The new report by Expert Market Research titled, ‘Global Well Testing Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global well testing market, assessing the market based on its segments like services, stages, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 9.2 billion
• Forecast CAGR (2020-2025): 3%
• Forecast Market Size (2025): USD 11 billion
The rising demand for energy across the globe is driving the global well testing market. The growing exploration and production (E&P) expenditure and a rise in drilling projects are adding to the market growth. The favourable regulatory policies, coupled with the increasing oil and gas discoveries in various parts of the world, are expected to generate tremendous growth opportunities. The rising adoption of high precision measurement and reservoir condition measurement instruments while drilling is complimenting the market growth. Furthermore, rapid technological advancements in the oil and gas industry are anticipated to propel the market forward in the forecast period.
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Industry Definition and Major Segments
Well testing refers to the acquisition of a set of planned data and analysis of such data to increase the knowledge about the reservoir and the rock formation. The ultimate goal of well testing is to understand and supervise the capacity of reservoirs to produce hydrocarbons like gas, oil, and condensates, among others.
Based on services, the market is categorised into:
• Down-Hole Testing
• Real-Time Well Testing
• Reservoir Sampling and Analysis
• Surface Well Testing
By stage, the market can be segmented into:
• Exploration, Appraisal, and Development
Based on application, the market is divided into:
The major regional markets for well testing are:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The well testing services are witnessing a high demand across the globe owing to their ability to provide consumers with the true reservoir capacity at full scale under dynamic conditions. The consumer expectation of getting more accurate and reliable surface well test measurements in all the stages of field development due to the availability of a wide range of devices for the exploration and appraisal phase is anticipated to create growth opportunities in the market. Favourable government initiatives in emerging countries are adding to the market growth. The leading players in the market are focusing on enhancing their product portfolios by investing heavily. Such developments are predicted to assist the growth of the global well testing market in the coming years.
Key Market Players
The major players in the market are Expro International Group, Halliburton Energy Services, Inc., Tetra Technologies Inc. (NYSE: TTI), Greene’s Energy Group, Weatherford International plc (OTCMKTS: WFTLF), Schlumberger Limited (NYSE: SLB), SGS SA (SWX: SGSN), and TechnipFMC plc (NYSE: FTI), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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