Global Well Cementing Services Market is expected to reach USD 11.08 billion by 2024, according to a new report by Grand View Research, Inc. Rising drilling activities to recover unconventional hydrocarbons such as shale and tight gas coupled with rehabilitation activities in existing oil & gas fields is expected to remain a key driving factor for the global market.
A large number of unexplored reserves particularly in Brazil, Russia, and China, coupled with technological advancements in well cementing equipment and services provided by oil service providers is projected to have a positive impact on the market growth in near future.
Stringent environmental regulations coupled with low crude oil prices are expected to hinder market growth over the next eight years. Low crude oil prices are anticipated to support stronger economic growth, but it may hamper growth among energy producing states.
Primary cementing was the leading service segment and accounted for over 75% of total market revenue in 2015. It is estimated to remain the largest segment over the next eight years owing to rising E&P to exploit unconventional hydrocarbon reserves. Remedial cementing is anticipated to emerge as the fastest growing well cementing service market over the forecast period owing to increasing rehabilitation of oil & gas wells in both onshore and offshore activities.
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Further key findings from the report suggest:
View all Related Reports from Same Category by Grand View Research: http://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the well cementing services market on the basis of service, application, and region:
Global Well Cementing Service Outlook (Revenue, USD Million, 2014 – 2024)
Global Well Cementing Application Outlook (Revenue, USD Million, 2014 – 2024)
Global Well Cementing Regional Outlook (Revenue, USD Million, 2014 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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