Global Oil & Gas Well Cementing Services Market | Size, Share, Trends and Forecast to 2028

Global Oil & Gas Well Cementing Services Market | Size, Share, Trends and Forecast to 2028

Rising Rig count, increasing footage drilled per well, improving economic activity, supportive commodity prices, continued well completions, new well drilling, enhanced focus on plugging of old and abandoned wells drive the demand for the Global Well Cementing Services market. A bright outlook for the supply and demand of oil and natural gas with supportive prices is forecasted to improve industry activity and subsequent oilfield services utilization in 2022.

Pumping liquid cement into newly drilled wells down the pipe into the annulus to form a cement sheath between the casing and the wellbore to ensure zonal isolation refers to primary cementing. Cementing operations to repair Primary cementing problems or the wellbore after construction refers to Remedial cementing.

Well Cementing Services provides advantages in that it improves zonal isolation, provides better sheath resiliency and protection to the casing, and enhances Well integrity. The Zonal Isolation aids in

Protecting the casing from corrosion

Preventing blowouts by quickly forming a seal and

Protecting the casing from shock loads in deeper drilling

Regional Analysis

Oil discoveries in Ivory Coast, Suriname, Mexico, and other countries globally and the exacerbating global energy crisis are driving offshore oil and gas production where reserves tend to last longer than the conventional wells on land. Due to the long-lasting nature of offshore wells and the forecasted increase in activity in the offshore segment, as indicated by FIDs in offshore activity, cementing services will witness a more significant market share in this segment.

North America Market Analysis

The passage of the USD One trillion bipartisan infrastructure Bill signed into law has devoted USD 4.7 Billion to cleanup orphaned and abandoned wells that require plugging, routine maintenance, and replugging when casings crack or wear out over time. The motive is to end the ongoing pollution from abandoned oil and gas wells scattered throughout the country. Currently, the United States is approximated to have 3.2 million orphaned and abandoned wells. These wells often pollute groundwater and leak contaminants and natural gas. Abandoned wells must be plugged and regularly maintained to control methane emissions to control global warming. The plugging of abandoned wells might develop into an opportunity for local Cementing Service providers and has the potential to grow in the mid-long future as countries race to control global warming.

South America Market Analysis

The discovery of nearly 2 billion barrels of recoverable oil resources in offshore Suriname, the discovery of the Stabroek Block with approximately 10 billion barrels of oil reserves in offshore Guyana, the Guyana-Suriname region of South America is bound to be the regional hotspot for oil exploration and production. An abundant supply of light, sweet, low sulphur crude makes these oil plays extremely attractive in light of the stringent rules associated with carbon-intensive oil production and the recent IMO 2020 regulation.

The economic recovery of Brazil's ultra-deepwater oil and gas market driven mainly by pre-salt projects highlights Brazil as a key player in the region.

Asia-Pacific Market Analysis

Southeast Asia is one of the world's fastest-growing economic regions, where energy demand is expected to double over the next 20 years. However, the region's declining oil and gas production leaves it reliant on overseas oil suppliers, threatening national security. The rising need for electricity across Asia is a significant driver for drilling activity. Natural gas already represents 60% of South-East Asia's power plant needs, and this trend is forecasted to continue. After Indonesia's output went lower than 700,000 Barrels per day in 2020, the government is ramping up efforts to boost production back to 1million barrels per day by 2030 to meet about half of the projected domestic demand. To promote exploration and production in the region, SKK Migas, the government organization that works in upstream activities, has removed traditional fees and has introduced a membership model. It has also embraced a "massive, aggressive, and efficient" policy to boost production in Indonesia. The steps undertaken by the government and the market scenario indicate high growth for cementing services in South East Asia.

Indonesia and Malaysia will emerge as key players in the region.

What we cover in the report?

Oil and Gas Cementing Services Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Cementing Services Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Oil and Gas Cementing Services Market demand.

Cementing Services Market Size and Demand Forecast

The report provides Global Oil and Gas Cementing Services Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

Cementing Services Industry Analysis

The report examines the critical elements of the Oil and Gas Cementing Services industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the Cementing Services industry's state of competition and profitability.

Cementing Services Market Segmentation & Forecast

The report dissects the Global Oil and Gas Cementing Services Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Oil and Gas Cementing Services industry. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
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