Well Completion Equipment & Services Market:
Executive Summary
Different types of completion equipment include retrievable and permanent packers, bridge plugs, frac plugs, liner hangers, and all the different levels of multilateral completion. Expandable tubular, intelligent systems and their associated controls and sensors are other crucial completion equipment. The well completion equipment & services market is expected to register considerable growth on account of the boost in drilling activity, particularly in the United States. With shale gas industry being commercially profitable for the countries in the North American region, production and exploration activities have increased at a rapid rate in the region, thus driving the growth of well completion equipment & services market.
High drilled but uncompleted well count in the United States is foreseen to impede the growth of Well Completion Equipment & Services Market. Offshore vertical is anticipated to be a potential market, offering several growth opportunities to the market players operating in the good completion equipment & services market. The operational cost in the offshore industry declined considerably over the past few years, which has motivated the industry to step up its expenditure slowly. North American region led the overall market across the world with the highest contribution from economies, such as the United States and Canada.
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Increasing Demand from Offshore Sector is the primary trend observed by the Well Completion Equipment & Services Market. The offshore oil and gas industry vertical is forwarding toward deeper waters, due to decreasing shallow water reserves. The condition has further resulted in rising distance from shore to the offshore platform. The drop in oil costs was primarily driven by modifications in operators’ policy to effectively focus on cost cuttings. Due to the higher oil tariffs and reduced breakeven costs, primary operators have started planning to invest in numerous deepwater projects. Owing to this growth, the offshore oil and gas industry vertical spending has enhanced significantly. Brazil is considered a substantial market for deepwater oil and gas projects, which is further expected to drive the Well Completion Equipment & Services Market.
Market Major Player
Baker Hughes Inc, FTS International, Halliburton Company, Nabors Industries Ltd., NCS Multistage, Nine Energy Services, National Oilwell Varco, Inc., Packers Plus Energy Services Inc., RPC Incorporated
Market Segmentation
The global Well Completion Equipment & Services Market accounted for US$9.8 billion in the year 2018 and is foreseen to prosper with a CAGR of about 5.78% during the forecast period 2019 to 2026. The global Well Completion Equipment & Services Market can be analyzed on the basis of product & service types, applications, and regional markets.
Based on product and services types, the global Well Completion Equipment & Services Market can be segmented into-
- Packers
- Sand Control Tools
- Multistage Fracturing Tools
- Liner Hangers
- Smart Wells
- Valves
- Others
Based on applications, the global Well Completion Equipment & Services Market can be segmented into-
- Onshore verticals
- Offshore verticals
Factors, such as the bargaining power of suppliers, bargaining power of consumers, the threat of new market entrants, and the threat of substitute products and Services by other competitive market players, and high intensity of competitive rivalry are expected to pose challenges to the Well Completion Equipment & Services Market growth.
Regional Analysis
Asia Pacific, Europe, North America, Latin and America are the major regions contributing to the growth of Well Completion Equipment & Services Market. North American region is a dominant market for well completion equipment and services market in terms of product and service demand. The growth of North American well completion equipment and services market can be attributed to boost in oil and gas activities in offshore regions of the United States. The modern discovery of shale oil in North Dakota in the North American region has improved the demand for well completion equipment and services, thereby driving the overall market growth. The growth of Asia Pacific market can be attributed to a surge in maritime security activities, development in offshore oil and gas production operations, and advancement in underwater communications.
Industry News
With high focus on technology, NOV, a leading Completion Equipment & Services provider, has started to offer a broad range of completion products that are primarily intended to strengthen the access point in a well while effectively optimizing production in the treatment procedure of a reservoir. Nov’s tools and services enable operators to enhance the performance and efficiency of the reservoir while attaining increased extraction ratios, lessening capital expenses, saving a large amount of time, and boosting productivity.
Continuous…
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