Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Well Cementing Services Market Outlook

The global well cementing services market reached a value of about USD 12.1 billion in 2023. 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 2032.

well cementing services market

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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

well cementing services market by segments

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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

well cementing services market by region

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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:

  • 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 Analysis
  • Porter's Five Forces Analysis
  • 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
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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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.

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