According to a recent study titled ‘Well Cementing Services Market Share, Size, Trends & Industry Analysis Report, By Process Type; By Application (Onshore and Offshore); By Regions, Segment & Forecast, 2019 - 2026’, available with Market Study Report, global well cementing services market is projected to reach a valuation of USD 13.8 billion by the year 2026.
 

Increasing exploration & production activities for oil, gas, and other unconventional sources like shale gas, along with inflowing investments in onshore and offshore reserves, and technological advancements are driving global well cementing services market growth, cites the study.
 

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For the uninitiated, well cementing operations are a vital part of well completion process. Its primary function is seal lost circulation areas that have reduced flow within the bore. Cementing services for petroleum industry is still at its early stages but the demand for them has already witnessed a decline due to volatile crude oil prices. Moreover, stringent government regulations pertaining to cementing process and its materials are expected to limit the overall well cementing services industry expansion during the forecast period.  
 

Based on process type, global well cementing services market is categorized into primary cementing, remedial cementing, and others. Remedial well cementing segment is likely to experience a strong demand in low crude price category, largely due to commissioning of several new reserves in China, Brazil, Russia, and some parts of Europe.
 

Speaking of the application spectrum, global well cementing services industry is split into onshore and offshore. Onshore segment held significant share in the recent past owing to the presence of large number of wells in comparison to offshore drilling. However, offshore segment is expanding at unprecedented pace due to increased rate of drilling and exploration activities in offshore sites.
 

Considering the regional outlook, Middle East is the prime contributor to global well cementing services market remuneration. Whereas, recent discoveries of oil & gas reserves in Africa will present new growth opportunities for business development in the region.
 

Meanwhile, North America well cementing services market is anticipated to grow considerably over the forecast timeline, attributable to shale gas revolution in the United States. Moreover, increasing extraction of hydrocarbons from unconventional reserves by energy companies for sustainable energy production is enhancing the regional industry outlook.
 

Speaking of the competitive landscape, top-level players influencing worldwide well cementing services market trends are Baker Hughes Co., Trican Well Services Ltd., Calfrac Well Services Ltd., Nabors Industries Ltd., Sanjel Corp., Gulf Energy LLC, Weatherford International, Top-Co Holdings Inc. (acquired by Rubicon Oilfield International), Tenaris S.A., and Valluorec S.A.