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.
Northbrook, IL -- (SBWIRE) -- 01/06/2022 -- According to the new market research report "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", published by MarketsandMarkets™, The global Well Testing Services Market is projected to reach USD 8.8 billion by 2026. 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.
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Real Time Well Testing: The largest segment of the Well Testing Services Market, by technology
The Well Testing Services Market, by services, is segmented into Downhole Well Testing, Surface Well Testing, Real Time Well Testing, Reservoir Sampling and Hydraulic Fracturing Method Testing. The real time well testing segment is estimated to have the largest market share and 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.
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The Onshore segment is expected to be the most significant Well Testing Services Market, by application
The Well Testing Services Market, by application, is segmented into Onshore and Offshore. 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 is expected to dominate the global Well Testing Services Market
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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Testing Services Market. These players include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).
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