The ‘Global Well Testing Services Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global well testing services market growth, assessing the market on the basis of its segments like services, stages, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 3%
The increasing applications of well testing services in oil and gas industry to enhance the decision-making processes, increase the efficiency of reservoir management, and accelerate the speed of drilling operations are driving the market growth. Well testing services are carried out with the utmost quality, meeting health, safety, security, and environment (QHSSE) standards which pose lower impacts on the environment while maximising the production output and recovery.
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The well testing services market is anticipated to be bolstered by the emergence of real-time data transmission technology. Such technologies boost the rate of data acquisition as well as allow users to access information at off-site locations.
Over the forecast period, the anticipated increase in oil drilling activities owing to the rising demand for crude oil and petroleum from the emerging economies are likely to propel the dependence on well testing services. This is to reduce the chances of error by carefully diagnosing well-related problems.
At a regional level, the Asia Pacific leads with a significant market share due to the growth and expansion of the oil and gas industry. The region is likely to generate a remarkable demand for crude oil owing to robust industrialisation and oil exploration activities in developing countries such as India and China, which is likely to bolster the well testing services market in the coming years.
Rural areas of India and Pakistan have been witnessing an increased prevalence of arsenic in the groundwater which is detrimental to health. Moreover, these areas are largely dependent on well water. Hence, well testing services are likely to witness lucrative opportunities in these areas.
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Well Testing Services Industry Definition and Major Segments
Well testing services are a type of analytical and well design services that are majorly deployed in the oil and gas industry. These types of services are aimed at providing information pertaining to formation of rocks and reservoirs, along with data on flow and pressure. Well testing services employ various techniques and equipment to determine the condition of wells. Increasing well digging activities are expected to drive the global well testing services market.
Based on service, the market can be segmented into:
Reservoir Sampling and Analysis
Real Time Well Testing
Surface Well Testing
The market can be broadly categorised based on stage into:
Exploration, Appraisal, and Development
By application, the market has been segmented into:
On the basis of region, the market can be categorised into:
Middle East and Africa
Well Testing Services Market Trends
The key trends in the global well testing services market include the stringent regulations of the governments worldwide aimed towards reducing environmental impacts during oil exploration and drilling activities. This trend is also likely to propel the demand for high-end well testing equipment and well-skilled engineers, for an efficient diagnosis of potential environment threats. These demands can only be fulfilled by well testing services.
The supply-demand gap of crude and shale oil amidst the Russia’s invasion of Ukraine is likely to be another crucial trend in the well testing services market. It is anticipated to surge the demand for well testing services to increase the efficiency and speed of oil procurement operations. This would also bridge the gap between the supply and demand.
Meanwhile, there is a global increase in demand for energy owing to the increasing expansion and technological advancements of various end use sectors such as aerospace and defence, automotive, and building and construction, among others. This is likely to be a major well testing services market bolstering trend.
Over the forecast period, the anticipated increase in demand for shale oil, as well as the expanding capacity of LNG in developed economies such as the United States are likely to encourage well drilling activities. These activities are anticipated to propel the demand for well testing services.
Key Market Players
The major players in the well testing services market report are:
Expro International Group
Halliburton Energy Services, Inc.
Tetra Technologies Inc.
Greene’s Energy Group
Weatherford International plc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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