PUBLISHER: The Business Research Company | PRODUCT CODE: 1425936
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425936
Well Completion Equipment And Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on well completion equipment and services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for well completion equipment and services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The well completion equipment and services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Well-completion equipment and services encompass a range of solutions for the optimal preparation of oil and gas wells in both onshore and offshore locations. These services involve comprehensive wellbore consulting, design, and the deployment of downhole equipment to facilitate various completion processes. Activities include the installation of production tubing, placement of downhole tools, and other critical operations, ensuring that the well is suitably configured for efficient production.
Key components within well completion equipment and services comprise packers, sand control tools, multistage fracturing tools, liner hangers, valves, smart wells, and other specialized tools. Packers, for instance, serve as essential well-logging devices, enabling the measurement of pressure and temperature and monitoring flow dynamics throughout the completion process. The offerings in this sector encompass both equipment and associated services. These comprehensive well completion solutions find applications in diverse settings, ranging from onshore to offshore environments, supporting the effective development and production of oil and gas resources.
The Well completion equipment and services market research report is one of a series of new reports from The Business Research Company that provides Well completion equipment and services market statistics, including Well completion equipment and services industry global market size, regional shares, competitors with a Well completion equipment and services market share, detailed Well completion equipment and services market segments, market trends and opportunities, and any further data you may need to thrive in the Well completion equipment and services industry. This Well completion equipment and services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The well completion equipment and services market size has grown strongly in recent years. It will grow from $9.93 billion in 2023 to $10.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The historical growth in the well-completion equipment and services sector can be attributed to various factors, including the demand for oil, the revolutionary impact of hydraulic fracturing, exploration activities in deepwater areas, market volatility, and geopolitical considerations.
The well completion equipment and services market size is expected to see strong growth in the next few years. It will grow to $14.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the well-completion equipment and services sector for the forecast period is expected to be driven by factors such as the adoption of diverse well architectures, increased emphasis on data-driven decision-making, the implementation of remote operations and monitoring, a heightened focus on well integrity, evolving geopolitical dynamics, and a growing emphasis on reservoir optimization. Additionally, major trends are expected to include the impact of the shale gas and tight oil boom, heightened environmental concerns, a focus on efficiency and cost optimization, advancements in deepwater and ultra-deepwater exploration, the integration of digitalization and automation, and advancements in drilling technologies.
The surge in global oil and gas exploration demand is anticipated to drive the growth of the well-completion equipment and services market. Oil and gas exploration involves extracting resources from land and oceans, utilizing sophisticated well-completion equipment in challenging conditions to meet global energy needs. This equipment facilitates machinery installation for crude oil extraction, catering to the escalating demand for oil and gas worldwide. For instance, according to the US Energy Information Administration, the US crude oil output reached 12.4 million b/d in 2023, up from the previous record of 11.7 million b/d in 2022. Moreover, the US witnessed its highest annual natural gas consumption of 86.6 billion cubic feet per day (Bcf/d) in 2022 compared to prior years, signifying increased demand. Consequently, this rise in oil and gas exploration is propelling the growth of the well-completion equipment and services market.
The mounting environmental concerns are expected to propel the growth of the well-completion equipment and services market. Environmental concerns stem from human activities impacting natural environments and ecosystems. Integrating environmental considerations into this market segment can yield positive outcomes such as improved public perception, regulatory compliance, and long-term sustainability. Addressing environmental concerns also positions companies to navigate the evolving energy landscape effectively. For instance, according to the Office for National Statistics, the UK witnessed a 2% rise in greenhouse gas emissions per resident in 2022 compared to 2021. This escalating environmental awareness is driving the growth of well-completion equipment and services, encouraging solutions that align with sustainability goals.
Technological advancements represent a prominent trend gaining traction in the well-completion equipment and services market. Key market players are intensifying efforts to develop innovative technologies for enhanced crude oil production. For instance, in April 2021, Halliburton Company unveiled the Ovidius isolation system, employing advanced material science technology. This groundbreaking packer reacts with downhole fluids, expanding significantly to create a durable seal for well integrity. The transformation from an engineered metal alloy into a rock-like substance ensures increased well integrity, durability under extreme conditions of pressure and temperature, and consequently, improved oil extraction capabilities.
The well completion equipment and services market is witnessing major companies focusing on innovative products like the obex ecolock to drive revenue growth. The obex ecolock is a compression-set packer that has been specifically designed to minimize the risk of sustained casing pressure (SCP), thereby preventing low-pressure gas or fluid migration and ensuring isolation assurance. Serving as a cost-effective mechanical barrier, this packer aims to enhance operational efficiency in well completion processes. For example, Halliburton Company, a prominent player in the energy industry, launched the obex ecolock in July 2023. Based on the V0-rated obex gaslock packer design, this packer features an internal closure sleeve and optional inbuilt cementing ports, enabling multiple-stage cementing and V6-rated isolation. The obex ecolock ensures isolation assurance without concerns about losses or circulation pressures, providing an affordable alternative to inflatable and expandable packers.
In March 2022, Baker Hughes Company, a US-based industrial service company specializing in oil drilling, formation evaluation, and completion equipment, made a strategic move by acquiring Altus Intervention, a Norway-based company specializing in less invasive well-intervention services. Through this acquisition, Baker Hughes aims to expand its capabilities and technologies in well intervention and power mechanical application solutions. This acquisition provides Baker Hughes with enhanced resources to deliver efficient solutions to oil and gas companies while extending its product reach to European countries. The integration of Altus Intervention's expertise complements Baker Hughes' strengths in the oil and gas industry, contributing to the company's expanded service offerings and market presence.
Major companies operating in the well completion equipment and services market report are General Electric Company, Halliburton Company, NOV Inc., Schlumberger Limited, Weatherford International PLC, Welltec Inc., NCS Multistage Holdings Inc., RPC Inc., Royal Dutch Shell PLC, Superior Energy Services Inc., Axis Energy Services Inc., Tycrop Group, Hilong Oil Service & Engineering Co. Ltd., Precision Drilling Corporation, Forum Energy Technologies Inc., Wellcare Oil Tools Private Limited, FTS International, Baker Hughes Company, ENTI Corp., Rasson Energy India Pvt. Ltd., Propell, Nine Energy Service, Parker Hannifin Corporation, SPT Energy Group, Sinopec Oilfield Service, National Oilwell Varco, Nabors Industries, TechnipFMC, Expro Group, Hunting Energy Services
North America was the largest region in the well completion equipment and services market share in 2023. The regions covered in the well completion equipment and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the well completion equipment and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The well casing and cementing market includes revenues earned by entities by casing, cementing, perforating, gravel packing and installing a production tree. The market value includes the value of related goods sold by the service provider or included within the service offering. The well casing and cementing market also includes sales of packers, nipples, circulation devices, side pocket, mandrels, blast joints and flow couplings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.