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Well Cementing Market to Rise at 8.3% CAGR till 2026 Driven by the Increasing Investment in Product R&D, says Fortune Business Insights™

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Pune, Aug. 31, 2020 (GLOBE NEWSWIRE) — The global well cementing market size is projected to reach USD 16.63 billion by 2026. Recent advancements in hydrocarbon exploration activities will emerge in favour of market growth. According to a report published by Fortune Business Insights, titled “Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026,” the market was worth USD 8.82 billion in 2018. Driven by increasing investment in product R&D, the market will exhibit a CAGR of 8.3% during the forecast period, 2019-2026.Click here to get the short-term and long-term impact of COVID-19 on this market.
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Well cementing ensures the durability of well casing and allows for greater efficacy. The demand for oil and gas resources has risen dramatically in recent years, accounting to the constantly rising global population. Recent advancements in hydrocarbon exploration techniques will aid the growth of the market in the coming years. The increasing investment in hydrocarbon drilling, coupled with the exponentially rising demand for oil and gas will constitute an increase in the well cementing market size in the forthcoming years. The adoption of standout business strategies aimed at the maximizing the use of hydrocarbons will open up a huge potential for the companies operating in this market.The report provides an in-depth analysis of the global well cementing market. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. The report provides forecast values for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.Increasing Number of Company Collaborations to Aid GrowthThe report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, company collaborations have made the highest impact on the growth of the market. Many leading companies are looking to adopt newer strategies with a view to establishing a stronghold in the market. In July 2019, Halliburton and Kuwait Oil Company announced a collaboration for the offshore drilling service of six high-pressure high temperature exploration wells in the Arabian Gulf. This activity will not only help the company generate a substantial market revenue, but will also have a direct impact on the growth of the global market.
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North America to Emerge Dominant, Emphasis on Hydrocarbon Exploration to Aid GrowthThe report analyses the ongoing well cementing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America will emerge dominant in countries such as the US and Canada will aid the growth of the market in this region. Additionally, the efforts taken to enhance hydrocarbon exploration and use will benefit the companies operating in the regional market. As of 2018, the market in North America was worth USD 3.83 billion and this value is likely to increase further in the coming years. Besides North America, Asia Pacific will witness considerable growth in the coming years, owing to the massive potential held by companies.List of the leading companies operating in the well cementing market include:HalliburtonCOSL – China Oilfield Services LimitedBaker HughesC&J Energy ServicesTrican Well Service Ltd.Superior Energy ServicesWeatherfordCalfrac Well Services Ltd.Allied Oil & Gas ServicesSanjel Energy ServicesGulf Energy SAOCSchlumberger
Key Industry Developments:In August 2019, Halliburton secured a contract from Woodside Energy (Senegal) BV for drilling, completion, and testing services.
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisGlobal Well Cementing Market Analysis (USD Billion), Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypePrimary CementingRemedial CementingMarket Analysis, Insights and Forecast – By ApplicationOnshoreOffshoreMarket Analysis, Insights and Forecast – By RegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East and AfricaContinued..!!!

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