Well Cementing Services Market Detailed Strategies, Competitive Landscaping and Developments Forecast to 2023

The global well cementing services market is projected to grow at a significant level, during the forecast period (2016-2022), on account of increasing demand for energy that has urged exploration and production (E&P) companies to increase investments in onshore and offshore oil and gas reserves.

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The well cementing services market is dependent on two factors - crude oil prices and oil and gas production. Reduction in crude oil prices is likely to have a positive impact on the global market, resulting in stronger national economic growth.

Based on application, onshore was the largest application in the global well cementing services market in 2015. The offshore application is expected to exhibit the fastest growth rate during the forecast period.

Based on service, primary well cementing generated the maximum demand in the global well cementing services market in 2015. The market is expected to grow further, during the forecast period, on account of increasing exploration for recovering unconventional hydrocarbon sources, worldwide.

North America is the leading market in the global well cementing services market, in terms of value, followed by Asia-Pacific.

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Major players operating in the global well cementing services market are Schlumberger Ltd., Baker Hughes Inc., Halliburton, Weatherford, Gulf Energy LLC., Calfrac Well Services Ltd. and China Oilfield Services Ltd, among others.