Middle East and Africa Well Completion Equipment and Services Market Market is expected to reach US$ 2,914.18 million by 2028


PRESS RELEASE BY The Insight Partners 17 Nov 2021

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Offshore Segment to Dominate Middle East & Africa Well Completion Equipment and Services Market during 2019–2028

According to The Insight Partners market research study on “Middle East & Africa Well Completion Equipment and Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offerings and Location,” is expected to reach US$ 2,914.18 million by 2028 from US$ 2,153.16 million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. Resuming of shale gas operations is the major factor driving the growth of the Middle East & Africa well completion equipment and services market. However, downfall in the oil & gas industry in FY 2020 may hinder the growth of Middle East & Africa well completion equipment and services market. The report provides trends prevailing in the Middle East & Africa well completion equipment and services market along with the drivers and restraints pertaining to the market growth.

According to the International Energy Agency, the prolonged COVID-19 issue is causing the biggest decrease in the Middle East & Africa energy investment in the history. The lockdown caused supply chain interruptions, personnel shortages, and project finance challenges, all of which have impacted energy projects. Countries in the Middle East and others rely heavily on China, which generates more than half of the world's oil and gas technologies. The bulk of important manufacturers of well completion technology are based in China. As a result of the crisis, the global supply chain network, including oil and gas, has been badly affected. As a result, the COVID-19 pandemic limits the demand development of well completion equipment and services in the Middle East & Africa.

The market for well completion equipment and services market is segmented into offerings, location, and country. Based on the offerings, the well completion equipment and services market are segmented into equipment and services. In 2020, the services segment held the largest share Middle East & Africa well completion equipment and services market. Based on equipment the market is divided into packers, sand control tools, multistage fracturing tools, liner hangers, smart wells, valves, control devices, and others. In 2020, the packers segment held the largest share Middle East & Africa well completion equipment and services market. Based on location, the well completion equipment and services market, is segmented into onshore and offshore. The offshore segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. Saudi Arabia contributed a substantial share in 2020.

Baker Hughes Company; Halliburton Company; Nov Inc.; Royal Dutch Shell PLC; Schlumberger Limited; and Welltec are among the leading companies in the Middle East & Africa well completion equipment and services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Shell Petroleum Development Company completed its sale of interest in Oil Mining Lease 17 to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.

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