Global Well Testing Services Market 2019-2023| Growing Adoption of IoT by Oil and Gas Industry to Promote Growth| Technavio

The global well testing services market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.

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A key factor driving the growth of the market is the increase in rig count. Since 2014, there have been fluctuations in the crude oil prices. As per IEA, the global rig count was highest in 2014, as the crude oil price was trading over USD110/bbl the same year. However, there was a steep decline in crude oil prices until the second quarter of 2016. The decline in crude oil prices affect the profit margins of companies involved in E&P activities in the oil and gas industry. This resulted in the cancelation of several upstream oil and gas projects which were estimated to be worthy of billions of dollars.

This market research report on the global well testing services market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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In this report, Technavio highlights the growing adoption of loT by the oil and gas industry as one of the key emerging trends in the global well testing services market:

Global well testing services market: Growing adoption of loT by the oil and gas industry

Advances in technology has enabled the increase in adoption of loT in the upstream oil and gas sector. loT has been widely adopted for automation, processing, and evaluation of well performance. IoT is useful in several areas of oil and gas activities. For example, in wells, sensors are deployed in bottomhole, this provides real-time monitoring access by a remote location. Combining technology with E&P activities offers quantitative and effective solutions in the upstream oil and gas sector. Such integration provides accurate data in real time, which reduces the risk involved and enables maximum recovery of the hydrocarbons from the reserves.

“loT offers advanced cloud-based data analytics and automated application of corrective measures, which can delay the normal decline in production of oil and gas by 20%. Thus, to improve the well performance, many petroleum operations have implemented embedded sensor technologies for collecting operational data from critical points,” says a senior analyst at Technavio for research on oil and gas.

Global well testing services market: Segmentation analysis

This market research report segments the global well testing services market by application (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).

The onshore segment held the largest market share in 2018, accounting for nearly 81% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2018 with a market share of nearly 51%. This region is expected to dominate the market through 2023.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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