Well testing services is a process involved in data
acquisition to increase the understanding of reservoir conditions and fluid
properties. With the increase in energy demand, there has been a surge in the
exploration and production of oil & gas activities. The need for new oil
wells to be economically viable and profitable for the oil & gas companies
to explore and produce, hence there is a huge demand for well testing services that can help in the
exploration and development of oil wells.
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Growing population and industrial development are fueling
the global demand for energy. Global fuel consumption is gradually rising with
rapid industrialization in developing countries across the world. According to
BP statistical review of 2019, oil consumption surged by 1.4 million barrels
per day, while natural gas consumption increased by 195 billion cubic meters
per day. The rise in the demand for fossil fuels has led to a surge in the
production of fuel from the top oil production companies. The increase in
demand has led to an increase in the exploration of oil wells which are remote
and deeper offshore areas. The above-mentioned factors resulted in the demand
for well testing is high in deep water exploration and production activities.
The price of crude oil is affected by various factors which
could possibly disrupt the supply of oil and gas. The presence of geopolitical
tensions is some of the key factors that hamper the demand for oil & gas.
The above-mentioned factors could lead to higher volatility in the prices of
oil and gas. Most of the oil & gas resources come from North Africa and the
Middle East region which is a highly unstable region due to political and cultural
issues. The outbreak of the pandemic also has a great impact on the prices of
crude oil due to the shutdown of various industries and regional lockdown which
have a great impact on the transportation sector. The above-mentioned reasons
are major factors that will hamper the development of the well-testing services
market growth.
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The global well testing services market forecast is
segmented on the basis of service type, well type, application and region.
On the basis of service type, it is segmented into downhole
well testing, surface well testing, reservoir sampling, real-time well testing,
and hydraulic fracturing method testing. On the basis of well type, the market
is segmented into horizontal wells and vertical wells. In addition, on the
basis of application, the global well testing services market is segmented into
onshore and offshore.
Region-wise, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the
largest well testing services market share of the market, followed by
Asia-Pacific and Europe.
The major companies profiled in this report include
Weatherford, Baker Hughes Company, Schlumberger, Halliburton, China Oilfield
Services Limited, Oil States International Inc., Tetra Technologies Inc., SGS
SA, Edge Drilling, Oilserv, National Energy Services Reunited, Wellmax,
TechnipFMC, EXALO Drilling SA, and Greene's Energy Group. The rapid development
of industrialization and urbanization has led to the depletion of natural
resources which led to the exploration of oil & gas resources, increase in
the investment of the market players to develop more efficient technology for
detection has a positive impact on the well-testing services market opportunities.
Additional growth strategies such as the expansion of production capacities,
acquisition, partnership and research & innovation in the detection and
drilling technologies to improve the efficiency of the production of fossil
fuels in the oil & gas industry have led to attaining key developments in
the global well testing services market trends.
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Key findings of the study
- North America would exhibit a CAGR of 5.5% during
2022-2031.
- As per global well testing services market analysis, by service type, the
real-time well testing segment accounted for the largest share in 2021.
- By well type, horizontal well was the leading segment in 2021.
- By application, the onshore segment has the largest market share in 2021.
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