Well Completion Equipment Market Trend & Forecast

Market Insights

The global well completion equipment market is likely to witness an impressive CAGR of 4.40% during the forecast period.

What are well completion equipment?

Well completion equipment entails completion as a process in which the well is drilled and prepared for further production of oil and gas. It injects and drills the well to the required depth and ensures optimum production.

Well completion equipment is the equipment that brings oil to the finishing stage for the well testing post which, commercial production commences.

Market Dynamics

The well completion equipment market is driven by a host of factors, some of which are noted below:

Increase exploration, production, and completion activities to fulfill the world's expanding energy demand. 

The global increase in demand for oil and gas is expected to drive market expansion for well-completion equipment. 

An increase in the number of horizontal wells, as well as an increase in oil and shale gas output per rig, is a primary element driving the industry. 

Growing investment in various exploration and production operations is another factor that will likely support industry expansion.

Segment Analysis

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Application Trends

The market is segmented as onshore and offshore. The onshore occupied a significant share of the market in 2020 & is expected to dominate the market during the forecast period.

The North American region endorses its wells with the shale gas revolution in the U.S. along with the rise in the production from the Canadian tar sands. Additionally, the expenses incurred in oil & gas activities, such as drilling and completion are less onshore when compared to offshore applications.

Variety Trends

The market is further as packers, sand control tools, multistage fracturing tools, liner hangers, valves, smart wells, and others. The packers segment accounts for the largest market share of the market in 2020 and is projected to lead the market during the forecast period.

This growth is due to the fact that packers are the most common and most widely used completion equipment. Although they are less expensive and reasonable as compared to other equipment, the large number of units used tends to raise its market size in terms of value.

Regional Analysis

North America accounted for the highest share of the market in 2020 & is estimated to lead the market during the forecast period. The region shows a tremendous increase in the production of oil and gas in the offshore regions of the USA. On the other hand, Asia-Pacific is also gradually developing and expanding its well-completion equipment facilities. Europe also plans to expand its services in countries, such as the UK, France, Germany, and Norway. Increasing demand for well-completion equipment has been observed in Africa and the Middle East also.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Application Type:

• Onshore 
• Offshore

By Variety Type:

• Packers
• Sand Control Tools
• Multistage Fracturing Tools
• Liner Hangers
• Valves
• Smart Wells
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the well completion equipment market are-

• 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
• Schlumberger Ltd.
• Superior Energy Services
• Trican Well Service Ltd.
• Weatherford International Plc
• Welltec.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 800 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the variety types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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