Global Well Cementing Services Market Report and Forecast 2024-2032

Global Well Cementing Services Market Outlook

The global well cementing services market reached a value of about USD 12.1 billion in 2023. The market is further estimated to grow at a CAGR of 7.20% in the forecast period of 2024-2032 to reach a value of around USD 18.36 billion by 2032.

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Growing Application in Onshore Drilling Activities to Propel the Market Growth of Well Cementing Services

Based on application, the onshore segment is expected to hold a significant market share of well cementing services over the forecast period. The increasing utilisation of cementing services in onshore drilling to protect and permanently seal water penetration into the wellbore is contributing to the steady market growth of well cementing services. Also, the well cementing secures the casing strings, isolates zones for the production process, prevents contamination of sub-surface aquifers, and solves various hole problems, thereby fuelling the market expansion. The rising inclination of onshore drilling of oil and gas owing to its multiple advantages such as low operation cost and easy availability of workforce, compared to offshore drilling, plays a critical role in developing the market of well cementing services. The rising onshore drilling to meet the energy demands of the growing population is likely to aid the market of well cementing over the forecast period.

Market Segmentation

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The well cementing services add cement to the annular space between the wellbore and casing or between the two successive casing strings to achieve zonal isolation and prevent problems such as gas leaks. There are mainly two types of well cementing services-primary and remedial services. Primary cementing places a cement sheath in the annulus between the casing and the formation, while the remedial cementing inject cement into strategic well locations.

The market for well cementing services, by services, is divided into:

• Primary Well Cementing
• Remedial Well Cementing
• Others

Based on application, the market is bifurcated into:

• Onshore
• Offshore

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The regional markets for well cementing services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Demand for Oil and Gas to Drive the Market Growth of Well Cementing Services

The emerging need for oil and gas in various sectors of the economy is leading to the development of wellbores, which is significantly catalysing the market growth of well cementing services. The importance of well cementing in protecting the usable groundwater supply and sealing off a lost circulation zone is invigorating the market expansion. The market is also driven by the environmental sustainability offered by the cement sheath in prolonging the life of the wellbore by protecting it from corrosion. In addition, the advancements in cementing technologies to reduce the effects of harmful gases like carbon dioxide and bring in cost-effectiveness are bolstering the market growth of well cementing services.

The government initiatives in boosting the oil and gas drilling activities to increase the oil production are further contributing to the market development of well cementing services. The Government of India is planning to invest US$ 2.86 billion in upstream oil and gas production to double natural gas production and drill more than 120 exploration wells by 2023. The efforts taken by the key players in developing simulators, software, and cement to enhance the cementing services and technologies are expected to augment the market over the forecast period.

Key Players in the Global Well Cementing Services Market

The report gives a detailed analysis of the following key players in the global well cementing services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Schlumberger Limited
• Baker Hughes Company
• Halliburton Co
• Weatherford International plc
• National Energy Services Reunited Corp. 
• Calfrac Well Services Ltd.
• Sanjel Energy Services Inc. 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report