In a recent published report, Kenneth Research has updated the market report for U.S. Cementing Oil and Gas Well Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Cementing Oil and Gas Well Services Market products.
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The U.S. Cementing Oil and gas well services market was valued at USD 1,380 million by 2017, growing with 1.7% CAGR during the forecast period, 2018-2025
Cementing operations are done so that gas and oil wells are secured in place, and surrounding environments are not contaminated by extraction. The use of cementing also prevents caverns from forming and other parts of the borehole from collapsing. The industry is majorly driven by the rising prevalence of hydraulic fracturing (fracking). Fracking enables oil drilling and gas extraction companies to access previously unobtainable deposits, especially those in low, permeable shale rock formations.
The industry has also benefited from rapidly growing proved oil and natural gas reserves, the amount of resources that can be recovered from deposits with a reasonable level of certainty. On the flip side, industry is anticipated to face more stringent regulation and competition from other energy sources which will hamper the industry growth in future. Fluctuations in crude oil and natural gas prices will also pull back the industry development to some extent over the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
In terms of products, the market is divided as;
Oil well cementing
Oil well plugging
Gas well cementing
Gas well plugging
Well cementing is likely to generate the bulk of the industry’s revenue throughout the study period. Oil well cementing is expected to account for over 40% of market share, and gas well cementing is expected to generate 10% of total industry revenue. The cementing process takes place while oil and gas companies drill a borehole into an economically viable oil or gas deposit. Cementing is a crucial step in the production of wells, and industry operators work alongside drilling crews throughout the drilling process.
In terms of application, the market is divided as;
Gas extractors segment is accounted for highest revenue share. Gas extractors’ share of industry revenue is projected to increase significantly in the next five years, largely due to the development of more economically viable hydraulic fracturing techniques and the discovery of vast natural gas deposits in shale formations.
Key Vendor Takeaway
Nine Energy Service Inc.
Magnum Cementing Services Limited
Weatherford International Ltd.
Baker Hughes Inc.
The industry comprises companies engaged in providing well-sealing, cementing and mixing services to oil and gas well operators. Among various key players, Halliburton Company and Weatherford International Ltd. accounted for the significant revenue share. Established in 1924 and headquartered in Houston, Halliburton Company is a multinational corporation providing products and services to national and independent oil and natural gas companies. The company operates under two segments namely completion and production and drilling and evaluation.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
Oil Well Cementing
Oil Well Plugging
Gas Well Cementing
Gas Well Plugging
MARKET, BY APPLICATION
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