Global Well Testing Services Market to reach USD 11.68 billion by 2025.
Global Well Testing Services Market valued approximately USD 6.86 billion in 2016 is anticipated to grow with a healthy growth rate of more than 6.09% over the forecast period 2017-2025.
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Due to rapidly increasing energy demand the exploration activities are increasing. New wells need to be drilled which contains enough oil and hydrocarbons. To gain profit, viability check is is necessary which is performed by the well testing process during the three phases of well exploration, development, and production. This testing need in oil & gas industry is anticipated increase well testing services demand over the near future. Increasing requisite for high precision in drilling (MWD) and reservoir condition measurement instruments are the major factors that are driving the growth of Global Well Testing Services Market. Volatile crude oil prices cause lower profits margins for the companies follow-on declining drilling activities. Which may hinder the market growth over the next few years. Well testing is a process of data acquisition to increasing the understanding of the reservoir characteristics and the fluid contents. It collects data determining whether the fluid produce enough hydrocarbons that gives a reasonable return on further investment. Well Testing is widely used in exploration and appraisal activities. It is used for confirmation, to get detailed fluid properties, measure accurate pressure, and production evaluation.
The regional analysis of Global Well Testing Services Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Europe region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Exploration, Appraisal, & Development
Real Time Well Testing
Downhole Well Testing
Surface Well Testing
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive.
Some of the leading market players include:-
Expro International Group Ltd, Halliburton Company, Schlumberger Limited, Tetra Technologies Inc., Weatherford International Ltd., AGR Group ASA, FMC Technologies Inc., Greene’s Energy Group, Helix Energy Solutions Group Inc., MB Petroleum Services LLC, Mineral Technologies Inc., Rockwater Energy Solutions, Inc., CETCO Well Testing, TestAlta, Stric-Lan Companies and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
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