Global Well Testing Services Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Well Testing Services Market 2021 (Includes Business Impact of COVID-19)
Global Well Testing Services Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global well testing services market report has been segmented on the basis of service, application, region.
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The global Well Testing Services market size was valued at USD $7.99 billion in 2020 and is projected to reach $14.48 billion by 2030, and is anticipated to expand at a CAGR of 6.12% over the forecast period from 2020 to 2030.


Global Well Testing Services Market: Overview


Well testing services includes complete process of well exploration and development. It includes planning, specialized equipment, monitoring, and measurement of factors relating to the production of oil & gas and water at a well site. Well testing is performed during three phases i.e. exploration, development, and production.


Global Well Testing Services Market: Dynamics


Increasing energy demand, high spending on energy & power, coupled with increasing oil & gas exploration activities are some of the major factors projected to boost growth of the well testing services market over the forecast period. In addition, adoption of Internet of things (IoT) in oil & gas sector and constant advancement in technology, are expected to bolster growth of the target market. In February 2018, for instance, US-based Schlumberger Limited launched motion-compensated testing services for drill strings and to operate in harshest environment. Also, increasing investments to well testing monitors, high precision measurement while drilling (MWD), and reservoir condition measurement instruments are expected to drive growth of the target market.

Recent trend observed in the market is increasing exploration and drilling activities in deep-water and ultra-deepwater reservoirs, which is expected to fuel demand for well testing services.

However, fluctuations prices of crude oil, increasing focus on renewable energy sources, along with stringent environmental policies and regulations are some major factors may restrain growth of the global market during the forecast period.


Global Well Testing Services Market: Segment Analysis


Among the service segments, the real time well testing service segment is expected to account for significant revenue share in the global well testing services market.

Among the application segments, the offshore application segment for the global well testing services market is predicted to grow at fastest pace during the forecast period.


Global Well Testing Services Market: Regional Analysis


The market in North America is expected to dominate global well testing services market. Increasing initiatives to boost the E&P activities, along with presence of the large number of drilled but uncompleted (DUC) wells are some factors expected to propel growth of the global well testing services market. Moreover, increasing offshore exploration activities, along with increasing government expenditure in the exploration activities in countries such as US and Canada in the region, are also expected to bolster growth of the target market over the forecast period.

The Asia Pacific region is anticipated to hold a significant share of the global market, owing to increase of the testing services, increasing investments in oil and gas sector in Indonesia and China, which is expected to drive demand for well testing services in this region. The Middle East & Africa accounts for significant revenue share in the global market and is expected to witness considerable growth in the upcoming period. Increased drilling activity, growing energy and power industries, recent discovery of oil reserves in Nigeria, Angola, Algeria, Libya, and Egypt, are some factors expected to propel growth of the target market during the forecast period.

Global Well Testing Services Market Segmentation:

Segmentation by Service:

  
Downhole Testing Service
  
Surface Well Testing Service
  
Reservoir Sampling Service
  
Real Time Well Testing Service

Segmentation by Application:

  
Onshore
  
Offshore


Key Market Players included in the report:


  
AGR Group ASA
  
Baker Hughes Co.
  
Expro International Group Ltd
  
FMC Technologies Inc
  
Halliburton Company
  
Helix Energy Solutions Group Inc
  
MB Petroleum Services LLC
  
Minerals Technologies Inc.
  
Oil States International Inc.
  
Rockwater Energy Solutions Inc.
  
Schlumberger Ltd.
  
SGS SA
  
TechnipFMC Plc
  
Tetra Technologies Inc
  
Weatherford International Ltd.


Below are the key development related to Well Testing Services Market in 2020 and 2021.


July 2021: AGR wins Well Management contract with Western Gas in Australia. We have secured Well Project Management contract for an exploration well in WA-519-P, adjacent to the Equus Gas Project offshore Australia. The contract with Western Gas, which will be delivered by AGR’s Perth-based team, covers well construction, drilling engineering, procurement, supply chain, regulatory compliance requirements and operational supervision of the well. It is the latest in a recent number of well engineering contracts awarded to AGR’s Australia team. The well, Sasanof-1, is located in the Carnarvon Basin, approximately 207 km North West of Onslow, offshore Western Australia, in a water depth of approx 1,070m. Drilling operations are anticipated to commence in Q1 of 2022, subject to approvals. Source

June 2021: AGR launches reStore™ - a reserves and resources management software. The plug-and-play tool streamlines reserves management and regulatory reporting activity and offers crucial insight to help businesses make more viable decisions. The cloud-based reStore™ is built to secure the safe and efficient storage of an energy company’s most valuable data. This innovative software has been developed to simplify and ensure compliance while giving energy and production companies a complete overview of their reserves and resources portfolio. reStore™ joins AGR’s expanding range of solutions that are proving vital in automating and standardising energy exploration and production processes. Source

June 2021: AGR Acquires Rig Scheduling Software. Our iQx™ platform will enable its users to manage their entire well planning, operations and reporting from one simple platform. In a move to take lead in delivering advances in digital rig scheduling, we announced the acquisition of the Deloitte Digital portfolio application, ‘RIG’. As a result, the acquisition will expand the portfolio of applications within our Software business unit. AGR Software has a number of plug-and-play applications available on its iQx™ platform which enable game-changing efficiencies in the energy exploration and production sectors. This acquisition supports the ambitions of AGR Software to become the driving force in standardising and simplifying data management related to well delivery and rig scheduling. Source

March 2021: AGR Partners with Industry Leaders in the Establishment of the Centre of Decommissioning Australia (CODA) We are delighted to be involved in the establishment of the Centre of Decommissioning Australia (CODA) launched by the National Energy Resources Australia (NERA). CODA is a collaboration across the industry to address the challenges and maximise the opportunities of decommissioning Australia’s oil & gas infrastructure. Working alongside many of the world’s leading Oil & Gas Operators, such as Chevron, Woodside Energy, Santos Limited, Esso Australia, Vermilion Oil & Gas Australia, and BHP, and service and research organizations, such as Baker Hughes, Atteris, Linch-Pin, Xodus Group and Curtin University, the announcement strengthens AGR’s position as an industry leader in well and field abandonment projects. Source