The global well testing services market size is expected to reach USD 10.97 billion by 2030 according to a new study by Polaris Market Research. The report “Well Testing Services Market Share, Size, Trends, Industry Analysis Report, By Application (Onshore, Offshore), By Well Type (Horizontal Wells, Vertical Wells), By Service; By Stages; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The main driving forces behind the market’s expansion are the increasing attention paid to unconventional oil & gas deposits and increased investment in their discovery. Global industrial demand is also expanding due to ongoing technological advancements for extracting unconventional fuels, rising spending on research and development, and increasing output of unconventional oil & gas.
Along with the booming need for fossil fuels to increase fuel output, rising offshore exploration and production operations also provide a variety of growth chances for the business over the forecasted years. The real-time testing service segment, based on the service, now leads the worldwide market and is expected to continue to do so during the forecast period.
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The segment's growth can be attributed to it helping monitor data and trends as the operator carries out. The segment offers real-time decisions that facilitate safe operation flow to confirm data competence, optimum resource utilization, and maintain data quality.
Whereas the surface segment is exhibiting the highest CAGR in the estimated period owing to cutting down the production costs and the optimizing operation. Moreover, rising investment in the R&D activities by the leading vendors is further accelerating the segment growth over the forecast period.
One of the key drivers of industry growth is the rising number of oilfield finds. To overcome several difficulties in producing hydrocarbons in the oil & gas sector at a competitive price, several market participants are concentrating on making discoveries in some of the present areas. Leading oil & gas companies are spending extensively generating significant finds onshore and offshore. By the end of 2019, there will be approximately 1,733.9 billion barrels of proved oil reserves that have not yet been exploited, according to the B.P. Statistical Review of 2020.
Market participants such as National Energy Services Reunited, Edge Drilling, EXALO Drilling SA, Greene's Energy Group, Halliburton, Weatherford, Oilserv, Schlumberger Limited, SGS SA, Stuart Wells Limited, Baker Hughes, EXPRO Group, Tetra Technologies, Inc., TechnipFMC, and Wellmax are some of the key players operating in the global market.
For instance, in March 2021, Expro Group, an international energy service company, announced the company had signed an all-stock deal to merge with Frank's International N.V. - a global oil facilities company, to create a significant full-cycle services provider.
Polaris market research has segmented the well testing services market report on the basis of services, application, well type, stages, and region:
Well Testing Services, Services Outlook (Revenue - USD Billion, 2018 - 2030)
Well Testing Services, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Well Testing Services, Well Type Outlook (Revenue - USD Billion, 2018 - 2030)
Well Testing Services, Stage Outlook (Revenue - USD Billion, 2018 - 2030)
Well Testing Services, Regional Outlook (Revenue - USD Billion, 2018 - 2030)