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 growing focus on unconventional oil & gas reserves, coupled with the rising investment in the discovery of unconventional oil & gas reserves, are the primary factors that are stimulating the industry growth. In addition, continuous technological developments to extract unconventional fuels, growing expenditure in the research and development activities, and increasing production of unconventional oil & gas are further surging the industry demand globally.
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Furthermore, increasing offshore exploration and production activities, along with the thriving demand for fossil fuels to raise fuel production, is also presenting various growth prospects to the industry growth over the forecasting years. Based on the service, the real-time testing service segment is dominating the global market and is anticipated to lead the market over the forecasting period. The growth of the segment can be attributed to it helping in monitoring data and trends as the operation carry out. The segment offers real-time decisions that facilitate safe operation flow to confirm data competence, optimum utilization of resources, and maintain the quality of data.
Whereas the surface testing service segment is exhibiting the highest CAGR in the estimated period owing to it 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 in the near future. The increasing number of oilfield discoveries is one of the major driving factors for industry growth.
Various market players are focusing on making discoveries in some of the current fields to overcome several challenges in generating hydrocarbons at a low price in the oil & gas industry. Leading oil & gas enterprises are heavily investing in making extensive discoveries in the offshore and onshore areas. For instance, as per the B.P. Statistical Review of 2020, there are around 1,733.9 billion barrels unexplored for proven oil reserves by the end of 2019. These reserves offer growth prospects for drilling activities, which is projected to drive the market demand in the forecasting years.
Market participants such as National Energy Services Reunited, Edge Drilling, EXALO Drilling SA, EXPRO Group, Greene’s Energy Group, Halliburton, Oilserv, Schlumberger Limited, SGS SA, Stuart Wells Limited, Baker Hughes, Tetra Technologies, Inc., TechnipFMC, Weatherford, 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 services company, to create a major 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)
- Downhole Testing
- Surface Testing
- Reservoir Sampling
- Real Time Testing
- Hydraulic Fracturing Method
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)
- Exploration, Appraisal and Development
Well Testing Services, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa