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Well Cementing Market Share, Key Players, Growth and Future Scope

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The well cementing market is expected to reach $10,065.4 million by 2024 from $7,577.6 million in 2018, showcasing a CAGR of 4.7% during the forecast period.

NEW YORK - s4story -- With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry.

Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.

Out of these, the requirement for well cementing is predicted to grow rapidly in shale gas wells in the forthcoming years. This will be because of the rising demand for shale gas and the soaring investments being made in E&P activities in shale gas reserves. When application is taken into consideration, the Well cementing market (https://www.psmarketresearch.com/market-analysis/well-cementing-services-market) is divided into offshore and onshore. Between these, the offshore category is predicted to demonstrate faster growth in the market in the coming years.

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Depending on service type, the market is divided into remedial, primary, and other services such as advanced cementing. Out of these, the primary category registered huge expansion in the market in the past years. This was because of the extensive E&P activities and the huge requirement for zonal isolation in well cementing processes all over the world. Furthermore, this category is predicted to record rapid advancement in the market in the upcoming years.

Hence, it can be said with full confidence that the demand for well cementing will rise across the world in the coming years, mainly because of the soaring exploration and production activities in both offshore and onshore oil and gas reserves around the world.

Vijay Kumar

Source: P&S Intelligence
Filed Under: Business

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