The global well testing services market is projected to reach USD 8.8 billion by 2026 from an estimated market size of USD 6.4 billion in 2021, at a CAGR of 6.4% during the forecast period. The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption off unconventional oil & gas resources.
The North America region is estimated to be the largest market for the well testing services, followed by APAC. The North America 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.
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The well testing services market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global well testing services market include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).
Schlumberger Limited is one of the leading providers of products, services, technologies, information solutions, and integrated project management solutions in the global oil & gas exploration and production industry. Schlumberger Limited offers well testing services for both onshore and offshore applications through its Reservoir Performance business segment. The company has executive offices in Paris, Houston, London, and the Hague. It has more than 90 technology centers and conducts business in more than 120 countries worldwide. The company has also adopted a mix of organic and inorganic strategies to achieve strategic growth in the well testing services market. For instance, in 2017, Schlumberger acquired Peak Well Systems, a leading specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity, thus strengthening its service portfolio. Furthermore, in 2018 and 2020, it introduced Concert well testing live performance technology and Symphony live downhole reservoir testing, a technology platform, respectively, to enhance its well testing service offerings.
Halliburton is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. It provides 14 product line services (PLCs) under two divisions, namely, Completion and Production and Drilling and Evaluation. It also offers consulting and management solutions for both divisions. The company has operations in more than 80 countries globally in North America, South America, Europe/Africa/ CIS, and the Middle East/Asia. Halliburton has major manufacturing and corporate facilities located in India, the US, Saudi Arabia, the UAE, Malaysia, the UK, Russia, Panama, Singapore, and Norway. Its major manufacturing operations are in the US, Singapore, Malaysia, and the UK. The major technology centers, R&D laboratories, and corporate offices of the Drilling and Evaluation segment are located in Alvarado (US), Nisku (Canada), and the Woodlands (US). Halliburton is focused on the adoption of various business strategies to cement its position as the leading player in the well testing services market. It mostly focuses on strengthening its market position through product launches and developments. For instance, in February 2020, Halliburton launched SPIDRlive self-powered intelligent data retriever, thus enhancing its well testing service offering.
Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application (Onshore, Offshore), by Well Type (Horizontal Wells, Vertical Wells), by Stages (Exploration, Appraisal, Development, Production) by Region - Global Forecast to 2026
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