Market Size of Asia-Pacific Completion Equipment and Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Completion Equipment & Services Market Analysis
The Asian-Pacific completion equipment and services market is expected to register a CAGR of more than 2% during the forecast period. COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, factors like increased production of conventional and unconventional resources and lower well-maintenance costs are expected to drive the market.
- On the other hand, difficulty in extracting oil and gas in countries like China and India due to weak lithologies are the major restraints hindering the market's growth.
- Nevertheless, the increasing technological advancements in various technologies like well completion, which results in high-end self-adaptive inflow control completion technology, are expected to make the production of oil and gas more feasible and efficient and are expected to create enormous opportunities for well completion and services market.
- China is expected to be the largest market in the forecast period due to its abundant oil and gas production, technological advancements, and increasing investment in the completion equipment and services market. It is expected to facilitate further growth.
APAC Completion Equipment & Services Industry Segmentation
Well completion is commonly referred to as the process of finishing a well (oil or gas) so that it can further be utilized for the production of hydrocarbon present inside. Well completion equipment and services include equipment used for applications such as tubing heads, cementing equipment, well controls, Christmas tree, packer assemblies, and wellhead completion assemblies, among others.
The Asian-Pacific completion equipment and services market is segmented by location of deployment and geography. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the completion equipment and services market across the major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| China | |
| Malaysia | |
| India | |
| Indonesia | |
| Rest of Asia-Pacific |
Asia-Pacific Completion Equipment and Services Market Size Summary
The Asia-Pacific completion equipment and services market is poised for steady growth, driven by the increased production of both conventional and unconventional resources. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key factors propelling this growth include advancements in well completion technologies, such as self-adaptive inflow control systems, which enhance the feasibility and efficiency of oil and gas production. However, challenges such as the difficulty in extracting resources in countries like China and India due to weak lithologies pose significant restraints. Despite these challenges, the market is expected to benefit from technological innovations and increased investments, particularly in China, which is anticipated to be the largest market in the region during the forecast period.
The offshore segment of the market is expected to experience the fastest growth, fueled by rising investments and technological advancements. Well completion equipment and services have demonstrated their value in managing production from complex well structures, such as multilateral and horizontal wells with multiple zones. Innovations like intelligent well completions, which utilize permanent downhole sensors for data transmission, are set to enhance production efficiency. The offshore rig count in the Asia-Pacific region, along with increased exploration and production activities in areas like the South China Sea and the Bay of Bengal, supports this growth trajectory. The market remains fragmented, with key players including Schlumberger Ltd, Halliburton Company, and Baker Hughes Company, among others, actively participating in the region's development.
Asia-Pacific Completion Equipment and Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2027
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1.3 Crude Oil Production and Forecast, in million barrels per day, till 2027
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1.4 Natural Gas Production and Forecast, in billion cubic feet, till 2027
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 China
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2.2.2 Malaysia
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2.2.3 India
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2.2.4 Indonesia
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2.2.5 Rest of Asia-Pacific
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Asia-Pacific Completion Equipment and Services Market Size FAQs
What is the current Asia-Pacific Completion Equipment and Services Market size?
The Asia-Pacific Completion Equipment and Services Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Completion Equipment and Services Market?
Schlumberger Ltd., Halliburton Company, Baker Hughes Company, Weatherford International plc and China Oilfield Services Ltd. are the major companies operating in the Asia-Pacific Completion Equipment and Services Market.
