Middle-East Completion Equipment and Services Market Size (2024 - 2029)

Middle-East Completion Equipment and Services Market Size Summary

The Middle-East completion equipment and services market is poised for growth, driven by increasing production from both conventional and unconventional resources and efforts to reduce well maintenance costs. Despite challenges posed by volatile crude oil and natural gas prices, which could dampen exploration and production activities, the market is expected to benefit from advancements in intelligent well completion technologies. These innovations, such as high-end self-adaptive inflow control systems, are anticipated to enhance the viability of oil and gas production, offering new opportunities for market participants. Saudi Arabia is projected to be the largest market due to its substantial oil and gas output and rising investments in completion equipment and services.

The offshore segment is expected to be the fastest-growing area within the market, supported by significant investments and technological advancements. Well completion equipment and services have demonstrated their value in managing complex offshore operations, including multilateral and horizontal wells in diverse reservoir conditions. Notable projects, such as Qatar Petroleum's North Field expansion and Kuwait's offshore exploration contract with Halliburton, underscore the region's commitment to enhancing production capabilities. Saudi Arabia's dominance in the market is further reinforced by its substantial petroleum reserves and strategic investments in advanced well completion and reservoir management technologies, despite a recent decline in oil production. The market remains moderately fragmented, with key players including Schlumberger Ltd., Halliburton Company, Baker Hughes Company, Weatherford International plc, and National-Oilwell Varco, Inc.