The global well testing services 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%.

For More Information and Detailed Scope of this Report, Visit @

https://www.fortunebusinessinsights.com/industry-reports/well-testing-service-market-100157

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.

Some of the major players operating in the global well testing services 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.

“Innovations in Well Testing Products by Leading Players Aimed at Increasing Market Share”

The global well testing services 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 the service quality. The top three leading companies cover one-third of the share of the global well testing services 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 the risk for deep-water operations and save time by enabling slickline 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, but companies are also investing in RandD activities to design and develop innovative well testing methods.

Get Sample Brochure for More Details @

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/well-testing-service-market-100157

“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 services market throughout the forecast period. Rising expenditure on shale gas and EandP 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 and 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 services market in these regions. Asia Pacific is also projected to rise at a considerable growth mainly on account of the rising number of EandP activities in countries such as Indonesia, China, India, and Malaysia.

“Discovery of New Oilfield Equipment to Propel Growth”

The global well testing services 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.

For Any Queries and Further Information, Speak to Our Analyst @

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/well-testing-service-market-100157

“Real-time Testing Services to Witness Increasing Demand”

Real-time testing services are likely to lead the global well testing services 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 about 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 productivity of the well.

Other Exclusive Reports:

District Cooling Market Size, Share and Industry Analysis, By End User (Residential, Industrial, and Commercial), By Technology (Electric Chillers, Absorption Chillers, and Others), and Regional Forecast, 2019 – 2026

High Voltage Cables Market Size, Share and Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV 250 kV, 251 kV 400 kV, Above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2026

Directional Drilling Services Market Size, Share and Industry Analysis By Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 – 2026

About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

Contact:Name: Ashwin AroraEmail:[email protected]Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Well Testing Service Market Size, Share, Revenue, End Users And Forecast Till 2026 | Fortune Business Insightsâ„¢