Well Cementing Services Market

Well Cementing Services Market is expected to witness a CAGR of approximately 5.1% during the forecast period, 2023-2030.

Well Cementing Services Market Overview

Well cementing involves process of adding cement to the annular space between the well-bore and casing or to the annular. Well cementing services finds its application majorly in protecting and sealing wellbore, stopping water penetration into the well.

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Major Well Cementing Services Market Drivers

Well cementing services market is primarily driven by rise in the prices of crude oil worldwide, increasing liberalization in the oil and gas industry, growing exploration and production activities related to tight gas and shale gas and advancements in cement equipment and services. Higher crude oil prices often lead to rise in drilling activities, as oil and gas companies try to take advantage of the situation by adding costly wells, which increases the average cost of wells drilled. In the recent times, prices of crude oil skyrocketed to reach USD 120 billion due to on-going Russia-Ukraine conflict and oil and gas combined made up over 50% of the total energy supply globally in 2022. Witnessing such trends, various oil and gas companies are planning to invest in oil and gas exploration projects to increase oil output. Oil and Gas Natural Corporation (ONGC) which is India’s largest oil & gas company announced in February 2023, that it plans to invest USD 2 billion to drill around 103 wells In the Arabian sea to increase its oil production by 100 million tonnes.

Advancement in horizontal drilling has made possible to drill for shale gas in difficult areas which were not accessible previously, the shale production increased significantly in the recent years making US the largest producer of Oil in the world. The US has produced around 29.91 trillion cubic feet of tight/shale gas and shale gas resource are projected to remain one of the largest sources of natural gas production till 2050 in US. Since shale gas is typically extracted through horizontal drilling, which involves drilling of wellbore which extends horizontally through shale rock formation, which is expected to increasing demand for well cementing, thus creating lucrative growth opportunities for well cementing services market. Furthermore, increasing deepwater and ultradeep water activities, rise in the number of aged wells, discovery of new oilfield and growing investments in oil and gas sector, are supplementing the market growth. Well cementing services are gaining popularity amongst oil and gas companies as it offers resistance to cement from chemical deterioration, protect casing from corrosion and provides formation stability. However, strict regulations imposed by governments related to cementing materials is restricting the growth of well cementing services market.

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Based on Type, Primary Cementing segment is forecast to expand at a faster rate.

In primary cementing, cement stealth is placed between cement sheath is placed between casing and formation. Once the primary cementing is completed, remedial cementing is done to repair wells by adding cement into strategic well locations. Additionally, primary cementing services provides protection to casing strings from corrosive formation fluids and zonal isolation to prevent migration of fluids in the annulus, which is increasing its adoption rate.

Based on Application, Onshore segment is projected to hold the largest market share.

Onshore drilling accounts for a significant percentage of world’s oil production. Prices of crude oil has increased internationally, which is projected to have a positive impact on the number of onshore oil projects, as higher oil prices will make more viable for companies to invest in oil exploration and production activities.

Majority of oil rigs worldwide are located on land, around 1,309 oil rigs were operation in 2021. Almost 40% increase in global rig field was observed in 2021, as the demand for oil increased followed by economic slump. Number of operational offshore rigs were declined in 2021 owing to fall in proved reserves in North Sea.

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Based on Region, North American region is forecast to capture the largest market share.

North American well cementing services market is propelled by increasing oil and natural gas production, growing number of offshore drilling activities and exploration of untapped oil gas reserves. United States is one of the largest crude oil producers internationally. As per EIA’s report, United States is projected to contributed around 40% and 60% of the global oil output growth in 2023 and 2024. And the crude oil production in the country will reach 12.81 million b/d in 2024.

Top Market Players

Various notable players operating in the well cementing services market are Baker Hughes Company, Schlumberger Limited, Trican Well Service Ltd., Calfrac Well Services Ltd., Halliburton, Nabors Industries Ltd., Sanjel Energy Services, Condor Energy, Gulf Energy SAOC, and China Oilfield Services Limited, among other.

Key Developments: 

• • In November 2022, Halliburton Company launched NeoCem E+ and EnviraCem, which are cement barrier systems specifically designed for oil and gas applications.
  • In March 2022, the Abu Dhabi National Oil Company (ADNOC), state owned oil company of United Arab Emirates announced that it has awarded contract worth USD 658 million for cementing, to expand crude oil production in the country. These contracts were awarded to Halliburton Worldwide Limited Abu Dhabi, Baker Hughes Middle East, NESR Energy Services, and Emirates Western Oil Well Drilling and Maintenance.
  • In March 2020, Sanjel Energy Services, a major energy services company announce that it has entered into an agreement with Schlumberger Limited to provide Schlumberger cementing technologies to Sanjel Energy Services in Canada onshore. With this agreement, company plans to expand its primary and remedial cementing portfolio of Sanjel Energy Services.
  • In February 2019, Rockwell Automation, Inc., largest largest industrial automation and Information Company and Schlumberger Limited entered into a joint venture agreement Sensia, which is fully integrated digital oilfield automation company.

Segments Covered in the Report:

The global well cementing Services market has been segmented on the basis of type, application, casing equipment market by application, and region. Based on the type, the market is segmented into primary cementing, remedial cementing, and others. Based on application, the market is segmented into onshore and offshore. Based on the casing equipment market by application, the market is segmented into onshore and offshore.

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Market Segmentation

Global Well Cementing Services Market by Type

• • Primary Cementing
  • Remedial Cementing
  • Other Cementing

Global Well Cementing Services Market by Application

• • Onshore Cementing
  • Offshore Cementing

Global Well Cementing Services Market by Region

• • North America Well Cementing Services Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Well Cementing Services Market (Option 2: As a part of the free 25% customization)

    • by Type
    • by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Well Cementing Services Market (Option 3: As a part of the free 25% customization)

    • by Type
    • by Application
    • Asia-Pacific Market by Casing Equipment Market By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Well Cementing Services Market (Option 4: As a part of the free 25% customization)

    • by Type
    • by Application
    • Asia-Pacific Market by Casing Equipment Market By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Well Cementing Services Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Baker Hughes Company
  • Schlumberger Limited
  • Trican Well Service Ltd.
  • Calfrac Well Services Ltd.
  • Halliburton
  • Nabors Industries Ltd.
  • Sanjel Energy Services
  • Condor Energy
  • Gulf Energy SAOC
  • China Oilfield Services Limited