Overview
Well, Testing Services Market growing with a CAGR of 6.4% during the forecast period 2024-2031.
The shift from coal to cleaner-burning fuels in emerging nations is expected to drive a surge in natural gas demand. Consequently, the need for well-testing services is projected to rise significantly during the forecast period. Turkmenistan and Qatar, key players in natural gas production, are taking substantial measures to boost their output.
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Market Growth Trends
New Offshore Oil and Gas Deposit Development
Even as the world increasingly shifts toward renewable energy sources, fossil fuels continue to be central to global energy needs. According to the International Energy Agency (IEA), global energy demand grew by approximately 2.2 million barrels per day (bpd) in 2023, marking an annual increase of 102 million bpd compared to 2022. With production at existing onshore oilfields reaching a plateau, oil and gas companies are turning their focus to offshore reserves to meet rising demand.
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Market is segmented
By Type: Downhole, Real-Time, Reservoir Sampling, Surface Well Testing Services, Subsea Services, Others
By Stage: Exploration, Appraisal, Development, Production) By Application (Onshore, Offshore
By Region: North America, Europe, South America, Asia Pacific, Middle East, and Africa
Market Key Players
- ABL Group
- Expro Group
- TechnipFMC plc
- Halliburton
- KLX Energy
- Helix Energy
- SLB
- MB Petroleum Services LLC
- Minerals Technologies Inc.
- TETRA Technologies, Inc.
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