Well Test Market growth Size To Expand at a Notable CAGR Of 4.50% During 2018 - 2023 :
Market Research Future has published a half-cooked research report on the Global Well Test Market growth.
Well Test Market growth Overview
A well test is the analysis of acquired data in order to broaden the knowledge and understanding of hydrocarbon properties and underground reservoirs. It involves taking measurements while flowing fluids from the reservoirs. The gathered data is used to determine the viability at various phases of exploration, appraisal, and development of the well.
The global Well Test Market growth is expected to garner exponential growth during the forecast period. This growth is owed to a rising spending in the exploration & production (E&P) sector, and recent stabilization of prices in the oil and gas industry. According to the latest report published by Market Research Future, the global Well Test Market growth is estimated to showcase an upward CAGR of 6% between 2016-2022.
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Segmental Analysis
The global Well Test Market growth has been studied in various segments for an in-dept analysis. The market has been segmented on the basis of type, services, and region. On the basis of type, the market has been bifurcated into onshore and offshore. Whereas, based on service the Well Test Market growth has been segmented into real-time testing, surface testing, reservoir testing, and downhole well testing. Downhole well testing segment is expected to garner a significant market growth during the assessment period. The segment of real-time testing held the largest market share in 2013 and is expected to continue dominating the Well Test Market growth during the forecast period. Such growth in the real-time testing segment is driven due to stabilized and optimized results.
Detailed Regional Analysis
The global Well Test Market growth has been regionally segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). North America is estimated to lead the global Well Test Market growth owing to a rise in the shale and drilling activities in the region. Increased exploration activities in Canada are propelling demand for well testing in the region. Middle East and Europe is anticipated to register substantial growth during the forecast period due to an increase in the offshore and onshore drilling activities. Asia Pacific is also predicted to witness notable growth, owing to rapid increase in the E&P activities in China, Indonesia, Malaysia, and India. Rise in drilling activities in newly discovered oil fields in Nigeria, Libya, and Brazil are expected to trigger many new opportunities for well testing services market in the foreseeable future.
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Competitive Analysis
The Well Test Market growth is projected to witness substantial growth during the forecast period due to various factors such as increasing exploration and production activities in the oil and gas industry. Alternatively, there are some factors obstructing the growth for Well Test Market growth. Such factors include an emerging shift in the power generation mix. Many economies are opting for an increased share of renewable energy sources in the power generation mix, owing to rising awareness towards climate change and possibility of extinction of fossil fuels. Such shift is projected to affect the global Well Test Market growth negatively.
Key Players
The global Well Test Market growth appears to be moderately consolidated. Many key players in the market are continuously involved in enhancing timelines, as well as, improving service quality. Companies in the global well testing services market are predicted to invest on the research and development for inventing innovative technologies, in order to aid better service as well as cost effectiveness.
Some of the prominent key players profiled in the latest report by Market Research Future include AGR Group ASA (Norway), FMC Technologies Inc. (U.S.),Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Tetra Technologies Inc. (U.S.),Weatherford International Ltd. (Ireland),Expro International Group Ltd. (U.K.), Greene's Energy Group (U.S.), and Helix Energy Solutions Group Inc. (U.S.).
Industry Updates
4th March 2019 Hibiscus Petroleum Bhd. is expected to start drilling Guillemot A GUA-P1 side-track well on the Anasuria cluster in the UK North Sea by July via its jointly controlled company, Anasuria Operating Co. Ltd. (AOC).
