The Global Well Testing Market is expected to gain momentum in response to the rising adoption of IoT by oil and gas companies. According to a report by Fortune Business Insights, the market was valued at US$ 7.1 Bn in 2018. Furthermore, Fortune Business Insights predicts this market to reach US$ 11.3 Bn by the end of 2026, thus exhibiting a CAGR of 5.9%.
With the advent of advanced technology, IoT offers advanced cloud-based data analytics, which can help to delay the declining production of oil and gas to some extent. Hence, several petroleum operations are likely to adopt embedded sensor technologies in the near future. This is intended to gather operational data from some of the critical points to enhance the well performance and take decisions on-time.
Real-time Testing Services to Witness Increasing Demand
Real-time testing services are likely to lead the Global Well Testing Market owing to their stabilized and optimized results. For Well Testing operators, real-time testing has emerged as an important tool to control fluctuations in crude oil prices and reinforce their position in the Well Testing industry. Offshore Well Testing activities are gaining more traction than onshore activities in oil and gas assets. Growing concern on reducing cost and some over optimized operations have led to increased demand for Well Testing services. These services are meant to improve the reservoir performance as well as the productivity of the well.
North America to Lead Well Testing Services, Thanks to Rising Hydrocarbon Production
Among regions, North America is expected to hold the majority of share in the Global Well Testing Market throughput the forecast period. Rising expenditure on shale gas and E&P activities especially in Canada and the U.S. is likely to bolster the demand for Well Testing services by 2026. Europe and the Middle East & Africa are anticipated to register a higher growth rate between 2018 and 2026.
This is ascribable to rising investments in countries such as Algeria, Nigeria, Egypt, and other Gulf countries. In addition to this, increasing offshore and onshore drilling activities may lead to higher growth of the Well Testing Market in these regions. Asia Pacific is also projected to rise at a considerable growth mainly on account of the rising number of E&P activities in countries such as Indonesia, China, India, and Malaysia.
Discovery of New Oilfield Equipment to Propel Growth
The Global Well Testing Market is expected to grow substantially with the discovery of new oilfields. Well operators are continuously looking for cost-effective, efficient, and safe Well Testing methods. This will further offer optimum recovery and efficient production to old wells, thus giving them a new life. Fortune Business Insights suggests that such new oilfields are projected to offer considerable growth opportunities to the global market for Well Testing until 2026.
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Innovations in Well Testing Products by Leading Players Aimed at Increasing Market Share
The Global Well Testing Market is highly fragmented in nature with leading players providing Well Testing solutions worldwide. Some of the leading companies are incessantly focusing on enhancing their timelines and improving service quality. The top three leading companies cover one-third of share of the Global Well Testing Market. Among these companies, Halliburton and Schlumberger account for the majority of the share as per revenue in the global market.
Schlumberger launched a new Well Testing service called motion-compensated testing service tower in February 2018. This service was launched to reduce risk for deep-water operations and save time by enabling slackline operations in parallel with the drilling activity. Halliburton developed and delivered a Well Testing services campaign in January 2018 in Norway. The main objective of this campaign was to develop a customized, creative, and effective Well Testing solution at a low cost. Not only this, companies are also investing in R&D activities to design and develop innovative Well Testing methods.
Some of the other players operating in the Global Well Testing Market are SGS S.A., Baker Hughes, Fluor, Transocean, Saipem, Petrofac, BJ Services Company, Weir Oil and Gas, Oil States Industries, China Oilfield Services Ltd, and Weatherford International.
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