According to our latest market study on “Well Completion Equipment and Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings and Location,” the market was valued at US$ 8,509.96 million in 2021 and is projected to reach US$ 11,335.47 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028.
The demand for natural gas drives the need for gas exploration across the world as most of the countries are shifting their focus on reducing carbon emissions and increasing their reliance on fossil fuels. In addition, new offshore oil well projects have been launched across different regions that are propelling the demand for well completion equipment and services across those countries. According to the study, there were more than 14,000 oil & gas well completions reported in FY 2019. An increase in living standards and a rise in the global population have led to a significant increase in the consumption of energy, such as oil & gas, renewable energy, and nuclear energy. The future collaboration of oil & gas service providers can have a positive impact on the market. The collaboration and mergers between the companies can lead to the launch of ventures for new projects in the future. Moreover, the Arctic exploration projects can generate huge opportunities for market vendors during the forecast period. Due to the present global carbon footprints, the Arctic region has witnessed the melting of glaciers in the past few decades, which has generated the awareness to explore the deep side of the Arctic. This can also lead to the discovery of new materials and resources such as petroleum as the region has a wide scope of discovery of fuel. This is expected to generate huge opportunities for market vendors during the forecast period.
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Rise in demand for oil & gas exploration across the world and increase in demand for natural gas in past few years, owing to the rising consumption of energy worldwide and the surging number of gas rig exploration which will drive the growth of the market. In addition, new offshore oil well projects have been launched across different regions that are also propelling the demand for well completion equipment & services across countries. According to the study, there were more than 14,000 oil & gas well completions reported in FY 2019. Moreover, industrial revolution 4.0 in the oil & gas industry has propelled the adoption of smart well technologies and well completion equipment across oil rigs worldwide, which is driving the market growth. The intelligent well completion system also helps boost the oil production and overall operational efficiency to 50% and more (if retained successfully). The adoption of smart well technologies has become a popular trend among well rig vendors provides different advantages such as an increase in production rates, time and cost savings, a decrease in water injections, and monitoring of the whole production operations, along with real-time updates to the connected monitor or devices. So, the automation in well technologies is one of the major factors bolstering the growth of the well completion Equipment and Service market across the world.
Continuous technological advancement and automation are allowing manufacturing companies to achieve greater productivity and profitability. Baker Hughes Company, Halliburton Company, NOV Inc., Schlumberger Limited, and Royal Dutch Shell Plc are among the key companies in the well completion equipment and service market.
The sudden outbreak of the COVID-19 has extended depressed demand, uncertainty, and additional spending reductions by the entire oil & gas industry. The COVID-19 epidemic has a number of implications for the oil and gas sector in the region. Oil and gas power-generating facilities have reduced activities, such as shutting down construction, operations, and maintenance projects at several locations, after the imposition of multiple “stay at home” orders by state governors around the world. In the energy industry, these quarantine measures and shutdowns are causing furloughs and layoffs of technical, construction, and manufacturing personnel, as well as project demobilizations in many cases. As a result, many oil wells are struggling to keep up with maintenance and operations. Furthermore, the COVID-19 pandemic has made it difficult for oil and gas producers to get project finance or equity capital. As a result, the COVID-19 pandemic had a detrimental influence on the North American well completion equipment and services industry. But the production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including well completion equipment and services
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These market players are engaged in making transportation efficient, environmentally friendly, and comfortable by continuously optimizing the combustion engine and exploring the use of alternative fuels. The adoption of smart well technologies has become a popular trend among well rig vendors. It provides different advantages such as an increase in production rates, time and cost savings, a decrease in water injections, and monitoring of the whole production operations, along with real-time updates to the connected monitor or devices. Initially, the smart well concept was tried in onshore wells but now it has been applied to the offshore rigs as well.
After a huge industrial crisis, the shale gas industry has resumed its operations and started recovering from the challenges faced during FY 2020. As most of the operations were on hold during FY 2020, the vendors are also focusing on Fracking 2.0. This is due to the increase in demand for natural gas in past few years, owing to rising consumption of energy worldwide and the surging number of gas rig exploration. This is positively impacting the demand for well completion services & equipment across different gas rig locations, thereby driving the market globally.
The well completion equipment and service market is segmented on the basis of offering, location, and geography. Based on offering, the market is bifurcated into equipment and services. In 2021, the services segment led the market and accounted for a larger market share. Based on location, the market is bifurcated into two onshore and offshore. In 2021, the onshore segment led the market and accounted for a larger market share. Geographically, the well completion equipment and service market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the global market.
A few key players operating in the global well completion equipment and service market are Baker Hughes Company; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger; Nine Energy Services; and Welltec. Several other market players have been analyzed to understand the market.
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Players operating in the well completion market are mainly focused on the development of advanced and efficient products.
In January 2021, Shell Petroleum Development Company completed its sale of interest in Oil Mining Lease 17 to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.
In April 2021, Halliburton Company (NYSE: HAL) today introduced the Ovidius
expanding isolation system, Ovidius expanding isolation system, a new packer that transforms from an engineered metal alloy to a rock-like material when it reacts with downhole fluids, creating a long-lasting seal for improved well integrity.
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