Global well testing services industry expected to reach $10.9 billion by 2030 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Well Testing Services Market Share, Size, Trends, Industry Analysis Report, By Application; By Well Type; By Service; By Stages; By Region; Segment Forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.

According to a new study, the global well testing services market size is expected to reach USD 10.97 billion by 2030. The report provides a detailed overview of current market dynamics and provides analysis of future market growth .

The increasing focus on unconventional oil and gas reserves coupled with increasing investment in the discovery of unconventional oil and gas reserves are the major factors driving the growth of the industry. Furthermore, continuous technological developments to extract the unconventional fuels, increasing expenditures in research and development activities and increasing production of unconventional oil and gas are further increasing the demand for the industry globally.

In addition, increasing offshore exploration and production activities, along with booming demand for fossil fuels to augment fuel production, also present various growth prospects for the growth of the industry over the forecast years. . On the basis of service, the real-time testing services segment dominates the global market and is expected to dominate the market during the forecast period. The growth of the segment can be attributed to the fact that it helps in monitoring data and trends as the trade is executed. The segment offers real-time decisions that facilitate a safe flow of operations to confirm data proficiency, optimal resource utilization, and maintain data quality.

While the surface testing services 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 in the near future. The growing number of oilfield discoveries is one of the major growth drivers for the industry.

Various market players are focusing on making discoveries in some of the current fields to overcome several challenges associated with the production of low-cost hydrocarbons in the oil and gas industry. Major oil and gas companies are investing heavily in making vast discoveries in offshore and onshore areas. For example, according to BP’s Statistical Review of 2020, there are approximately 1,733.9 billion barrels unexplored for proven oil reserves by the end of 2019. These reserves provide growth prospects for the oil and gas business. drilling, which is expected to drive the market demand in the forecast years. .

Market dynamics

Drivers and Opportunities

  • Exploration and adoption of unconventional oil and gas resources

  • Growth in oilfield discoveries

Constraints and challenges

  • The transition to adopting renewable energy

Companies cited

  • hugue baker

  • edge drilling

  • EXALO Drilling SA

  • EXPRO Group

  • Greene Energy Group

  • Halliburton

  • National Energy Services Combined

  • Oilserv

  • Schlumberger Limited

  • SGS S.A.

  • Stuart Wells Limited

  • TechnipFMC

  • Tetra Technologies Inc.

  • Weatherford

  • Wellmax

The publisher has segmented the Well Testing Services market report on the basis of services, application, well type, stages and region:

Well Testing Services, Services Outlook

  • Downhole testing

  • Surface tests

  • Reservoir sampling

  • Real-time testing

  • Hydraulic fracturing method

Well Testing Services, Outlook Application

Well Testing Services, Well Type Outlook

Well Testing Services, Milestone Perspectives

  • Exploration, evaluation and development

  • Production

Well Testing Services, Regional Insights

  • North America

  • WE

  • Canada

  • Europe

  • France

  • Germany

  • UK

  • Italy

  • Spain

  • Netherlands

  • Russia

  • Asia Pacific

  • China

  • India

  • Japan

  • Malaysia

  • South Korea

  • Indonesia

  • Latin America

  • Mexico

  • Brazil

  • Argentina

  • Middle East and Africa

  • United Arab Emirates

  • Saudi Arabia

  • Israel

  • South Africa

For more information on this report, visit https://www.researchandmarkets.com/r/dica2

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