Market Size of Completion Equipment & Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.83 % |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Completion Equipment and Services Market Analysis
The total wells completed globallyis expected to increaseat a CAGR of 4.83%, by 2025. The completion equipment & services market recovered in 2017 on account of increase in drilling activity, especially in the US. With shale gas being commercially profitable for the North American region, the exploration & production activities have been increasing at a rapid pace in the region, thus driving the demand for well completion equipment & services. High drilled but uncompleted (DUC) well count in the US is expected to hinder the growth of the market studied.
- Offshore sector is expected to be a potential market in the completion equipment & services market as the cost of operation in the offshore locations declined significantly over the past few years, which has encouraged the industry to step up its expenditure gradually, in the coming years.
- North America dominated the market across the globe with the largest contribution from the countries such as the US and Canada.
Completion Equipment and Services Industry Segmentation
The completion equipment & services market report include:
| Location | |
| Onshore | |
| Offshore |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Completion Equipment & Services Market Size Summary
The completions equipment market is poised for growth, driven by increased drilling activities and the commercial viability of shale gas in North America. The recovery of the market began in 2017, with significant contributions from the United States and Canada, where technological advancements like horizontal drilling and hydraulic fracturing have boosted unconventional fossil fuel production. Despite the high count of drilled but uncompleted wells in the US posing a challenge, the offshore sector presents a promising opportunity. The reduction in operational costs at offshore locations has encouraged increased investment, particularly as the industry shifts focus towards deeper water reserves due to declining shallow water resources. This strategic shift is supported by lower breakeven prices for deepwater projects, attracting major operators to invest in new developments.
Globally, North America remains the dominant region in the completions equipment market, with the US leading in production and investment. The country's transformation into a leading oil producer, following the shale revolution, has spurred significant exploration and production activities, particularly in the Permian Basin. However, challenges such as pipeline capacity constraints in key basins have impacted drilling activities. The anticipated expansion of pipeline infrastructure in the US and Canada is expected to alleviate these bottlenecks, further driving market growth. Meanwhile, Brazil's deepwater projects, supported by favorable regulatory changes and financial improvements, are set to enhance demand for completion equipment and services. Major industry players, including Schlumberger, Halliburton, and Baker Hughes, continue to play a pivotal role in shaping the market landscape.
Completion Equipment & Services Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2025
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply-Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitute Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Location
-
2.1.1 Onshore
-
2.1.2 Offshore
-
-
2.2 Geography
-
2.2.1 North America
-
2.2.1.1 United States
-
2.2.1.2 Canada
-
2.2.1.3 Rest of North America
-
-
2.2.2 Asia-Pacific
-
2.2.2.1 China
-
2.2.2.2 India
-
2.2.2.3 Indonesia
-
2.2.2.4 Rest of Asia-Pacific
-
-
2.2.3 Middle-East and Africa
-
2.2.3.1 Saudi Arabia
-
2.2.3.2 Iran
-
2.2.3.3 Egypt
-
2.2.3.4 United Arab Emirates
-
2.2.3.5 Rest of Middle-East and Africa
-
-
2.2.4 Europe
-
2.2.4.1 United Kingdom
-
2.2.4.2 Norway
-
2.2.4.3 Russia
-
2.2.4.4 Rest of Europe
-
-
2.2.5 South America
-
2.2.5.1 Brazil
-
2.2.5.2 Argentina
-
2.2.5.3 Rest of South America
-
-
-
Completion Equipment & Services Market Size FAQs
What is the current Completion Equipment & Services Market size?
The Completion Equipment & Services Market is projected to register a CAGR of less than 4.83% during the forecast period (2024-2029)
Who are the key players in Completion Equipment & Services Market?
Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc., Weatherford International PLC and Baker Hughes, a GE company are the major companies operating in the Completion Equipment & Services Market.
