Global well cementing market is estimated to be valued at USD 872 million by 2023 with a CAGR of approx. 4.50%. Well cementing is the process of filling the cement in the spaces of well bore. It is one of the most important aspects of the drilling activity and its completion process. Cementing holds the well, preventing the slurry from coming out of the walls. The main function of well cementing is to seal the inner line of the well, control corrosion, and provide uniformity and strength to pipes. Proper cementing of the well avoids accidents. For cementing of wells, following procedures needs to be done which include proper laboratory testing of slurry amount of water present in slurry and other dry mixtures.
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From 2016, the oil and gas upstream sector has ramped up. Exploration and production activities are increasing for fulfilment of demands of the various developing countries. However, the market is still recovering from crude oil price variation. the market for well cementing is estimated to progress with a CAGR of approx. 4.5% during the forecast period, which indicates a decent response for the market.
The key drivers of well cementing market are technological advancements in tools, innovation in technology to reduce the time consumption, exploration in unconventional resources, skilled labour in upstream sector, mature oil and gas field and increment in ultra-deep exploration activities.
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The global well cementing market is further segmented on the basis of type, well type, and region.
Based on the type, the global well cementing market is bifurcated into Primary, Remedial and others.
Based on well type, the global well cementing market is further segmented into onshore and offshore.
By region, the industry is segmented into North America, Asia Pacific, Middle East, South America & Africa.
The major key player in global upstream services markets are Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada), Weatherford (U.S.), Nabors Industries Ltd (Bermuda), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Valluorec (France), Tmk (Russia), AES Precast Co Inc, Inc. (U.S.), GOES GmbH (Germany), GE Oil & Gas (U.S.) and they are highly proficient to give premium service in the industry.
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