Home Energy services Well Testing Services Market Grows 6.2% CAGR to Reach US$10.97 Billion by 2030: Polaris Market Research

Well Testing Services Market Grows 6.2% CAGR to Reach US$10.97 Billion by 2030: Polaris Market Research

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The Global well testing services market the size is expected to reach $10.97 billion by 2030 according to a new study by Polaris Market Research.

The main drivers for the expansion of the market are the increasing attention paid to unconventional oil and gas deposits and the increase in investments in their discovery. Global industrial demand is also increasing due to ongoing technological advancements to extract unconventional fuels, increased research and development spending, and increased production of unconventional oil and gas.

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Along with the growing need for fossil fuels to increase fuel production, the increase in offshore exploration and production operations also provides a variety of growth opportunities for the company over the expected years. The service-based, real-time testing services segment is now dominating the global market and is expected to continue to do so during the forecast period.

The growth of the segment can be attributed to the fact that it helps monitor data and trends as the trader does. The segment offers real-time decisions that facilitate a safe flow of operations to confirm data proficiency, optimal resource utilization, and maintain data quality.

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While the surface segment exhibits the highest CAGR over the estimated period owing to reduction in production costs and optimization of operations. Moreover, increasing investment in R&D activities by major vendors is further accelerating the growth of the segment over the forecast period.

One of the main drivers of industry growth is the growing number of oilfield discoveries. To overcome several difficulties in producing hydrocarbons in the oil and gas sector at a competitive price, several market players are focusing on making discoveries in some of the current areas. Major oil and gas companies are spending heavily to generate significant discoveries onshore and offshore. By the end of 2019, there will be approximately 1,733.9 billion barrels of proven oil reserves that have not yet been exploited, according to BP’s 2020 Statistical Review.

Main Key Players

Market players such as National Energy Services Reunited, Edge Drilling, EXALO Drilling SA, Greene’s Energy Group, Halliburton, Weatherford, Oilserv, Schlumberger Limited, SGS SA, Stuart Wells Limited, Baker Hughes, EXPRO Group, Tetra Technologies, Inc., TechnipFMC, and Wellmax are some of the major players operating in the global market.

For example, in March 2021, Expro Group, an international energy services company, announced that the company had signed an all-stock agreement to merge with Frank’s International NV – a global oilfield installation company, to create a major supplier full-cycle services.

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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 tests
  • 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, Milestone Outlook (Revenue – USD Billion, 2018 – 2030)

  • Exploration
  • Evaluation and development
  • Production

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