The Asia Pacific completion equipment market size is anticipated to expand at a significant CAGR during the forecast period 2021–2028. 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.
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.
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.
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.
Attributes |
Details |
Report Title |
Asia Pacific Completion Equipment Market –Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018-2019 |
Forecast Period |
2021-2028 |
Segmentation |
Deployments (Onshore and Offshore), Variety Types (Casings, Perforating Guns, Grovel Packing, & Cementing Materials and Equipment’s) |
Geographical Scope |
India, Malaysia, China, Indonesia, and Rest of the Asia Pacific |
Report Coverage |
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. |
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.
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.
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
Deployments
Variety Types
Geography
Asia Pacific
Key Players
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.
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