Sep 7, 2022   SOURCE: BusinessWire

Well Testing Services Market by Services, Application, Well Type, Stages and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application, by Well Type, by Stages by Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global well testing services market is expected to grow at a CAGR of 6.4%, from 2021 to 2026. It is estimated to be USD 6.4 billion in 2021 and is projected to reach USD 8.8 billion by 2026.

The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption of unconventional oil & gas resources.

Real Time Well Testing segment dominates the global market

The real time well testing segment is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to its increased adoption due to cost and operational efficiency and enhanced accuracy of data acquired on performing real time well testing.

Onshore segment to lead the global well testing services market

The onshore segment holds the largest share in the well testing services market, followed by offshore. The onshore exploration and re-exploration activities are expected to fuel the growth of the onshore segment of the well testing services market. Further, the technological advancements to achieve cost and operational efficiency is expected to boost the market for offshore segment of the well testing services market during the forecast period.

North America dominates the global well testing services market in terms of annual growth rate

The North American region is estimated to be the largest market for the well testing services, followed by APAC. The North American region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.

Market Dynamics

Drivers

  • Exploration and Adoption of Unconventional Oil & Gas Resources
  • Increase in Global Oil Demand

Restraints

  • Volatility in Oil and Natural Gas Prices and Capital Expenditure by Oil & Gas Service Providers
  • Introduction of Stringent Government Regulations on Upstream Activities

Opportunities

  • Growth in Oilfield Discoveries
  • Advancements in Enhanced Oil Recovery Technologies

Challenges

  • Transition Toward Adoption of Renewable Energy Sources

Companies Mentioned

  • Baker Hughes
  • Edge Drilling
  • Enviroprobe Service, Inc.
  • Exalo Drilling Sa
  • Expro Group
  • Greene's Energy Group
  • Halliburton
  • Mb Petroleum Services LLC
  • Minerals Technologies Inc.
  • National Energy Services Reunited Corp.
  • Oil States International, Inc.
  • Oilserv
  • Parratt-Wolff, Inc.
  • Schlumberger Limited
  • Sgs Sa
  • Stuart Wells Limited
  • Technipfmc plc
  • Tetra Technologies, Inc.
  • Weatherford
  • Wellmax

For more information about this report visit https://www.researchandmarkets.com/r/nudukf