The report, now available on ASDReports, "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", 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. Factors such as refracking of mature oil & gas wells and resuming shale operations are driving the market globally.
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.
Packers would dominate the global well completion equipment & services market
The packers segment holds the largest market size, and is projected to grow at the highest rate during the forecast period. This is because packers are the most common and most widely used completion equipment. Though it costs less when compared to other equipment, the large number of units used tends to increase its market size in terms of value.
North America is the dominant market for well completion equipment & services
North America dominates the well completion equipment & services market, and Africa is expected to grow at the highest rate during the forecast period. 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. Meanwhile, the deepwater discoveries in South America and Africa will increase the demand for well completion equipment & services in these regions.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of companies, namely, 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). Dominant players are trying to penetrate developing economies and are adopting various methods to grab the market share.