According to the new market research report “Well Completion Equipment and Services Market by Type (Packers, Sand Control Tools, Multistage Fracturing Tools, Liner Hangers, Smart Wells, Valves & Others), by Application (Onshore & Offshore), & by Region – Global Trends and Forecast to 2021″, published by MarketsandMarkets™, The well completion equipment & services market is expected to grow from an estimated USD 8.98 Billion in 2016 to USD 11.09 Billion by 2021, at a CAGR of 4.31% from 2016 to 2021. Market growth is primarily driven by factors such as refracking of mature oil & gas wells and resuming shale operations. North America is estimated to be the largest market for well completion equipment & services in 2016, and the trend is projected to continue till 2021, followed by Asia-Pacific and Europe, respectively.
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Onshore is the largest application-based market segment
The well completion equipment & services market in this report has been classified based on application into two segments, namely, onshore and offshore. The onshore well completion equipment & services segment is expected to be higher than the offshore application segment in terms of market share during the forecast period. This is much evident in the North American region due to the shale gas revolution in the U.S. along with increase in the production from the Canadian tar sands. Moreover, the cost incurred in oil & gas activities such as drilling and completion is less in onshore when compared to offshore applications.
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North America is expected to dominate the Well Completion Equipment and Services Market in Coming Years
North America is currently the largest market for well completion equipment & services, and the market in Africa is projected to grow at the highest CAGR during the forecast period. The U.S. accounted for the majority share in North America in 2015. Factors such as refracking of mature oil & gas wells and resuming shale operations are driving the global well completion equipment & services market. In North America, the growth of the well completion equipment & services market can be attributed to factors such as shale revolution and presence of large drilled but not completed (DUC) wells, particularly in the U.S. The deepwater discoveries in South America and Africa will increase the demand for well completion equipment & services in these regions.
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The well completion equipment & services market is dominated by a few major players, given their market presence across regions and brand recognition. Some of the key players operating in the market include Baker Hughes, Inc. (U.S.), FTS International (U.S.), Halliburton Company (U.S.), Nabors Industries Ltd. (Bermuda), NCS Multistage (U.S.), Nine Energy Services (U.S.), National Oilwell Varco, Inc. (U.S.), Packers Plus Energy Services, Inc. (Canada), RPC Incorporated (U.S.), Schlumberger Ltd. (U.S.), Superior Energy Services (U.S.), Trican Well Service Ltd. (Canada), Weatherford International Plc (Ireland), and Welltec (Denmark).
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