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Jan 18, 2021 (The Expresswire) —
The global well testing services market is expected to gain momentum in response to the rising adoption of IoT by oil and gas companies. According to a report by Fortune Business Insights, the overall well testing service market is expected to grow from USD 7.1 Billion in 2018 to USD 11.3 Billion by 2026 at a CAGR of 5.9% during the forecast period.
With the advent of advanced technology, IoT offers advanced cloud-based data analytics, which can help to delay the declining production of oil and gas to some extent. Hence, several petroleum operations are likely to adopt embedded sensor technologies in the near future. This is intended to gather operational data from some of the critical points to enhance the well performance and take decisions on-time.
To Gain More Insights into the Well Testing Service Market Analysis, Browse Summary of the Research Report –https://www.fortunebusinessinsights.com/industry-reports/well-testing-service-market-100157
An Overview of the Impact of COVID-19 on this Market:
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The report on the well testing service market contains:
- Future insights into the market
- In-depth study of the regions
- Product and brand strategies
- Factors enabling market growth
- Competitive landscape
- COVID-19 impact
List of the major players operating in the global well testing services market are:
- SGS S.A.
- Baker Hughes
- BJ Services Company
- Weir Oil and Gas
- Oil States Industries
- China Oilfield Services Ltd
- Weatherford International
“Real-time Testing Services to Witness Increasing Demand”
Real-time testing services are likely to lead the global well testing services market owing to their stabilized and optimized results. For well testing operators, real-time testing has emerged as an important tool to control fluctuations in crude oil prices and reinforce their position in the well testing industry. Offshore well testing activities are gaining more traction than onshore activities in oil and gas assets. Growing concern about reducing cost and some over-optimized operations have led to increased demand for well testing services. These services are meant to improve the reservoir performance as well as productivity of the well.
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“North America to Lead Well Testing Services, Thanks to Rising Hydrocarbon Production”
Among regions, North America is expected to hold the majority of share in the global well testing services market throughout the forecast period. Rising expenditure on shale gas and EandP activities especially in Canada and the U.S. is likely to bolster the demand for well testing services by 2026. Europe and the Middle East and Africa are anticipated to register a higher growth rate between 2018 and 2026. This is ascribable to rising investments in countries such as Algeria, Nigeria, Egypt, and other Gulf countries. In addition to this, increasing offshore and onshore drilling activities may lead to higher growth of the well testing services market in these regions. Asia Pacific is also projected to rise at a considerable growth mainly on account of the rising number of EandP activities in countries such as Indonesia, China, India, and Malaysia.
The report answers the following questions:
- What are the recent well testing service market trends and developments?
- How will the market be affected by changing consumer behavior?
- Which strategies are being adopted by key players to enhance their market footprint?
- Which region will remain in the dominant position in terms of revenue?
- How many niche segments are present in the market?
“Discovery of New Oilfield Equipment to Propel Growth”
The global well testing services market is expected to grow substantially with the discovery of new oilfields. Well operators are continuously looking for cost-effective, efficient, and safe well testing methods. This will further offer optimum recovery and efficient production to old wells, thus giving them a new life. Fortune Business Insights suggests that such new oilfields are projected to offer considerable growth opportunities to the global market for well testing until 2026.
“Innovations in Well Testing Products by Leading Players Aimed at Increasing Market Share”
The global well testing services market is highly fragmented in nature with leading players providing well testing solutions worldwide. Some of the leading companies are incessantly focusing on enhancing their timelines and improving service quality. The top three leading companies cover one-third of the share of the global well testing services market. Among these companies, Halliburton and Schlumberger account for the majority of the share as per revenue in the global market.
Schlumberger launched a new well testing service called motion compensated testing service tower in February 2018. This service was launched to reduce the risk for deep-water operations and save time by enabling slickline operations in parallel with the drilling activity. Halliburton developed and delivered a well testing services campaign in January 2018 in Norway. The main objective of this campaign was to develop a customized, creative, and effective well testing solution at a low cost. Not only this, but companies are also investing in RandD activities to design and develop innovative well testing methods.
Speak to our Analyst for any Queries about Well Testing Service Market Research Report –https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/well-testing-service-market-100157
Major Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Emerging Trends For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest technological advancement
- Global Upstream Investment Scenario By Regions
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Global Well Testing Service Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
Market Analysis, Insights and Forecast By Service
- Real Time Testing
- Downhole Testing
- Reservoir Sampling
- Surface Well Testing
- Market Analysis, Insights and Forecast By Application
Market Analysis, Insights and Forecast By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
North America Well Testing Service Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast By Service
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Name: Ashwin Arora
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Well Testing Service Market Latest Industry Size, Growth, Share, Demand, Trends, Competitive Landscape and Forecasts to 2026
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