The global well testing services market size was valued at $6.3 billion in 2021, and projected to reach $11.1 billion by 2031, with a CAGR of 5.9% from 2022 to 2031.
Oil & gas sector plays vital role in the development of the world economy, as most of the manufacturing companies are dependent on the fossil fuel products. Furthermore, most of the transportation sector depends on petroleum as a power source. The presence of this demand has led to increase in the production of oil, hence in order to increase the efficiency the major oil & gas companies have invested in the digitization of oil & gas industry to monitor the oil wells in order to avoid future problems.
Decrease in fossil fuel resource on mainland and increase in demand for petroleum products have led to increase in the exploration of oil & gas resources in the unconventional and well hidden places. Furthermore, increase in offshore exploration and the presence of shale gas resources have driven the demand for well testing services in these areas. Offshore exploration and production of oil & gas resource have high demand for well testing services, as they can be prone to problems easily. However, the increase in stringent regulations of the government over the oil & gas companies over the environment related issues and increase in the research and innovation of alternative ecofriendly products will hamper the development of the market.
North America accounted for the largest revenue share in the global well testing services market. The presence of vast oil reserves, coupled with rise in investments in the exploration and production of fossil fuels by the oilfield operators have led to increase in the demand for well testing services market. U.S. was the largest producer of oil & gas, as of 2019 it has over 900,000 active oil & gas wells which is increasing gradually. The presence of oil & gas resources discovery in the North America region will have a positive impact on the market. Furthermore, it is anticipated that Asia-Pacific will see the most significant CAGR during the forecast period. The increased investments in the oil & gas industry in this region especially developing countries such as India, China and Indonesia, will increase the number of testing services.
The global well testing services market is segmented on the basis of service type, well type, application and region. On the basis of service type, it is segmented into Downhole well testing, surface well testing, reservoir sampling, real time well testing, and hydraulic fracturing method testing. On the basis of well type, the market is segmented into horizontal wells and vertical wells. In addition, on the basis of application, the global well testing services market is segmented into onshore and offshore. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific and Europe.
The major companies profiled in this report 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. Rapid development of industrialization and urbanization have led to depletion of natural resources, which led to the exploration of oil & gas resources, increase in investment of the market players to develop more efficient technology for detection have a positive impact on the market. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection technologies, have led to attain key developments in the global well testing services market trends.
Post pandemic, government has invested in the oil & gas sectors to boost the development of economy which was affected due to outbreak of pandemic. The emerging economies such as India and China have invested in exploration activities to reduce the imports of fossil fuels in order to make the country energy demand sustainable.
Oil & gas sector plays vital role in the development of the world economy, as most of the manufacturing companies are dependent on the fossil fuel products. Furthermore, most of the transportation sector depends on petroleum as a power source. The presence of this demand has led to increase in the production of oil, hence in order to increase the efficiency the major oil & gas companies have invested in the digitization of oil & gas industry to monitor the oil wells in order to avoid future problems.
Decrease in fossil fuel resource on mainland and increase in demand for petroleum products have led to increase in the exploration of oil & gas resources in the unconventional and well hidden places. Furthermore, increase in offshore exploration and the presence of shale gas resources have driven the demand for well testing services in these areas. Offshore exploration and production of oil & gas resource have high demand for well testing services, as they can be prone to problems easily. However, the increase in stringent regulations of the government over the oil & gas companies over the environment related issues and increase in the research and innovation of alternative ecofriendly products will hamper the development of the market.
North America accounted for the largest revenue share in the global well testing services market. The presence of vast oil reserves, coupled with rise in investments in the exploration and production of fossil fuels by the oilfield operators have led to increase in the demand for well testing services market. U.S. was the largest producer of oil & gas, as of 2019 it has over 900,000 active oil & gas wells which is increasing gradually. The presence of oil & gas resources discovery in the North America region will have a positive impact on the market. Furthermore, it is anticipated that Asia-Pacific will see the most significant CAGR during the forecast period. The increased investments in the oil & gas industry in this region especially developing countries such as India, China and Indonesia, will increase the number of testing services.
The global well testing services market is segmented on the basis of service type, well type, application and region. On the basis of service type, it is segmented into Downhole well testing, surface well testing, reservoir sampling, real time well testing, and hydraulic fracturing method testing. On the basis of well type, the market is segmented into horizontal wells and vertical wells. In addition, on the basis of application, the global well testing services market is segmented into onshore and offshore. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific and Europe.
The major companies profiled in this report 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. Rapid development of industrialization and urbanization have led to depletion of natural resources, which led to the exploration of oil & gas resources, increase in investment of the market players to develop more efficient technology for detection have a positive impact on the market. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection technologies, have led to attain key developments in the global well testing services market trends.
Impact of Covid-19 on Global Well Testing Services Market
The outbreak of has led to the decline in the production of billions of barrels of oil, trillions of cubic meters of gas, and millions of tonnes 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 has negative impact on the well testing service market growth. In addition, the shutdown of fossil fuel power generation facilities across the globe due to decline in the demand for power from chemical and other manufacturing industries have led to decline in the oil & gas resources.Post pandemic, government has invested in the oil & gas sectors to boost the development of economy which was affected due to outbreak of pandemic. The emerging economies such as India and China have invested in exploration activities to reduce the imports of fossil fuels in order to make the country energy demand sustainable.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the well testing services market analysis from 2021 to 2031 to identify the prevailing well testing services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the well testing services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global well testing services market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Service Type
- Downhole Well Testing
- Surface Well Testing
- Reservoir Sampling
- Real Time Well Testing
- Hydraulic Fracturing Method Testing
By Well type
- Horizontal wells
- Vertical wells
By Application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- Schlumberger Limited
- Halliburton
- EXPRO Group
- Weatherford
- Minerals Technologies Inc.
- TechnipFMC Plc
- Baker Hughes
- SGS SA
- Oil States International, Inc.
- TETRA Technologies, Inc.
- MB Petroleum Services
- Helix Energy
- National Energy Services Reunited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WELL TESTING SERVICES MARKET, BY SERVICE TYPE
CHAPTER 5: WELL TESTING SERVICES MARKET, BY WELL TYPE
CHAPTER 6: WELL TESTING SERVICES MARKET, BY APPLICATION
CHAPTER 7: WELL TESTING SERVICES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Well Testing Services Market," the well testing services market size was valued at $6.3 billion in 2021, and well testing services industry is estimated to reach $11.1 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.Well testing services is a process involved in data acquisition to increase the understanding of reservoir conditions and the fluid properties. The increase in energy demand, there has been surge in exploration and production of oil & gas activities. The need for new oil wells to be economically viable and profitable for the oil & gas companies to explore and produce, hence there is a huge demand for the well testing services which can help in exploration and development of oil wells.
Growing population and industrial development are fueling the global demand for energy. The global fuel consumption is gradually rising with rapid industrialization in developing countries across the world. According to BP statistical review of 2019, oil consumption surged by 1.4 million barrels per day, while natural gas consumption increased by 195 billion cubic meters per day. The rise in the demand for fossil fuel has led to surge in production of fuel from the top oil production companies. Increase in demand has led to the increase in the exploration of oil wells which are remote and deeper offshore areas. The above mentioned factors resulted in the demand for well testing is high in deep water exploration and production activities.
The price of crude oil is affected by various factors which could possibly disrupt the supply of oil and gas. The presence of geopolitical tensions is some of the key factors that hamper the demand for oil & gas. The above mentioned factors could lead to higher volatility in prices of oil and gas. Most of the oil & gas resources come from North Africa and Middle East region which is highly unstable region due to political and cultural issues. The outbreak of pandemic also has great impact over the prices of the crude oil due to shutdown of various industries and regional lockdown which have great impact on the transportation sector. The above mentioned reasons are major factors which will hamper the development of the well testing services market growth.
The global well testing services market forecast is segmented on the basis of service type, well type, application and region.
On the basis of service type, it is segmented into downhole well testing, surface well testing, reservoir sampling, real time well testing, and hydraulic fracturing method testing. On the basis of well type, the market is segmented into horizontal wells and vertical wells. In addition, on the basis of application, the global well testing services market is segmented into onshore and offshore.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest well testing services market share of the market, followed by Asia-Pacific and Europe.
The major companies profiled in this report 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. Rapid development of industrialization and urbanization have led to depletion of natural resources which led to the exploration of oil & gas resources, increase in the investment of the market players to develop more efficient technology for detection have positive impact on the well testing services market opportunities. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection and drilling technologies to improve the efficiency of the production of fossil fuels in oil & gas industry have led to attain key developments in the global well testing services market trends.
Key Findings of the Study
- North America would exhibit CAGR of 5.5% during 2022-2031.
- As per global well testing services market analysis, by service type, the real time well testing segment accounted for the largest share in 2021.
- By well type, horizontal well was the leading segment in 2021.
- By application, onshore segment has largest market share in 2021.
- Impact of Covid-19 on Global Well Testing Services Market
- The outbreak of has led to the decline in the production of billions of barrels of oil, trillions of cubic meters of gas, and millions of tonnes 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 has negative impact on the well testing service market growth. In addition, the shutdown of fossil fuel power generation facilities across the globe due to decline in the demand for power from chemical and other manufacturing industries have led to decline in the oil & gas resources.
- Post pandemic, government has invested in the oil & gas sectors to boost the development of economy which was affected due to outbreak of pandemic. The emerging economies such as India and China have invested in exploration activities to reduce the imports of fossil fuels in order to make the country energy demand sustainable.
Companies Mentioned
- Schlumberger Limited
- Halliburton
- Expro Group
- Weatherford
- Minerals Technologies Inc.
- Technipfmc plc
- Baker Hughes
- Sgs Sa
- Oil States International, Inc.
- Tetra Technologies, Inc.
- Mb Petroleum Services
- Helix Energy
- National Energy Services Reunited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 283 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 6.3 billion |
| Forecasted Market Value ( USD | $ 11.1 billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
