Oct 31, 2018   SOURCE: BusinessWire

Global Well Testing Services Market Analysis & Outlook 2019-2023 - Baker Hughes, Halliburton, Schlumberger, and Weatherford are Dominating - ResearchAndMarkets.com

The "Global Well Testing Services Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The global well testing services market is anticipated to grow at a CAGR of 6.2% during the period 2019-2023.

One trend in the market is rising global demand for energy. According to IEA, the global economy grew at an average rate of 3.4% per annum in 2017, and global energy demand is expected to increase by 30% by 2040. In addition, the global population is expected to grow over 9 billion in 2040, and the demand for electricity is expected to increase. especially in developing countries such as India.

According to the report, one driver in the market is increase in rig count. The crude oil prices have been fluctuating widely since 2014. According to IEA, the global rig count was at its peak in 2014, as the crude oil price was trading over $110/bbl the same year. However, there was a drastic reduction in crude oil prices until the second quarter of 2016.

Further, the report states that one challenge in the market is change in energy mix. According to IEA. the global energy demand increased by 2.1% in 2017, where countries such as China and India contributed more than 40% to the energy growth. The use of renewable energy sources has increased across the world owing to the rise in clean energy initiatives and subsidies for power generation from sustainable sources.

Market Trends

  • Growing Adoption of IoT by Oil & Gas Industry
  • Increase in Oil & Gas E&P Investments
  • Consolidation of Oilfield Services

Key Vendors

  • Baker Hughes
  • Halliburton
  • Schlumberger
  • Weatherford

Topics Covered

1. Executive Summary

2. Scope of the Report

3. Market Landscape

4. Market Sizing

5. Five Forces Analysis

6. Market Segmentation by Application

7. Customer Landscape

8. Geographic Landscape

9. Decision Framework

10. Drivers and Challenges

11. Market Trends

12. Vendor Landscape

13. Vendor Analysis

For more information about this report visit https://www.researchandmarkets.com/research/3d24z8/global_well?w=4