Well Test Market Key Players
Leading contenders profiled in the global well test market report include Helix Energy Solutions Group Inc. (U.S.), Greene's Energy Group (U.S.), Expro International Group Ltd. (U.K.), Weatherford International Ltd. (Ireland), Tetra Technologies Inc. (U.S.), Halliburton Company (U.S.), Schlumberger Ltd. (U.S.), FMC Technologies Inc. (U.S.), and AGR Group ASA (Norway), among others. Industry players have incorporated strategies such as partnerships, joint ventures, collaborations, mergers and acquisitions, strategic alliances, extensive research and development activities, contracts, new product launches, and new product developments, among others, to stay at the forefront and also cater to the consumers growing needs.
The global well test market is predicted to grow at a 5% CAGR between 2016- 2022 states the recent Market Research Future (MRFR) analysis. Well testing, simply put, is a process that is involved in data acquisition for increasing the understanding of reservoir characterization & fluid properties. Offshore and onshore are the two types of well tests that have different services, including downhole well testing, reservoir testing, surface testing, and real-time testing. Well testing offers a plethora of benefits such as help in measuring static and average reservoir pressure, enables proper well productivity calculation, helps in identifying drainage radius and reservoir boundary, and also helps in identifying information on the geological complexity, size, and shape of the reservoir.
Various factors are propelling the global well test market share. As per the current MRFR report, such factors include demand for energy worldwide, global E&P investments, rise in drilling activities in offshore regions, and most economies are choosing renewable sources of energy in power generation mix due to the possibility of fossil fuel extinction and growing awareness about climate change.
On the contrary, a shift in power generation mix and volatility in oil and gas prices are factors that may limit the global well test market growth over the forecast period. Besides, the ongoing COVID-19 pandemic has cast a shadow on the oil & gas industry, which is impacting the market growth.
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The MRFR report provides an inclusive segmental analysis of the global well test market based on service and type.
By type, the global well test market is segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period.
By service, the global well test market is segmented into downhole well testing, reservoir testing, surface testing, and real-time testing. Of these, the real-time testing segment will lead the market over the forecast period for optimized and stabilized results.
Based on the region, the global well test market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa. Of these, North America is predicted to lead the market over the forecast period. An increase in drilling and shale activities, rising exploration activities in Canada, and the presence of several leading well testing service providers are adding to the global well test market growth in the region. Canada and the US have maximum share in the market.
The global well test market in Europe is predicted to hold the second-largest share over the forecast period. The rise in onshore and offshore drilling activities is adding to the global well test market growth in the region.
The global well test market in the APAC region is predicted to grow at a fast pace over the forecast period. The rise in E&P activities in India, Malaysia, Indonesia, and China is adding to the global well test market growth in the region.
The global well test market in the MEA is predicted to have sound growth over the forecast period.
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