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Global Well Cementing Services Market Status and Prospect, Forecast 2018 to 2026

Global Well Cementing Services Market Status and Prospect, Forecast 2018 to 2026

Well cementing is a procedure of developing and pumping cement into place between wellbore and casing. Cementing is used to permanently stop water penetration into the well. Also, cementing is used to seal a lost circulation zone, or an area where there is absence of fluid flow within the well. Well cementing consists of two main operations – primary cementing and remedial cementing. Primary cementing is process of placing cement sheath in annulus between wellbore and casing. Remedial cementing is used after primary cementing for well repair and abandonment.

Growing exploration activities for recovery of coal beds, methane, and shale gas is a key factor driving growth of the global well cementing services market. In addition, increasing number of offshore & onshore oil & gas reserves, and rising energy demands globally are some other factors expected to boost growth of the global well cementing services market over the forecast period.

However, stringent environmental regulations for use of cementing materials is a major factor restraining growth of the global well cementing services market. Additionally, inhalation of cement powder can cause respiratory problems, and also lung diseases which is another factor expected to hamper growth of the global well cementing services market over the forecast period.

The global well cementing services market is segmented on the basis of type, application, and region. On the basis of region, the global well cementing services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The market in North America is expected to account for largest share in terms of revenue as compared to that of other regions. This can be attributed to development of shale gas production, and rising offshore drilling activities in countries in the region. The market in Asia Pacific is projected to witness the fastest growth over the forecast period, owing to government initiatives for increasing drilling activities to fulfil rising energy demand in the region. Also, the market in Middle East & Africa is projected to witness moderate growth over the forecast period, owing to discovery of shale gas reserves in the region.

The prominent players in the global well cementing services market include Halliburton Company, Schlumberger Limited, General Electric Company, Trican Well Service Ltd., Calfrac Well Services Ltd., Sanjel Corporation, Condor Energy Services Ltd., Vallourec SA, Weatherford International plc, and Viking Services B.V.

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