Global is projected to reach $8,862.0 million by 2023, increasing exploration and production (E&P) in unconventional reserves and large number of mature wells are driving the market growth. the well cementing services market is categorized into primary, remedial, and others. Of these, primary services held the largest share in the market during the historical period, contributing more than 75.0% revenue in 2017. This is mainly driven by increasing E&P activities coupled with the increasing need of providing proper zonal isolation during well cementing. The chief objective of primary cementing is to provide zonal isolation, in order to prevent migration of fluids in the annulus. Also, it provides protection to the casing string from corrosive formation fluids.
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Globally, North America has been leading the well cementing services market, which is attributed to the increasing drilling activities in deep water and onshore wells, especially in the U.S. Increasing drilling activities in shale and tight gas reserves in the U.S. are expected to drive the market growth in the region during the forecast period. Additionally, large scale production of oil and gas from their reserves scheduled to produce oil and gas in the coming years, will drive the market growth.
The immense oil and gas reserves in the arctic are drawing energy companies’ attention. Due to climate change, the ice coverage is shrinking in the arctic ocean year on year, removing all engineering and logistic obstacles related to the oil and gas industry, which is expected to create immense opportunities for energy service provider companies, resulting in well cementing services market growth.
Presently, there are six countries, namely Russia, the U.S., Canada, Norway, Denmark, and Iceland, with regions beyond the Arctic circle and direct access to the Arctic ocean. Out of these six, only first four are actively drilling in arctic areas for oil and natural gas. According to the U.S. Geological Survey (USGS), the Arctic is estimated to contain almost 90 billion barrels (bbls) of undiscovered oil, 17 trillion cubic feet (tcf) of undiscovered gas and 44 bbls of natural gas liquids. Hence, the future possibilities of oil and gas explorations from arctic reserves is expected to create ample opportunities for well cementing services providers.
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