Asia Pacific Completion Equipment Market Outlook 2031
The Asia Pacific completion equipment market size was valued USD XX Billion in 2022 and is anticipated to reach USD XX Billion in 2031 expand at a significant CAGR 2% during the forecast period 2023–2031. Growth of the market is attributed to increasing energy needs, increased deep water drilling, increased installation in tight and conventional reservoir, and growing transportation sector in emerging countries.
The Covid-19 pandemic affected the demand and supply of Asia Pacific completion equipment market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Completion equipment is used to transport an oil well to the completion state. The completion equipment contains items such as temperature and pressure gages to observe the well during production, production screens to prevent particles and sand from entering into the production tubing, & gas lift valves and chemical injection to increase production.
Completion Equipment Market Trends, Drivers, Restraints, and Opportunities
- Rapid development in unconventional sector is projected to boost the market.
- Increased efficiency in ultradeep waters and in deep waters is the major factor fueling the market.
- Lack of awareness about the completion equipment is projected to restrict the market expansion during the forecast period.
- High price of completion equipment is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in completion equipment market is projected to offer lucrative opportunities for the market players.
Scope of The Completion Equipment Market Report
The report on the Asia Pacific completion equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Asia Pacific Completion Equipment Market –Industry Analysis, Growth, Share, Size, Trends, and Forecast
Deployments (Onshore and Offshore), Variety Types (Casings, Perforating Guns, Grovel Packing, & Cementing Materials and Equipment’s)
India, Malaysia, China, Indonesia, and Rest of the Asia Pacific
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
China Oilfield Services Ltd; Schoeller-Bleckmann Oilfield Equipment AG; Weir Group PLC; Trican Well Services Ltd; Baker Hughes Company; Weatherford International plc.; FTS International Inc; National-Oilwell Varco, Inc.; Welltec A/S; Schlumberger Ltd; and Superior Energy Services, Inc.
Completion Equipment Market Segment Insights
The offshore segment accounts for a key share of the market
Based on deployments, the Asia Pacific completion equipment market is bifurcated into onshore and offshore. The offshore segment accounts for a key share of the market. Growth of the market is attributed to increasing demand for gravel packing, increase in well exploration, and rising number of development projects.
However, the onshore segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing demand for gas, oil, and their derivatives, increasing production of shale gas, and rising number of matured fields.
The casings segment accounts for a significant share of the market
Based on variety types, the market is divided into casings, perforating guns, grovel packing, and cementing materials & equipment’s. The casings segment accounts for a significant share of the market. Growth of the market is attributed to rising environmental awareness, increasing need for promoting energy conservation, and rapid urbanization.
The perforating guns are anticipated to expand at a rapid pace during the forecast period due to factors such as increasing global population, rising automation in construction processes, and increasing investment for developing new and improved infrastructures.
China is anticipated to hold a major market share
On the basis of regions, the Asia Pacific completion equipment market is categorized as India, Malaysia, China, Indonesia, and Rest of Asia Pacific. The market of Malaysia is estimated to expand at a high CAGR during the forecast period due to increasing emphasis on minimizing the overall cost, increasing demand for oil field services, and rapid advancements in technologies.
The market of China is estimated to hold major market share due to increasing oil production, rising number of new oil fields, and increasing global population.
The Asia Pacific completion equipment market has been segmented on the basis of
- Perforating Guns
- Grovel Packing
- Cementing Materials and Equipment’s
- China Oilfield Services Ltd
- Schoeller-Bleckmann Oilfield Equipment AG
- Weir Group PLC
- Trican Well Services Ltd
- Baker Hughes Company
- Weatherford International plc.
- FTS International Inc
- National-Oilwell Varco, Inc.
- Welltec A/S
- Schlumberger Ltd
- Superior Energy Services, Inc.
Key players competing in the Asia Pacific completion equipment market include China Oilfield Services Ltd; Schoeller-Bleckmann Oilfield Equipment AG; Weir Group PLC; Trican Well Services Ltd; Baker Hughes Company; Weatherford International plc.; FTS International Inc; National-Oilwell Varco, Inc.; Welltec A/S; Schlumberger Ltd; and Superior Energy Services, Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.