Research Nester published a report titled “Oil Well Cementing Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global oil well cementing market in terms of market segmentation by location of deployment, type, product outlook, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global oil well cementing market is estimated to occupy a hefty amount of revenue by recording a CAGR of ~4% during the forecast period, i.e., 2022 – 2030, owing to the growing exploration activities of coal, shale gas and methane, and increasing investments in sub-sea construction activities. Apart from these, rising number of onshore and offshore activities, and spiraling energy demand in emerging economies are also expected to drive market growth in the forthcoming years. The International Energy Agency stated that from 2000 to 2019 the overall energy demand has grown by more than 80 percent in Southeast Asia, and the electricity demand increased by an average of 6 percent each year.
The market is segmented by location of deployment, type and product outlook. Based on location of deployment, the onshore segment is anticipated to grab the largest market share during the forecast period on the back of rising investments in onshore matured and old wells, and rising exploration and production activities from onshore oil and gas reserves. Additionally, by product outlook, the ordinary (grade O) segment is projected to gather the largest share over the forecast period ascribing to the fact that it is the most commonly used cement in oil and gas well cementing.
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Geographically, the global oil well cementing market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the surge in oil and gas drilling and construction activities in the region. Moreover, Asia Pacific is predicted to register noteworthy market growth by the end of 2030 in view of the growing demand for energy, and intensifying redevelopment of mature oilfields in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Exploration Activities of Coal, Methane and Shale Gas Globally to Expand Market
As a result of spiraling energy and power demand across the globe, there is an upsurge in the exploration activities of coal, methane and shale gas, which is triggering the requirement for oil well cementing in the reserves of these resources. Coupled with increasing investments by major oil companies, these factors are anticipated to boost the growth of the market in the coming years.
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However, volatile oil prices over the last few years are expected to operate as key restraint to the growth of the global oil well cementing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global oil well cementing market which includes company profiling of Halliburton Company, Schlumberger Ltd, Baker Hughes Company, Trican Well Services Ltd., Calfrac Well Service Ltd., General Electric Company, Condor Energy Services Ltd, Sanjel Corporation, Viking Services B.V., Vallourec SA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oil well cementing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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