Well Completion Equipment and Service Market is expected to reach US$ 11,335.47 million by 2028

Rise in Demand for Oil & Gas Exploration Worldwide to Create Growth Opportunities for Well Completion Equipment and Service Market during 2021–2028

According to our latest market study on “Well Completion Equipment and Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings and Location,” the market was valued at US$ 8,509.96 million in 2021 and is projected to reach US$ 11,335.47 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028.

The demand for natural gas drives the need for gas exploration across the world as most of the countries are shifting their focus on reducing carbon emissions and increasing their reliance on fossil fuels. In addition, new offshore oil well projects have been launched across different regions that are propelling the demand for well completion equipment and services across those countries. According to the study, there were more than 14,000 oil & gas well completions reported in FY 2019. An increase in living standards and a rise in the global population have led to a significant increase in the consumption of energy, such as oil & gas, renewable energy, and nuclear energy. The future collaboration of oil & gas service providers can have a positive impact on the market. The collaboration and mergers between the companies can lead to the launch of ventures for new projects in the future. Moreover, the Arctic exploration projects can generate huge opportunities for market vendors during the forecast period. Due to the present global carbon footprints, the Arctic region has witnessed the melting of glaciers in the past few decades, which has generated the awareness to explore the deep side of the Arctic. This can also lead to the discovery of new materials and resources such as petroleum as the region has a wide scope of discovery of fuel. This is expected to generate huge opportunities for market vendors during the forecast period.

Continuous technological advancement and automation are allowing manufacturing companies to achieve greater productivity and profitability. Baker Hughes Company, Halliburton Company, NOV Inc., Schlumberger Limited, and Royal Dutch Shell Plc are among the key companies in the well completion equipment and service market.

These market players are engaged in making transportation efficient, environmentally friendly, and comfortable by continuously optimizing the combustion engine and exploring the use of alternative fuels. The adoption of smart well technologies has become a popular trend among well rig vendors. It provides different advantages such as an increase in production rates, time and cost savings, a decrease in water injections, and monitoring of the whole production operations, along with real-time updates to the connected monitor or devices. Initially, the smart well concept was tried in onshore wells but now it has been applied to the offshore rigs as well.

After a huge industrial crisis, the shale gas industry has resumed its operations and started recovering from the challenges faced during FY 2020. As most of the operations were on hold during FY 2020, the vendors are also focusing on Fracking 2.0. This is due to the increase in demand for natural gas in past few years, owing to rising consumption of energy worldwide and the surging number of gas rig exploration. This is positively impacting the demand for well completion services & equipment across different gas rig locations, thereby driving the market globally.

The well completion equipment and service market is segmented on the basis of offering, location, and geography. Based on offering, the market is bifurcated into equipment and services. In 2021, the services segment led the market and accounted for a larger market share. Based on location, the market is bifurcated into two onshore and offshore. In 2021, the onshore segment led the market and accounted for a larger market share. Geographically, the well completion equipment and service market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the global market.

Impact of COVID-19 Pandemic on Well Completion Equipment and Service Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. Oil and gas power-generating facilities have reduced activities, such as shutting down construction, operations, and maintenance projects, at several locations, after the issuing of multiple "stay at home" orders by state governors across the world. In the energy industry, the quarantine measures and shutdowns are causing furloughs and layoffs of technical, construction, and manufacturing personnel, and project demobilizations in many cases. As a result, many oil wells are struggling to keep up with maintenance and operations. But the production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including well completion equipment and services.

A few key players operating in the global well completion equipment and service market are Baker Hughes Company; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger; Nine Energy Services; and Welltec. Several other market players have been analyzed to understand the market.

Well Completion Equipment and Service Market — by Geography, 2021 and 2028 (%)

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Well Completion Equipment and Service Market to Grow at a CAGR of 4.2% to reach US$ 11,335.47 million from 2021 to 2028

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Well Completion Equipment and Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings (Equipment and Service) and Location (On-Shore and Off-Shore)