Market Analysis
According to the latest research report, the global Well Completion Market size is estimated to grow USD 11,090 million at a CAGR of 4.30 percent during the projected period of 2023-2030.
Well completion, simply put, is the process to make oil and gas capable of production post accomplishment of the drilling to signified depth. This comprises the whole completion process that entails running the production tubing, setting the downhole tools, and various other operations that are performed for making the well ready for production. The stimulation process to augment the productivity of a well is also included in the well completion operation.
Various factors are fuelling the global well completion market growth. As per the recent MRFR market estimates, such factors include the increasing drilling and exploration activities, the recovery of oil prices, growing need for oilfield services, the constant rise in the discovery of new oilfields, accelerated rate of development in the upstream oil industry, constant augmentation in drilling activities, refracking of mature oil and gas wells, resuming shale operations, global demand for energy, new discoveries of unconventional resources, rising exploration and production activities worldwide, increasing number of rigs, reducing maintenance costs, and increasing production from unconventional and conventional resources.
On the contrary, volatility in crude oil and natural prices, the impact of the COVID-19 pandemic, and reduction in exploratory drilling may limit the global well completion market growth over the forecast period.
Report Attribute/Metric | Details |
CAGR | 4.30% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Operations, type and well type |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global well completion market based on well type, type, and operations.
By operations, the global well completion market is segmented into valves, packers, intelligent wells, liner hanger systems, sand control, fracturing, and others. Of these, the fracturing segment will lead the market over the forecast period.
By type, the global well completion market is segmented into services and equipment. Of these, the service segment will dominate the market over the forecast period.
By well type, the global well completion market is segmented into onshore and offshore. Of these, the offshore segment will spearhead the market over the forecast period.
Access Report Details @ https://www.marketresearchfuture.com/reports/well-completion-market-992
Regional Analysis
By region, the global well completion market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The rising number of new oil fields, increasing shale revolution, new discoveries, drilled uncompleted wells, presence of large drilled but not completed wells especially in the US, and US being the largest producer of oil and the largest user of intelligent well completion techniques are adding to the global well completion market growth in the region.
In the APAC region, the global well completion market is predicted to have favorable growth over the forecast period. Rise in maritime activities, improvement in underwater communications, growth in gas production and offshore oil activities, increasing demand from industrial and domestic sector, flourishing transportation sectors in developing countries, and increasing production capacity are adding to the global well completion market growth in the region.
In Europe, the global well completion market is predicted to have healthy growth over the forecast period.
In the MEA, the global well completion market is predicted to have sound growth over the forecast period due to huge crude oil deposits and creation.
Key Players
The notable players profiled in the well completion market report include SGS (Switzerland), CGG (France), Wireline Engineering Ltd. (UK), Wild Well Control Inc. (U.S.), Basic Energy Services, Inc. (U.S.), Halliburton (U.S.), National Oilwell Varco, Inc. (U.S.), CJ Energy Services Ltd. (U.S.), Pioneer Energy Services Corp. (U.S.), Superior Energy Services (U.S.), Schlumberger (U.S.), Weatherford International (U.S.), and GE Oil and Gas (U.S.), among others.
The global well completion market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities to cater to the burgeoning needs of the customers.
