Well Test Market Size, Share, Growth, Trends Analysis 2020 To 2023 Research Report
Market Research Future has published a half-cooked research report on the Global Well Test Market 2020. A well test is the analysis of acquired data in order to broaden the knowledge and understanding of hydrocarbon properties and underground reservoirs. It involves taking measurements while flowing fluids from the reservoirs. The gathered data is used to determine the viability at various phases of exploration, appraisal, and development of the well.
The global well test market is expected to garner exponential growth during the forecast period. This growth is owed to a rising spending in the exploration & production (E&P) sector, and recent stabilization of prices in the oil and gas industry. According to the latest report published by Market Research Future, the global well test market is estimated to showcase an upward CAGR of 6% between 2016-2022.
Segmental Analysis
The global well test market has been studied in various segments for an in-dept analysis. The market has been segmented on the basis of type, services, and region. On the basis of type, the market has been bifurcated into onshore and offshore. Whereas, based on service the well test market has been segmented into real-time testing, surface testing, reservoir testing, and downhole well testing. Downhole well testing segment is expected to garner a significant market growth during the assessment period. The segment of real-time testing held the largest market share in 2013 and is expected to continue dominating the well test market during the forecast period. Such growth in the real-time testing segment is driven due to stabilized and optimized results.
Detailed Regional Analysis
The global well test market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). North America is estimated to lead the global well test market owing to a rise in the shale and drilling activities in the region. Increased exploration activities in Canada are propelling demand for well testing in the region. Middle East and Europe is anticipated to register substantial growth during the forecast period due to an increase in the offshore and onshore drilling activities. Asia Pacific is also predicted to witness notable growth, owing to rapid increase in the E&P activities in China, Indonesia, Malaysia, and India. Rise in drilling activities in newly discovered oil fields in Nigeria, Libya, and Brazil are expected to trigger many new opportunities for well testing services market in the foreseeable future.
Competitive Analysis
The well test market is projected to witness substantial growth during the forecast period due to various factors such as increasing exploration and production activities in the oil and gas industry. Alternatively, there are some factors obstructing the growth for well test market. Such factors include an emerging shift in the power generation mix. Many economies are opting for an increased share of renewable energy sources in the power generation mix, owing to rising awareness towards climate change and possibility of extinction of fossil fuels. Such shift is projected to affect the global well test market negatively.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
Continued…
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