Portland, OR, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global well testing services market garnered $6.3 billion in 2021, and is estimated to generate $11.1 billion by 2031, manifesting a CAGR of 5.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $6.3 billion |
| Market Size in 2031 | $11.1 billion |
| CAGR | 5.9% |
| No. of Pages in Report | 283 |
| Segments covered | Application, Service Type, Well Type, and Region. |
| Drivers | Surge in urbanization |
| Increase in the sales of automotive vehicles | |
| Rise in the demand for petroleum and other fossil fuels | |
| The need for drilling tools and experienced personal for drilling the reservoir | |
| Opportunities | Increasing dependency on geological core samples |
| Restraints | Volatility in oil and gas prices |
| Stringent government regulations over oil & gas industries |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic led to the decline in the production of billions of barrels of oil, trillions of cubic meters of gas, and millions of tons of coal from global energy systems in 2020.
- The decline in the demand for oil & gas products across the globe due to the shutdown of manufacturing industries had a negative impact on the well testing service market growth.
- In addition, the shutdown of fossil fuel power generation facilities across the globe due to reduction in the demand for power from chemical and other manufacturing industries led to a decline in the oil & gas resources.
- Post pandemic, government invested in the oil & gas sectors to boost the development of economy which was affected due to the pandemic. The emerging economies such as India and China invested in exploration activities to reduce the imports of fossil fuels in order to make the country energy demand sustainable.
The research provides detailed segmentation of the global well testing services market based on service type, well type, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on service type, the Real Time Well Testing segment held the highest share in 2021, accounting for nearly two-fifths of the global well testing services market, and is expected to continue its leadership status during the forecast period. However, the Surface Well Testing segment is expected to register the highest CAGR of 6.8% from 2022 to 2031.
Based on well type, the Horizontal wells segment accounted for the highest share in 2021, contributing to nearly two-thirds of the global well testing services market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the Vertical wells segment is expected to manifest the highest CAGR of 6.2% from 2022 to 2031.
Based on application, the Onshore segment accounted for the highest share in 2021, holding more than four-fifths of the global well testing services market, and is expected to continue its leadership status during the forecast period. However, the offshore segment is estimated to grow at the highest CAGR of 6.3% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to more than one-third of the total well testing services market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 6.4% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading market players of the global well testing services market analyzed in the research 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 report provides a detailed analysis of these key players of the global well testing services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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