Well Completion Market to rise at CAGR of 4.5% through 2027 – Report by Market Research Future (MRFR)
New York, Aug. 10, 2021 (GLOBE NEWSWIRE) — Well Completion Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Well Completion Market Research Report, Operations, type and well type and Region – Forecast till 2027” the market to expand at 4.5% CAGR from 2020 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
The oil sector has lately recovered from the post-April 2014 price decline. The stabilization of oil prices due to balanced oil supply and demand, together with other macroeconomic considerations, is assisting the upstream oil industry in encouraging the number of projects. Furthermore, discoveries and drilling operations are necessitating the hiring of an increasing number of oilfield service providers. Well completion service providers are seeing significant prospects as a result of the restored oil prices and the continual increase in drilling activity from newly discovered oilfields. As a result, well completion service providers are predicted to develop steadily during the projection period.
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The well completion market is being pushed by factors such as increased exploration and drilling activity, oil price recovery, and increased demand for oilfield services. The market for well completion is being driven by the ongoing increase in the finding of new oilfields. Furthermore, the field development projects that began a few years ago will necessitate service and equipment for the completion of wells by putting wellheads on top of cased wells. For example, Ghana’s Jubilee oilfield, which is in the last stages of development, began producing in 2019.
Key Players
List of the Key Companies Profiled in the global well completion market research report are-
- GE Oil and Gas (U.S.)
- Weatherford International (U.S.)
- Schlumberger (U.S.)
- Superior Energy Services (U.S.)
- Pioneer Energy Services Corp. (U.S.)
- C&J Energy Services Ltd. (U.S.)
- National Oilwell Varco Inc. (U.S.)
- Halliburton (U.S.)
- Basic Energy Services Inc. (U.S.)
- Wild Well Control Inc. (U.S.)
- Wireline Engineering Ltd. (UK)
- CGG (France)
- SGS (Switzerland)
Browse In-depth Market Research Report (120 pages) on Well Completion
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COVID-19 to Have Temporary Impact on the Global Market
Due to the lockdowns implemented in the majority of countries across the world since December 2019, the spread of the COVID-19 pandemic has had a detrimental impact on the well completion market. The steps necessary to convert a drilled well into a producing well are referred to as well completion. Cementing, gravel packing, casing, perforating, and installing a production tree are all part of the process. Well completion is an important step in the field development process. The economic success of any well development project is largely determined by how the well is completed. Well completion defines the process of deeming a well, ready for commercial operation. After the well completion has been successfully completed, the well begins to produce fluids normally. The well completion process’s primary duty is to mechanically connect the wellbore and the reservoir. Coiled tubing, packers, completion fluids, manifolds, wellheads, and blowout preventers are among the tools and equipment used in the well completion process. Due to the temporary closure of firms in recent months, demand for these products has been disrupted. Several countries, however, have begun to break the lockdowns in order to repair their economic situations, which is expected to improve product demand in the coming years.
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Market Segmentation
The global well completion market has been segmented on the basis of operations, type, and well type.
On the basis of operations, the global well completion market has been segmented into fracturing, sand control, liner hanger systems, intelligent wells, packers, valves & others.
On the basis of type, the global well completion market has been segmented into equipment and services.
On the basis of well type, the global well completion market has been segmented into onshore and offshore.
Regional Analysis
North America to Lead the Global Market
The North American area led the well completion market. Every year, shale production in the region increases. The region’s well completion industry is being driven by new discoveries as well as drilled uncompleted wells. According to the IEA, shale oil production in 2017 was 4.67 million barrels, accounting for half of total US oil production.
Segmentation of Market covered in the research:
Information by Operations (fracturing, sand control, liner hanger systems, intelligent wells, packers, valves & others), by type (equipment and services), by well type (onshore and offshore) and Region (North America, Europe & Asia-Pacific))
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