Global well cementing services market is expected to witness augmented growth on account of increasing natural gas and crude oil extraction activities. Exponential increase in global population has led to burgeoning energy needs that require drilling activities, which is turn is expected to foster well cementing services market. Such well cementing services introduce cement to support the casing and restrict fluid movement in undesirable areas. Increasing off-shore drilling activities and subsequent amplification of sub-sea construction is also expected to augment global well cementing services market. Rapid swell in extraction of alternative hydrocarbon energy sources such as coal bed methane, tight gas and tight gas may also provide lucrative growth opportunities for well cementing services. Stringent regulations implemented on account of health and environmental concerns following major accidents at drilling sites have promoted well cementing services across the globe. However, federal restrictions related to drilling activities are expected to hinder the well cementing services market over the forecast period.
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Major segmentation of well cementing services can be done on the basis of service type including remedial, primary and other cementing (plug abandonment). Further categorization by application includes onshore and offshore cementing. Major development has been witnessed in the offshore cementing category on account of rising offshore drilling and construction activities.
Geographically, North America dominated global well cementing services market with off-shore drilling activities mainly in the U.S. Restoration and construction of old and new wells respectively has also propelled well cementing services market growth. Discovery of shale and tight gas reserves in Africa is expected to propel well cementing services demand in that market segment. Middle East regions such as Saudi Arabia and Egypt are expected to witness major growth in well cementing services market on account of increasing extraction from oil and gas reserves. Increasing investments by E&P companies in Asia Pacific regions such as india, China and Japan are expected to propel well cementing services demand over the forecast period.
Global well cementing services market is highly consolidated with majority market share captured by few companies such as Valluorec Top-Co, Trican Well Service Ltd., Tmk, Tenaris, Nabors Industries Ltd., Sanjel Corp., China Oilfield Services Ltd, Condor Energy Services Ltd. Other noteworthy market participants include Weatherford and Gulf Energy Llc., Baker Hughes Inc., Halliburton, Calfrac Well Services Ltd. and Schlumberger Ltd.
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