Market Executive Summary

REPORT HIGHLIGHT

The U.S. cementing oil and gas well services market was valued at USD 1,380 million by 2017, growing with 1.7% CAGR during the forecast period, 2018-2028

Cementing operations are done so that gas and oil wells are secured in place, and surrounding environments are not contaminated by extraction. The use of cementing also prevents caverns from forming and other parts of the borehole from collapsing. The industry is majorly driven by the rising prevalence of hydraulic fracturing (fracking). Fracking enables oil drilling and gas extraction companies to access previously unobtainable deposits, especially those in low, permeable shale rock formations. The industry has also benefited from rapidly growing proved oil and natural gas reserves, the amount of resources that can be recovered from deposits with a reasonable level of certainty. On the flip side, industry is anticipated to face more stringent regulation and competition from other energy sources which will hamper the industry growth in future. Fluctuations in crude oil and natural gas prices will also pull back the industry development to some extent over the forecast period.

Products Takeaway

In terms of products, the market is divided as;

Oil well cementing
Oil well plugging
Gas well cementing
Gas well plugging
Well cementing is likely to generate the bulk of the industry?s revenue throughout the study period. Oil well cementing is expected to account for over 40% of market share, and gas well cementing is expected to generate 10% of total industry revenue. The cementing process takes place while oil and gas companies drill a borehole into an economically viable oil or gas deposit. Cementing is a crucial step in the production of wells, and industry operators work alongside drilling crews throughout the drilling process.

Application Takeaway

In terms of application, the market is divided as;

Gas extractors
Oil extractors
Others
Gas extractors segment is accounted for highest revenue share. Gas extractors? share of industry revenue is projected to increase significantly in the next five years, largely due to the development of more economically viable hydraulic fracturing techniques and the discovery of vast natural gas deposits in shale formations.

Key Vendor Takeaway

Halliburton Company
Schlumberger Ltd.
Nine Energy Service Inc.
Magnum Cementing Services Limited
GE Company
Weatherford International Ltd.
Baker Hughes Inc.

The industry comprises companies engaged in providing well-sealing, cementing and mixing services to oil and gas well operators. Among various key players, Halliburton Company and Weatherford International Ltd. accounted for the significant revenue share. Established in 1924 and headquartered in Houston, Halliburton Company is a multinational corporation providing products and services to national and independent oil and natural gas companies. The company operates under two segments namely completion and production and drilling and evaluation.



The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year ? 2017 ? 2021
Base Year ? 2021
Estimated Year ? 2022
Projected Year ? 2028
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCTS

Oil Well Cementing
Oil Well Plugging
Gas Well Cementing
Gas Well Plugging
MARKET, BY APPLICATION

Gas Extractors
Oil Extractors
Others