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Global Well Cementing Services Market: By Services: Primary Well Cementing, Remedial Well Cementing, Others; By Application: Onshore, Offshore; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments

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 2023-2028 to reach a value of around USD 18.36 billion by 2027.

 

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

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

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 2022. 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 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Services
  • Application
  • Region
Breakup by Services
  • Primary Well Cementing
  • Remedial Well Cementing
  • Others
Breakup by Application
  • Onshore
  • Offshore
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Schlumberger Limited
  • Baker Hughes Company
  • Halliburton Co
  • Weatherford International plc
  • National Energy Services Reunited Corp. 
  • Calfrac Well Services Ltd.
  • Sanjel Energy Services Inc. 
  • Others
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 (2018-2022) 
    8.3    Global Well Cementing Services Market Forecast (2023-2028)
    8.4    Global Well Cementing Services Market by Services
        8.4.1    Primary Well Cementing
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Remedial Well Cementing
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Others
    8.5    Global Well Cementing Services Market by Application
        8.5.1    Onshore
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Offshore
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)    
    8.6    Global Well Cementing Services Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Well Cementing Services Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Well Cementing Services Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Well Cementing Services Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Well Cementing Services Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East  and Africa Well Cementing Services Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    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 2028
2.    Global Well Cementing Services Historical Market: Breakup by Services (USD Billion), 2018-2022
3.    Global Well Cementing Services Market Forecast: Breakup by Services (USD Billion), 2023-2028
4.    Global Well Cementing Services Historical Market: Breakup by Application (USD Billion), 2018-2022
5.    Global Well Cementing Services Market Forecast: Breakup by Application (USD Billion), 2023-2028
6.    Global Well Cementing Services Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Well Cementing Services Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Well Cementing Services Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Well Cementing Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
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 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 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 2023-2028, 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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