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Market ScenarioThe Global Well Test Market is presumed to expand at 6% CAGR during the forecast period (2016-2022) owing to the rising spending in the E&P industry, asserts Market Research Future (MRFR). Commonly known as well testing services, well test is an inseparable part of the petroleum industry. Well test is a process where an organized compilation of data storage activities are undertaken. The purpose behind the procedure is to identify the exact qualities of hydrocarbons present in the underground reservoir.
Drivers and Constraints Impacting the Market
With increasing spending in the E&P sector, the global market for well test is considered to flourish during the assessment period. Recent stabilization in the prices along with the oil and gas industry has contributed to the growth of the market. Also, rising demand for energy has led to the rapid increase in the offshore drilling activities in order to meet the growing demand, which has further influenced the global market. Moreover, growing demand for natural resources such as oil and gas is likely to augment the market growth. Oil and gas well operators are seeking for cost-effective, efficient, and safe methods which will offer old oil wells new lease of life with maximized recovery and continued production. This is presumed to drive the market in the coming years.
On the flip side, outlook of well testing is highly dependent on the prices of renewable-based power and crude oil. Various E&P projects have shutdown or came to a standstill owing to the decline in prices of crude oil. This has affected the growth of the well test market across the globe. Moreover, high investment in solar and wind power technologies have shifted the focus towards clean energy, which has adversely impacted the market.
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Global Well Test Market: Segmental Analysis
The Global Well Test Market has been segmented on the basis of Type, Services, and Region.
By Mode of Type, the Global Well Test Market has been segmented into offshore and onshore.
By Mode of Services, the Global Well Test Market has been segmented into reservoir testing, surface testing, real-time well testing, and downhole well testing. Real-time well testing is estimated to remain the largest segment during the assessment period due to the optimized and stabilized results.
Regional Insights
Geographically, the Well Test Market span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, North America is estimated to dominate the global well test market in terms of value due to the presence of a large number of well testing service providers especially in Canada and the United States. Also, increasing E&P activities in this region has contributed to the market growth. Moreover, offshore well testing is gaining prominence in this region due to the rise in investment in offshore oil and gas wells.
The Asia Pacific region is also considered to witness above average growth due to rising E&P activities in economies such as Malaysia, India, Indonesia, and China. Also, growing drilling activities in oil fields in Nigeria, Brazil, and Libya are considered to augment the market growth in the near future.
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Industry Updates
November, 2018: Schlumberger has recently introduced well testing live performance technology at Abu Dhabi International Petroleum Exhibition & Conference. The latest technology termed Concert has brought real-time surface and downhole measurements, collaboration capabilities, and data analysis to well testing.
Competitive Dashboard
The noteworthy players operating the global market are Helix Energy Solutions Group Inc. (U.S.), Schlumberger Ltd. (U.S.), Weatherford International Ltd. (Ireland), Halliburton Company (U.S.), Greene's Energy Group (U.S.), AGR Group ASA (Norway), Expro International Group Ltd (U.K.), FMC Technologies Inc. (U.S.), and Tetra Technologies Inc. (U.S.).
Well Test Market – Table of Content
REPORT PROLOGUE
INTRODUCTION
• Definition
• Scope of the study
• Research objective
• Market structure
• Market segmentation
RESEARCH METHODOLOGY
• Research process
• Primary research
• Secondary research
• Market size estimation
• Forecast model
MARKET DYNAMICS
• Drivers & oppurtunities
• Challenges & restraints
• Value chain analysis
• Porter’s five forces analysis
To be Continue ……,
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