According to this research, the well cementing market is predicted to attain a size of $10,065.4 million by 2024, advancing at a CAGR of 4.7% during the forecast period (2019-2024). This is attributed to the rising exploration and production (E&P) in both unconventional and conventional oil and gas reserves, which is itself driven by the increasing demand for energy products, such as fuel oil, heating oil, gasoline, gas oil, aviation turbine fuel, piped natural gas, liquified petroleum gas, and compressed natural gas.
The well cementing market is segmented by well type, service type, application, and geography. On the basis of service type, the market is categorized into remedial, primary, and others (advanced cementing). Out of these, in 2018, the primary cementing category held the largest revenue share of over 75.0% in the market. The downfall in the prices of crude oil in 2014 globally that had an adverse impact on the E&P investment, resulting in the slow growth of the primary cementing market during the historical period. However, since 2017, this market has been recovering on account of a renewal in crude oil prices.
Now, on the basis of well type, the well cementing market is divided into shale gas, oil, and gas. During the forecast period, the shale gas wells division is predicted to register the fastest growth with a CAGR of more than 6.0%. Due to the discovery of shale gas and large-scale E&P investments in the U.S., the market is expected to continue growing. Further, based on application, the market is bifurcated into offshore and onshore. During 2019-2024, the offshore application is anticipated to grow at a rapid pace, with a CAGR of over 5.0% in the market.
Moreover, in recent years, there have been some major discoveries of offshore reserves worldwide, such as in the Arctic and Guyana, which are predicted to propel the application of well cementing in offshore fields during the forecast period. In 2018, North America led the well cementing market with a revenue contribution of more than 35.0%. Furthermore, large-scale investments in the oil and gas industry, especially in well drilling for shale gas in Canada and the U.S., continue to propel the demand for well cementing services in North America.
Quite consolidated in nature, the well cementing market is characterized by the presence of a small number of players, holding significant shares. Multinational corporations are the key players providing well cementing services in various oil and gas-producing countries, globally. Companies such as Schlumberger Limited, Halliburton Company, and Baker Hughes, a General Electric subsidiary, together hold over 70.0% share in the market.
GLOBAL WELL CEMENTING MARKET SEGMENTATION
Market Segmentation by Service Type
Market Segmentation by Well Type
Market Segmentation by Application
Market Segmentation by Geography
The well cementing market is segmented by well type, service type, application, and geography. On the basis of service type, the market is categorized into remedial, primary, and others (advanced cementing). Out of these, in 2018, the primary cementing category held the largest revenue share of over 75.0% in the market. The downfall in the prices of crude oil in 2014 globally that had an adverse impact on the E&P investment, resulting in the slow growth of the primary cementing market during the historical period. However, since 2017, this market has been recovering on account of a renewal in crude oil prices.
Now, on the basis of well type, the well cementing market is divided into shale gas, oil, and gas. During the forecast period, the shale gas wells division is predicted to register the fastest growth with a CAGR of more than 6.0%. Due to the discovery of shale gas and large-scale E&P investments in the U.S., the market is expected to continue growing. Further, based on application, the market is bifurcated into offshore and onshore. During 2019-2024, the offshore application is anticipated to grow at a rapid pace, with a CAGR of over 5.0% in the market.
Moreover, in recent years, there have been some major discoveries of offshore reserves worldwide, such as in the Arctic and Guyana, which are predicted to propel the application of well cementing in offshore fields during the forecast period. In 2018, North America led the well cementing market with a revenue contribution of more than 35.0%. Furthermore, large-scale investments in the oil and gas industry, especially in well drilling for shale gas in Canada and the U.S., continue to propel the demand for well cementing services in North America.
Quite consolidated in nature, the well cementing market is characterized by the presence of a small number of players, holding significant shares. Multinational corporations are the key players providing well cementing services in various oil and gas-producing countries, globally. Companies such as Schlumberger Limited, Halliburton Company, and Baker Hughes, a General Electric subsidiary, together hold over 70.0% share in the market.
GLOBAL WELL CEMENTING MARKET SEGMENTATION
Market Segmentation by Service Type
- Primary
- Remedial
- Others
Market Segmentation by Well Type
- Oil
- Gas
- Shale Gas
Market Segmentation by Application
- Onshore
- Offshore
Market Segmentation by Geography
- North America Well Cementing Market
- By service type
- By well type
- By application
- By country - U.S. and Canada
- Europe Well Cementing Market
- By service type
- By well type
- By application
- By country - Norway, U.K., Russia, and Rest of Europe
- Asia-Pacific (APAC) Well Cementing Market
- By service type
- By well type
- By application
- By country - China, India, Indonesia, Malaysia, and Rest of APAC
- Latin America (LATAM) Well Cementing Market
- By service type
- By well type
- By application
- By country - Mexico, Brazil, Venezuela, Colombia, and Rest of LATAM
- Middle East and Africa (MEA) Well Cementing Market
- By service type
- By well type
- By application
- By country - Saudi Arabia, U.A.E., Kuwait, Nigeria, Algeria, Angola, and Rest of MEA
Table of Contents
Chapter 1. Research Background1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Service Type
1.3.2 Market Segmentation by Well Type
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by Geography
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Service Type
4.1.1.1 Primary
4.1.1.2 Remedial
4.1.1.3 Others
4.1.2 By Well Type
4.1.2.1 Oil
4.1.2.2 Gas
4.1.2.3 Shale Gas
4.1.3 By Application
4.1.3.1 Onshore
4.1.3.2 Offshore
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Recovery in the oil and gas industry and growth in E&P capex
4.3.1.2 Increasing E&P activities in unconventional oil and gas reserves
4.3.1.3 Growing demand for oil and gas
4.3.1.4 Impact analysis of drivers on market forecast
4.3.2 Restraints
4.3.2.1 Volatile nature of crude oil prices
4.3.2.2 Impact analysis of restraints on market forecast
4.3.3 Opportunities
4.3.3.1 Exploration of Arctic oil and gas reserves
4.4 Regulation Analysis
4.4.1 North America
4.4.1.1 U.S.
4.4.1.2 Canada
4.4.2 Europe
4.4.2.1 Norway
4.4.2.2 U.K.
4.4.3 APAC
4.4.3.1 India
4.5 Global Onshore and Offshore Drilled Wells (2016-2017)
4.5.1 Onshore Drilled Wells
4.5.2 Offshore Drilled Wells
4.6 Cost Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Service Type
5.2 By Well Type
5.3 By Application
5.4 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Service Type
6.2 By Well Type
6.3 By Application
6.4 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Service Type
7.2 By Well Type
7.3 By Application
7.4 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Service Type
8.2 By Well Type
8.3 By Application
8.4 By Country
Chapter 9. LATAM Market Size and Forecast
9.1 By Service Type
9.2 By Well Type
9.3 By Application
9.4 By Country
Chapter 10. MEA Market Size and Forecast
10.1 By Service Type
10.2 By Well Type
10.3 By Application
10.4 By Country
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 List of Other Players
11.3 Competitive Benchmarking of Key Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Product Launches
11.4.3 Partnerships
11.4.4 Client Wins
Chapter 12. Company Profiles
12.1 Consolidated Oil Well Services LLC
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.2 Nine Energy Service Inc.
12.2.1 Business Overview
12.2.2 Product and Service Offerings
12.2.3 Key Financial Summary
12.3 Gulf Energy SAOC
12.3.1 Business Overview
12.3.2 Product and Service Offerings
12.4 Magnum Cementing Services Ltd.
12.4.1 Business Overview
12.4.2 Product and Service Offerings
12.5 Calfrac Well Services Ltd.
12.5.1 Business Overview
12.5.2 Product and Service Offerings
12.5.3 Key Financial Summary
12.6 China Oilfield Services Limited (COSL)
12.6.1 Business Overview
12.6.2 Product and Service Offerings
12.6.3 Key Financial Summary
12.7 Baker Hughes, a GE company
12.7.1 Business Overview
12.7.2 Product and Service Offerings
12.7.3 Key Financial Summary
12.8 Schlumberger N.V. (Schlumberger Limited)
12.8.1 Business Overview
12.8.2 Product and Service Offerings
12.8.3 Key Financial Summary
12.9 Halliburton Company
12.9.1 Business Overview
12.9.2 Product and Service Offerings
12.9.3 Key Financial Summary
12.10 Weatherford International plc
12.10.1 Business Overview
12.10.2 Product and Service Offerings
12.10.3 Key Financial Summary
Chapter 13. Appendix
13.1 Abbreviations
13.2 Sources and References
13.3 Related Reports
List of Tables
TABLE 1 ANALYSIS PERIOD OF THE STUDY
TABLE 2 DRIVERS FOR THE MARKET: IMPACT ANALYSIS
TABLE 3 RESTRAINTS FOR THE MARKET: IMPACT ANALYSIS
TABLE 4 ONSHORE DRILLED WELLS BY REGION
TABLE 5 OFFSHORE DRILLED WELLS BY REGION
TABLE 6 GLOBAL WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 7 GLOBAL WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 8 GLOBAL WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 9 GLOBAL WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 10 GLOBAL WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 11 GLOBAL WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 12 GLOBAL WELL CEMENTING MARKET, BY REGION, $M (2014-2018)
TABLE 13 GLOBAL WELL CEMENTING MARKET, BY REGION, $M (2019-2024)
TABLE 14 NORTH AMERICA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 15 NORTH AMERICA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 16 NORTH AMERICA WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 17 NORTH AMERICA WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 18 NORTH AMERICA WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 19 NORTH AMERICA WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 20 NORTH AMERICA WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2018)
TABLE 21 NORTH AMERICA WELL CEMENTING MARKET, BY COUNTRY, $M (2019-2024)
TABLE 22 EUROPE WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 23 EUROPE WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 24 EUROPE WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 25 EUROPE WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 26 EUROPE WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 27 EUROPE WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 28 EUROPE WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2018)
TABLE 29 EUROPE WELL CEMENTING MARKET, BY COUNTRY, $M (2019-2024)
TABLE 30 APAC WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 31 APAC WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 32 APAC WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 33 APAC WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 34 APAC WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 35 APAC WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 36 APAC WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2018)
TABLE 37 APAC WELL CEMENTING MARKET, BY COUNTRY, $M (2019-2024)
TABLE 38 LATAM WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 39 LATAM WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 40 LATAM WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 41 LATAM WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 42 LATAM WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 43 LATAM WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 44 LATAM WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2018)
TABLE 45 LATAM WELL CEMENTING MARKET, BY COUNTRY, $M (2019-2024)
TABLE 46 MEA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2018)
TABLE 47 MEA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2019-2024)
TABLE 48 MEA WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2018)
TABLE 49 MEA WELL CEMENTING MARKET, BY WELL TYPE, $M (2019-2024)
TABLE 50 MEA WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2018)
TABLE 51 MEA WELL CEMENTING MARKET, BY APPLICATION, $M (2019-2024)
TABLE 52 MEA WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2018)
TABLE 53 MEA WELL CEMENTING MARKET, BY COUNTRY, $M (2019-2024)
TABLE 54 LIST OF OTHER PLAYERS
TABLE 55 BENCHMARKING OF KEY PLAYERS
TABLE 56 CONSOLIDATED OIL WELL SERVICES LLC - AT A GLANCE
TABLE 57 NINE ENERGY SERVICE INC. - AT A GLANCE
TABLE 58 NINE ENERGY SERVICE INC. - KEY FINANCIAL SUMMARY
TABLE 59 GULF ENERGY SAOC - AT A GLANCE
TABLE 60 MAGNUM CEMENTING SERVICES LTD. - AT A GLANCE
TABLE 61 CALFRAC WELL SERVICES LTD. - AT A GLANCE
TABLE 62 CALFRAC WELL SERVICES LTD. - KEY FINANCIAL SUMMARY
TABLE 63 CHINA OILFIELD SERVICES LIMITED (COSL) - AT A GLANCE
TABLE 64 CHINA OILFIELD SERVICES LIMITED (COSL) - KEY FINANCIAL SUMMARY
TABLE 65 BAKER HUGHES, A GE COMPANY - AT A GLANCE
TABLE 66 BAKER HUGHES, A GE COMPANY - KEY FINANCIAL SUMMARY
TABLE 67 SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) - AT A GLANCE
TABLE 68 SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) - KEY FINANCIAL SUMMARY
TABLE 69 HALLIBURTON COMPANY - AT A GLANCE
TABLE 70 HALLIBURTON COMPANY - KEY FINANCIAL SUMMARY
TABLE 71 WEATHERFORD INTERNATIONAL PLC - AT A GLANCE
TABLE 72 WEATHERFORD INTERNATIONAL PLC - KEY FINANCIAL SUMMARYList of Figures
FIG 1 RESEARCH SCOPE
FIG 2 RESEARCH METHODOLOGY
FIG 3 REGIONAL SPLIT OF PRIMARY AND SECONDARY RESEARCH
FIG 4 BREAKDOWN OF PRIMARY RESEARCH BY REGION
FIG 5 BREAKDOWN OF PRIMARY RESEARCH BY INDUSTRY PARTICIPANT
FIG 6 BREAKDOWN OF PRIMARY RESEARCH BY COMPANY TYPE
FIG 7 DATA TRIANGULATION APPROACH
FIG 8 GLOBAL WELL CEMENTING MARKET SUMMARY
FIG 9 GLOBAL WELL CEMENTING MARKET VALUE CHAIN
FIG 10 BRENT CRUDE PRICE TRENDS, $M (2016-2019)
FIG 11 GLOBAL TECHNICALLY RECOVERABLE GAS AND TIGHT OIL RESERVES (2016)
FIG 12 GLOBAL WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 13 GLOBAL WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 14 GLOBAL WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 15 WORLDWIDE MAJOR MARKETS FOR WELL CEMENTING
FIG 16 NORTH AMERICA WELL CEMENTING MARKET SNAPSHOT
FIG 17 NORTH AMERICA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 18 NORTH AMERICA WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 19 NORTH AMERICA WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 20 NORTH AMERICA WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2024)
FIG 21 EUROPE WELL CEMENTING MARKET SNAPSHOT
FIG 22 EUROPE WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 23 EUROPE WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 24 EUROPE WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 25 EUROPE WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2024)
FIG 26 APAC WELL CEMENTING MARKET SNAPSHOT
FIG 27 APAC WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 28 APAC WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 29 APAC WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 30 APAC WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2024)
FIG 31 LATAM WELL CEMENTING MARKET SNAPSHOT
FIG 32 LATAM WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 33 LATAM WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 34 LATAM WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 35 LATAM WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2024)
FIG 36 MEA WELL CEMENTING MARKET SNAPSHOT
FIG 37 MEA WELL CEMENTING MARKET, BY SERVICE TYPE, $M (2014-2024)
FIG 38 MEA WELL CEMENTING MARKET, BY WELL TYPE, $M (2014-2024)
FIG 39 MEA WELL CEMENTING MARKET, BY APPLICATION, $M (2014-2024)
FIG 40 MEA WELL CEMENTING MARKET, BY COUNTRY, $M (2014-2024)
FIG 41 GLOBAL WELL CEMENTING MARKET SHARE OF KEY PLAYERS (2018)
FIG 42 NINE ENERGY SERVICE INC. - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2018)
FIG 43 CALFRAC WELL SERVICES LTD. - REVENUE SPLIT BY GEOGRAPHY (2018)
FIG 44 CHINA OILFIELD SERVICES LIMITED (COSL) - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2017)
FIG 45 BAKER HUGHES, A GE COMPANY - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2018)
FIG 46 SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2018)
FIG 47 HALLIBURTON COMPANY - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2018)
FIG 48 WEATHERFORD INTERNATIONAL PLC - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2018)
Companies Mentioned
- Consolidated Oil Well Services LLC
- Nine Energy Service Inc.
- Gulf Energy SAOC
- Magnum Cementing Services Ltd.
- Calfrac Well Services Ltd.
- China Oilfield Services Limited (COSL)
- Baker Hughes, a GE company
- Schlumberger N.V. (Schlumberger Limited)
- Halliburton Company
- Weatherford International plc
Methodology
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