“Well Completion Equipment & Services market to grow at a CAGR of 4.31% during the forecast period”
The well completion equipment & services market is expected to reach a size of USD 11.09 billion by 2021, at a CAGR of 4.31% from 2016 to 2021. Factors such as refracking of mature oil & gas wells and resuming shale operations are driving the market globally. Packers is the largest segment of the well completion equipment & services market based on type.
“The offshore application segment would grow at the fastest pace during the forecast period”
In terms of market, by application, the offshore application for the well completion equipment & services market is projected to grow at the fastest pace during the forecast period. The dwindling oil & gas reserves in the onshore fields have forced the operators to venture into offshore regions. This trend is likely to continue in the future as the increase in the production from the deepwater and ultra-deepwater reservoirs will drive the demand for the well completion equipment & services as well.
“North America & Asia-Pacific are the largest markets for well completion equipment & services”
North America& Asia-Pacific dominate the global well completion equipment & services market. In North America, the growth of the well completion equipment & services market can be attributed to factors such as shale revolution and presence of large drilled but not completed (DUC) wells, particularly in the U.S. Meanwhile, Asia-Pacific accounts for a large portion of the global oil & gas demand from both domestic and industrial sector. This demand is expected to rise further in the near future, as transportation sectors in developing countries continue to flourish. So investments are being done to increase the production capacity which in turn drives the market for well completion equipment & services in this region. Meanwhile, the deepwater discoveries will increase the demand for well completion equipment & services in Africa, the fastest growing market.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitate information as well as assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1%–42%, Tier 2%–32%, and Tier 3%–26%
- By Designation: C-Level–32%, Director Level–26%, and Engineer Level–42%
- By Region: The Americas–13%,Europe–15%, Asia-Pacific–24%,and RoW–48%
Note: Row = Rest of the World
The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 =>USD 10 billion, Tier 2 = From USD 1 billion to USD 10 billion, and Tier 3 =< USD 1 billion
The industry’s leading players have been profiled with their recent developments and other strategic activities. These include Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Baker Hughes, Inc. (U.S.), Weatherford International Plc (Ireland), and National Oi lwell Varco, Inc. (U.S.) among others.
Why buy this report?
- The report identifies and addresses key markets for well completion equipment & services, which is useful for suppliers and OEMs to review production and distribution plans.
- The report includes analysis of key countries by application of well completion equipment & services; for instance, its application in onshore and offshore fields. It analyzes historical trends and also forecast for 2021, assisting in strategic decision making.
- It presents competition by analyzing recent market developments such as key contracts, new product launches, expansions, and mergers & acquisitions from the key global market players. It helps understand the competition strategies and plan respective initiatives.