Global Well Completion Market Scenario
Market reports associated to the energy and power industry have been
presented by Market Research Future which creates reports on other industry
verticals that outlines the current market scenarios. The market is expected to
expand with a CAGR of 4.5 % in the upcoming forecast period. Well, completion market
is riding high on the benefits it is receiving from the surge in oilfield
exploration. Oil is an essential component that backs several industries and
influence global economies. Hence, the need for increase in production is
much-needed.
The well
completion market is expected to receive substantial boosts from
governments as it can also influence much the economy of the oil & gas
production. With advents in technology, global competitors are making the
market more responsive with their strategies due to which the global well
completion market is all set to expand.
Prominent Players
The strategic contenders in the well completion market are Weatherford
International (U.S.), GE Oil and Gas (U.S.), Schlumberger (U.S.), Superior
Energy Services (U.S.), CGG (France), C&J Energy Services Ltd. (U.S.).
Halliburton (U.S.), Pioneer Energy Services Corp. (U.S.), Basic Energy
Services, Inc. (U.S.), Wireline Engineering Ltd. (UK), Wild Well Control Inc. (U.S.),
National Oilwell Varco, Inc. (U.S.), and SGS (Switzerland) are among others.
Industry Segmentation:
MRFR’s analysis of the global well completion market
has its base in the segmentation by operations, type, and well type. This
segmentation also aims at unravelling the volume-wise and value-wise data
regarding several aspects of the market.
By operations, the well completion market can be
segmented by sand control, fracturing, valves, liner hanger systems, packers,
intelligent wells, & others. The fracturing segment has the maximum market
share, and it is fetching substantial revenue due to the increase in shale oil
production and surged drilling activities. Such operations require hydraulic
fracturing from shale reserves and takes in fracturing segment for maximum
output.
By type, the well completion market includes
equipment and services. The service segment has better market control as the
service provider are competing each other by proving their mettle in the
segment.
By well type, the well completion market can be
segmented as offshore and onshore. The offshore segment is deemed to project
higher CAGR during the forecast period owing to the surge in higher number of
explorations in deep and ultra-deep-water locations.
Regional
Analysis
The regional analysis of the well completion market
observes that the North American region is expected to control a major stake of
the market. The Asia Pacific and African region are also expected to add to the
development of the well completion market. The major growth factors spurring
the growth of these region are discoveries in South China Sea and Gulf of
Thailand from Asia Pacific and in the Egyptian desert and the Mediterranean Sea
from Africa. The Middle East and African region are accredited for the next
biggest market share due to huge crude oil deposits and production. However,
the deteriorating geopolitical crisis in the regions can limit the market’s
growth. Nations such as Angola, Chad, and Nigeria are observed to be
leading the growth of the African region. The European market is controlled by
nations such as Denmark, Norway, U.K., Germany and France. The North Sea
regions have been leading the investments and are also the fastest developing
oil fields in the European region. The Asia Pacific regions are expected to
contribute favorably to the overall market growth due to strong demand from
China and India and large demand from end users such as chemicals, automotive,
and other industries.
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