The Worldwide Well Testing Services Industry is Expected to Reach $10.9 Billion by 2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Well Testing Services Market Share, Size, Trends, Industry Analysis Report, By Application; By Well Type; By Service; By Stages; By Region; Segment Forecast, 2022 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global well testing services market size is expected to reach USD 10.97 billion by 2030 according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing focus on unconventional oil & gas reserves, coupled with the rising investment in the discovery of unconventional oil & gas reserves, are the primary factors that are stimulating the industry growth. In addition, continuous technological developments to extract unconventional fuels, growing expenditure in the research and development activities, and increasing production of unconventional oil & gas are further surging the industry demand globally.
Furthermore, increasing offshore exploration and production activities, along with the thriving demand for fossil fuels to raise fuel production, is also presenting various growth prospects to the industry growth over the forecasting years. Based on the service, the real-time testing service segment is dominating the global market and is anticipated to lead the market over the forecasting period. The growth of the segment can be attributed to it helping in monitoring data and trends as the operation carry out. The segment offers real-time decisions that facilitate safe operation flow to confirm data competence, optimum utilization of resources, and maintain the quality of data.
Whereas the surface testing service segment is exhibiting the highest CAGR in the estimated period owing to it cutting down the production costs and the optimizing operation. Moreover, rising investment in the R&D activities by the leading vendors is further accelerating the segment growth in the near future. The increasing number of oilfield discoveries is one of the major driving factors for industry growth.
Various market players are focusing on making discoveries in some of the current fields to overcome several challenges in generating hydrocarbons at a low price in the oil & gas industry. Leading oil & gas enterprises are heavily investing in making extensive discoveries in the offshore and onshore areas. For instance, as per the B.P. Statistical Review of 2020, there are around 1,733.9 billion barrels unexplored for proven oil reserves by the end of 2019. These reserves offer growth prospects for drilling activities, which is projected to drive the market demand in the forecasting years.
Drivers and Opportunities
- Exploration and adoption of unconventional oil & gas resources
- Growth in oilfield discoveries
Restraints and Challenges
- The transition toward the adoption of renewable energy resources
- Baker Hughes
- Edge Drilling
- EXALO Drilling SA
- EXPRO Group
- Greene’s Energy Group
- National Energy Services Reunited
- Schlumberger Limited
- SGS SA
- Stuart Wells Limited
- Tetra Technologies Inc.
The publisher has segmented the well testing services market report on the basis of services, application, well type, stages, and region:
Well Testing Services, Services Outlook
- Downhole Testing
- Surface Testing
- Reservoir Sampling
- Real Time Testing
- Hydraulic Fracturing Method
Well Testing Services, Application Outlook
Well Testing Services, Well Type Outlook
Well Testing Services, Stage Outlook
- Exploration, Appraisal and Development
Well Testing Services, Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/dica2
Laura Wood, Senior Press Manager
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