With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry.
Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.
Out of these, the requirement for well cementing is predicted to grow rapidly in shale gas wells in the forthcoming years. This will be because of the rising demand for shale gas and the soaring investments being made in E&P activities in shale gas reserves. When application is taken into consideration, the well cementing market is divided into offshore and onshore. Between these, the offshore category is predicted to demonstrate faster growth in the market in the coming years.
This will be due to the surging investments made in offshore exploration activities and the discovery of several major offshore reserves in several regions. Globally, the well cementing market recorded the highest growth in North America in the past, as per the observations of P&S Intelligence, a market research company based in India. This was because of the huge investments made in the oil and gas sector, especially in well drilling for extracting shale gas in Canada and the U.S.
Hence, it can be said with full confidence that the demand for well cementing will rise across the world in the coming years, mainly because of the soaring exploration and production activities in both offshore and onshore oil and gas reserves around the world.
Source: www.psmarketresearch.com
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