gas to Drive the Market Growth of Well Cementing Services
The emerging need for oil and gas in various sectors of the economy is leading to the development of wellbores, which is significantly catalysing the market growth of well cementing services. The importance of well cementing in protecting the usable groundwater supply and sealing off a lost circulation zone is invigorating the market expansion. The market is also driven by the environmental sustainability offered by the cement sheath in prolonging the life of the wellbore by protecting it from corrosion. In addition, the advancements in cementing technologies to reduce the effects of harmful gases like carbon dioxide and bring in cost-effectiveness are bolstering the market growth of well cementing services.
The government initiatives in boosting the oil and gas drilling activities to increase the oil production are further contributing to the market development of well cementing services. The Government of India is planning to invest US$ 2.86 billion in upstream oil and gas production to double natural gas production and drill more than 120 exploration wells by 2023. The efforts taken by the key players in developing simulators, software, and cement to enhance the cementing services and technologies are expected to augment the market over the forecast period.
Key Players in the Global Well Cementing Services Market
The report gives a detailed analysis of the following key players in the global well cementing services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Schlumberger Limited
- Baker Hughes Company
- Halliburton Co
- Weatherford International plc
- National Energy Services Reunited Corp.
- Calfrac Well Services Ltd.
- Sanjel Energy Services Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Services |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Well Cementing Services Market Analysis
8.1 Key Industry Highlights
8.2 Global Well Cementing Services Historical Market (2018-2023)
8.3 Global Well Cementing Services Market Forecast (2024-2032)
8.4 Global Well Cementing Services Market by Services
8.4.1 Primary Well Cementing
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Remedial Well Cementing
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Well Cementing Services Market by Application
8.5.1 Onshore
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Offshore
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Well Cementing Services Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Well Cementing Services Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Well Cementing Services Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Well Cementing Services Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Well Cementing Services Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Well Cementing Services Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Schlumberger Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Baker Hughes Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Halliburton Co
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Weatherford International plc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 National Energy Services Reunited Corp.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Calfrac Well Services Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Sanjel Energy Services Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Well Cementing Services Market: Key Industry Highlights, 2018 and 2032
2. Global Well Cementing Services Historical Market: Breakup by Services (USD Billion), 2018-2023
3. Global Well Cementing Services Market Forecast: Breakup by Services (USD Billion), 2024-2032
4. Global Well Cementing Services Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Well Cementing Services Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Well Cementing Services Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Well Cementing Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Well Cementing Services Market Structure.
Key Questions Answered in the Report
In 2021, the global well cementing services market attained a value of nearly USD 12.1 billion.
The market is assessed to grow at a CAGR of 7.20% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 18.36 billion by 2027.
The major market drivers include the advantages of well cementing services such as achievement of zonal isolation, importance in prolonging the life of wellbores, environmentally friendly, and increased production of oil and natural gas.
The key market trends guiding the growth of the market include the increasing demand for oil and gas, government initiatives to boost the drilling activities, and advancements made in cementing technologies by the market players.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant services in well cementing include primary well cementing and remedial well cementing, among others.
The various applications of the market include onshore and offshore.
The major players in the market are Schlumberger Limited, Baker Hughes Company, Halliburton Co, Weatherford International plc, National Energy Services Reunited Corp., Calfrac Well Services Ltd., and Sanjel Energy Services Inc., among others.
Analyst Review
The global well cementing services market attained a value of nearly USD 12.1 billion in 2021, driven by the increasing oil and gas drilling activities. Aided by the advancements in cementing technologies and services, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 7.20%. The market is estimated to reach about USD 18.36 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for well cementing services, by services, is divided into primary well cementing and remedial well cementing, among others. Based on application, the market is bifurcated into onshore and offshore. The major regional markets for well cementing services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Schlumberger Limited, Baker Hughes Company, Halliburton Co, Weatherford International plc, National Energy Services Reunited Corp., Calfrac Well Services Ltd., and Sanjel Energy Services Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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