Well Cementing Services Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Location of Deployment (Onshore, and Offshore), Type (Primary, Remedial, and Other Types), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

North America

Largest Market:

North America

CAGR:

3.55 %

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Market Overview

The well cementing market is expected to grow at a CAGR of more than 3.55% over the forecast period of 2020-2025. Owing to the rise in crude oil price, the industry seems more optimistic than in recent times. Oil and gas companies are planning to invest in the projects that were put on hold due to the high cost of development, is expected to drive the market growth over the study period. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors have been restraining the growth in the demand for well cementing services market.

  • The onshore is expected to have the maximum share in the market, in 2019. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
  • The increasing oil and gas discoveries coupled with the liberalization in the industry globally, has been leading to the creation of new opportunities for the players to invest in. The new emerging markets are several developing nations of the Middle East and Africa, Asia-Pacific and South America.
  • North America is the dominant market for well cementing services and expected to remain the leader in the market during the forecast period.

Scope of the Report

The well cementing services market report include:

Location of Deployment
Onshore
Offshore
Type
Primary
Remedial
Other Types
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa

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Key Market Trends

Onshore Segment to Dominate the Market

  • Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
  • The global crude oil prices have shown signs of recovery and are improving at a good pace and the onshore projects are easier to kick start than offshore ones. Therefore, riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period, in turn, driving the demand well cemeting services market.
  • In August 2018, Baker Hughes was awarded a development contract by Cairn, Vedanta Limited, to construct approx. 300 new wells and deploy a chemical enhance oil recovery program aimed at increasing production from the Rajasthan area. The project marks the largest integrated project for BHGE in India, expanding its presence in the country and supporting the government’s mission of reducing dependency on imports.
  • In 2019, ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years.
  • Hence, with the new investment in onshore oil & gas industry, increasing exploration of unconventional resources, and the crude oil price stability, which in turn are expected to increase the demand for well cementing services market around the globe.

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North America to Dominate the Market

  • North America is expected to dominate the well cementing services market and to grow at a significant rate over the forecast period.
  • The United States, as of 2019, is the largest producer of oil and gas. In the US, there are more than 900,000 active oil and gas wells, and more than 130,000 have been drilled since 2010.
  • In 2018, the United States has witnessed three significant oil discoveries, including two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m underwater, and at Appomattox (140 Mb) under 2,300 m of water.
  • According to Canadian government report published in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
  • The annual oil output of Mexico has been dropping, over the years, as the giant Cantrell field in the shallow waters of the Gulf of Mexico drying up. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico.
  • Therefore, increasing oil and gas drilling and completion activities in the region are expected to increase the demand for well cementing services market over the forecast period in North America region.

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Competitive Landscape

The well cementing services market is moderately consolidated. Some of the major companies include Schlumberger Ltd, Halliburton Company, C&J Services Inc., Trican Well Services and Baker Hughes Company. 

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion till 2025

    3. 4.3 Global Onshore and Offshore Active Rig Count Forecast, till 2025

    4. 4.4 Global Total Completed Wells Forecast, till 2025

    5. 4.5 Number of Floater Rigs and Contracted Rig Years, 2007-2018

    6. 4.6 Number of Hi-Spec Jackups and Contracted Rig Years, 2007-2018

    7. 4.7 Share of Under-contract, Future Contract, and Idle/Stacked for Floater Rigs, 2018

    8. 4.8 Share of Under-contract, Future Contract, and Idle/Stacked for Jackup Rigs, 2018

    9. 4.9 Historical Average Utilization Rate of Offshore Drilling Rigs, 2007-2018

    10. 4.10 Onshore and Offshore CAPEX Forecast in USD billion, till 2025

    11. 4.11 Offshore CAPEX Forecast in USD billion, by Region, till 2025

    12. 4.12 Offshore CAPEX Forecast in USD billion, by Water Depth, till 2025

    13. 4.13 Historic and Production Forecast of Deepwater, Oil Sands and Crude from Deepwater in kb/d

    14. 4.14 Key Upstream Projects

    15. 4.15 Recent Trends and Developments

    16. 4.16 Market Dynamics

      1. 4.16.1 Drivers

      2. 4.16.2 Restraints

    17. 4.17 Supply Chain Analysis

    18. 4.18 Porter's Five Forces Analysis

      1. 4.18.1 Bargaining Power of Suppliers

      2. 4.18.2 Bargaining Power of Consumers

      3. 4.18.3 Threat of New Entrants

      4. 4.18.4 Threat of Substitutes Products and Services

      5. 4.18.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Location of Deployment

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

    2. 5.2 Type

      1. 5.2.1 Primary

      2. 5.2.2 Remedial

      3. 5.2.3 Other Types

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Asia-Pacific

      3. 5.3.3 Europe

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Advanced Cementing Services Inc.

      2. 6.3.2 Baker Hughes Company

      3. 6.3.3 BJ Services Company

      4. 6.3.4 Calfrac Well Services Ltd

      5. 6.3.5 China Oilfield Services Limited

      6. 6.3.6 Viking Services

      7. 6.3.7 Halliburton Company

      8. 6.3.8 Schlumberger Limited

      9. 6.3.9 Superior Oilfield Services Inc.

      10. 6.3.10 Trican Well Services Corporation

      11. 6.3.11 Weatherford International PLC

      12. 6.3.12 C&J Services Inc.

      13. 6.3.13 Key Energy Services

      14. 6.3.14 Sanjel Energy Services

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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