“The real-time testing segment as per service dominated the well testing market in 2018 and is anticipated to remain dominant by 2026,”

Pune, India -- (SBWire) -- 06/10/2019 --The rising demand for energy results is increasing exploration and production (E&P) activities across the world. This is anticipated to drive the global Well Testing Service Market over the coming years. Well testing services help in understanding the properties of reservoirs containing hydrocarbon. Well testing equipment helps to determine reservoir pressure, productivity index, fluid properties, flow rate, and formation dynamics. According to a new report, titled "Well Testing Market: Global Market Analysis, Insights and Forecast, 2018-2026", Fortune Business Insights in its reports predicts the market to rise at a CAGR of 5.9% during the forecast period. The company calculated the value of the well testing market in 2017 as US$ 7.1 Bn and projected the value to reach US$ 113 Bn by 2026. Fortune Business Insights further stated that the data collected through well test can be utilized to estimate the life cycle and cost analysis of the well.

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The global well testing market is highly fragmented with major players offering standard and customized well testing solutions across the world. Some of the leading companies are continuously focusing on improving their service quality and timelines. Moreover, around one-third of the share in the global well testing service market is covered by top three companies and among them, Schlumberger is at the leading position. Schlumberger and Halliburton account for a major share in terms of revenue in the well testing market. Other players operating in the global well testing market are Baker Hughes, SGS S.A., Transocean, Fluor, Weatherford International, Saipem, BJ Services Company, Petrofac, Oil States Industries, Weir Oil and Gas and China Oilfield Services Ltd. Several companies are also heavily investing in R&D activities with an aim to develop innovative well testing methods.

Real-Time Testing Service, a Dominant Segment Covering 35.1% of the Global Market

"The real-time testing segment as per service dominated the well testing market in 2018 and is anticipated to remain dominant by 2026," stated a lead analyst at FBI. "It helps to monitor, measure, and ensure safe operations, validate the data, and reduce cost," he added. Furthermore, the above factors are responsible for driving the well testing market. The real-time testing is a significant tool for well testing operators. It helps them to control expenditure as the mild fluctuations in the price of crude oil will have a negligible effect on the operations. Considering such factors, FBI forecasts this segment to lead among other regions and drive the well testing market in the coming years. In addition to this, the rising demand for hydrocarbon production from onshore as well as offshore areas is expected to boost the market for well testing during the forecast period between 2018 and 2026.

North America to Lead the Well Testing Market Owing to Rise in E&P Activities

From a geographical standpoint, North America is projected to emerge dominant during the forecast period. This is ascribed to the rising production of hydrocarbons leading to new discoveries and active rigs. Increasing expenditure on E&P activities in countries such as Canada and the U.S. is expected to fuel demand for well testing equipment until 2026. Asia Pacific secured a second place where countries like China, India, Indonesia, and Thailand are the major contributors and the trend is anticipated to improve during the forecast period. The Middle East & Africa is also expected to register considerable growth during 2019-2026 on account of rising investment in countries such as Nigeria, Egypt, Algeria, and the Gulf countries. All the above mentioned factors are expected to create lucrative growth opportunities for the well testing market. This will further encourage companies to explore and adopt new well testing methods.

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