Well Completion Equipment & Services Market Size, Share | 2031
Well Completion Equipment & Services Market Size, Share | 2031
Segments - Well Completion Equipment & Services Market by Type (Multi-stage Fracturing Tool, Packers, Valves, Sand Control Tool, Line Hanger, and Others), Application (Offshore and Onshore), Completion Method (Cased Hole Completion, Open Hole Completion, Multiple Completion, Liner Completion, and Slim-hole Completion), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-6035
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Report Description
Well Completion Equipment & Services Market Outlook 2031
The global well completion equipment & services market size was USD 11.64 Billion in 2022 and is likely to reach USD 16.27 Billion by 2031, expanding at a CAGR of 3.9% during 2023–2031. The market is driven by the increasing oil and gas exploration.
Rising global demand for energy in exploration and production activities is expected to boost the market during the assessment period. Technological advancements are leading to innovations in well-completion technologies which enhance safety, efficiency, and overall performance. The market is likely to have substantial propulsion in the coming years with the expansion of the oil and gas industry.
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In July 2019, Pipestone Energy Corp, a leading oil and gas exploration and production company, announced that it had entered into a strategic midstream transaction with Tidewater Midstream and Infrastructure Ltd. The deal was aimed at accelerating Pipestone Energy Corp's three well completion program, which was focused on unlocking the full potential of its Montney asset base. This move was a significant step towards achieving the company's long-term growth objectives and solidifying its position as a major player in the highly competitive Canadian energy sector.
Well completion equipment and services offer cost savings and reduced operational time in processes such as horizontal drilling and multi-stage fracturing. These methods require specialized equipment to ensure proper extraction of oil. Furthermore, these equipment are also extensively used in deepwater and ultra-deepwater exploration. The growing inclination towards aquatic exploration is anticipated to impel the market during the forecast period.
The COVID-19 pandemic hindered the market owing to lockdowns implemented by various government and regulatory bodies around the world. This completely disrupted the supply chain and halted manufacturing and production. There was a decline in the demand for oil and gas during this period, leading to reduced demand for well completion equipment and services.
Impact of Artificial Intelligence (AI) in Well Completion Equipment & Services Market
The use of artificial intelligence is likely to provide substantial propulsion to the well completion equipment & services market. It helps in increasing efficiency by optimizing processes such as reservoir monitoring and predictive maintenance. This leads to enhanced operational performance and reduced downtime. In addition, it helps in data-driven decision-making, thereby curbing the chance of human errors during the process. Consequently, AI is projected to fuel the market in the coming period.
Well Completion Equipment & Services Market Dynamics
Major Drivers
Rise in exploration activities is expected to drive the market during the projection period. There is a high demand in the oil and gas industry due to the increasing requirement in several end-use applications, ranging from fueling automobiles to manufacturing plastic products. As a result, the oil and gas companies are seeking to exploit new reserves. With the increased exploration activities for these reserves and growing demand for automotive vehicles, the demand for well completion equipment and services is likely to surge in the coming years.
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According to recent data from the U.S. Department of Commerce’s International Trade Administration, the US has become one of the prime producers of automotive vehicles all around the globe. In 2020, approximately 14.5 million light vehicles were sold in the US.
Existing Restraints
Negative impact of mining on the environment is likely to hamper the market during the forecast period. Mining is an innately invasive process that causes severe damage to the landscape, affecting not just the mining site, but everything around it as well. The damaging effects continue even after years of mine being shut. This leads to an increment in greenhouse gases, land erosion, habitat destruction, and death of flora and fauna. These factors are projected to cause a market slowdown in the forecast period.
Emerging Opportunities
Growing production capacity of oil is anticipated to provide substantial surge opportunities for the market. An increase in oil production can lower energy costs, thereby supporting economic propulsion. Oil and gas provide major revenue for public services, leading to the overall betterment of the population. With factors such as the rise in global population and the rapid advancement of developing economies, the requirement for oil is set to grow. This is expected to create profitable prospects for the market in the years to come.
Scope of the Well Completion Equipment & Services Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Well Completion Equipment & Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Multi-stage Fracturing Tool, Packers, Valves, Sand Control Tool, Line Hanger, and Others), Application (Offshore and Onshore), Completion Method (Cased Hole Completion, Open Hole Completion, Multiple Completion, Liner Completion, and Slim-hole Completion) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Ziebel; Welltec; Wellcare Oil Tools; Weatherford; Trican; Superior Energy Services; SLB; Rhein-Nadel Automation; Naseem Bukhari; Halliburton Corporation; Maersk Drilling; and Baker Hughes Company. |
Well Completion Equipment & Services Market Segment Insights
Type Segment Analysis
Based on type, the well completion equipment & services market is divided into multi-stage fracturing tool, packers, valves, sand control tool, line hanger, and others. The packers segment is projected to hold the major share of the market during the projection period as packers are the most commonly used and prominent sort of completion equipment.
They permit an optimum size of the well flow conduit for designed injection flow rates. They protect the production casing from corrosion due to prolonged exposure to high-pressure fluids. In addition, they are very cost-effective in comparison to other equipment. This is expected to propel the growth of this segment during the assessment period.
The line hanger segment is projected to register a considerable CAGR during the forecast period as it helps in supporting and securing the liner. It uses mechanical slips to grip the casing at a certain gap above the casing shoe. Its application reduces the amount of cement and pipe that is needed, thereby curbing the operational and material costs. This is likely to contribute to the segment’s growth in the years to come.
Application Segment Analysis
On the basis of application, the global market is segregated into offshore and onshore. The offshore segment is projected to register a high CAGR during the forecast period due to the fact that onshore water, as well as oil & gas deposits, are dwindling, and the offshore areas are becoming the primary focus of mining activities.
Consequently, large offshore structures are being set up and large-scale mining activities are being carried out. This is projected to spur the growth of this segment during the assessment period.
Completion Method Segment Analysis
On the basis of completion method, the well completion equipment & services market is segmented into cased hole completion, open hole completion, multiple completion, liner completion, and slim-hole completion. The cased hole completion segment is anticipated to register a robust growth rate during the forecast period.
The primary advantage of this type is that it permits total depth logging and drilling before sealing the production casing. Moreover, it is easier in comparison to other processes and can be used in a wide range of applications. This is anticipated to propel the segment during the forecast period.
Regional Outlook
In terms of region, the global well completion equipment & services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to technological innovations, such as hydraulic fracturing and horizontal drilling.
This is leading to a rise in the development of unconventional fossil fuels, such as tight oil and shale gas in Canada and the United States. Earlier, the US used to be one of the major importers of oil. Now, with the shale gas revolution, it has become the second-largest producer of oil after Saudi Arabia.
The market in Asia Pacific is expected to have a substantial propulsion in the assessment period due to the presence of Gulf countries such as Saudi Arabia which are among the largest producers of oil in the world. Furthermore, countries such as India and China are having rapid industrial expansion. This leads to a high demand for oil and gas, creating lucrative prospects for mining equipment. This is projected to impel the well completion equipment & services market.
Segments
The well completion equipment & services market has been segmented on the basis of
Type
- Multi-stage Fracturing Tool
- Packers
- Valves
- Sand Control Tool
- Line Hanger
- Others
Application
- Offshore
- Onshore
Completion Method
- Cased Hole Completion
- Open Hole Completion
- Multiple Completion
- Liner Completion
- Slim-hole Completion
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Ziebel
- Welltec
- Wellcare Oil Tools
- Weatherford
- Trican
- Superior Energy Services
- SLB
- Rhein-Nadel Automation
- Naseem Bukhari
- Halliburton Corporation
- Maersk Drilling
- Baker Hughes Company
Competitive Landscape
Key players competing in the global well completion equipment & services market are Ziebel; Welltec; Wellcare Oil Tools; Weatherford; Trican; Superior Energy Services; SLB; Rhein-Nadel Automation; Naseem Bukhari; Halliburton Corporation; Maersk Drilling; and Baker Hughes Company.
These key players adopted development strategies including product launches, mergers, partnerships, acquisitions, collaboration, and production expansion to boost global presence. For instance,
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In November 2021, Maersk Drilling, a leading Danish contractor for offshore drilling, announced a definitive agreement with Noble Corporation, a prominent US-based competitor, to merge their operations through an all-stock transaction. The merger will create a combined entity with a fleet of 19 jack-up rigs and 20 floaters, establishing a formidable presence in the industry.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Well Completion Equipment & Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Well Completion Equipment & Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Well Completion Equipment & Services Market - Supply Chain
4.5. Global Well Completion Equipment & Services Market Forecast
4.5.1. Well Completion Equipment & Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Well Completion Equipment & Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Well Completion Equipment & Services Market Absolute $ Opportunity
5. Global Well Completion Equipment & Services Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Well Completion Equipment & Services Market Size and Volume Forecast by Types
5.3.1. Multi-stage Fracturing Tool
5.3.2. Packers
5.3.3. Valves
5.3.4. Sand Control Tool
5.3.5. Line Hanger
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Well Completion Equipment & Services Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Well Completion Equipment & Services Market Size and Volume Forecast by Applications
6.3.1. Offshore
6.3.2. Onshore
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Well Completion Equipment & Services Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Well Completion Equipment & Services Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Well Completion Equipment & Services Demand Share Forecast, 2019-2026
8. North America Well Completion Equipment & Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Well Completion Equipment & Services Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Well Completion Equipment & Services Market Size and Volume Forecast by Types
8.4.1. Multi-stage Fracturing Tool
8.4.2. Packers
8.4.3. Valves
8.4.4. Sand Control Tool
8.4.5. Line Hanger
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Well Completion Equipment & Services Market Size and Volume Forecast by Applications
8.7.1. Offshore
8.7.2. Onshore
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Well Completion Equipment & Services Demand Share Forecast, 2019-2026
9. Latin America Well Completion Equipment & Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Well Completion Equipment & Services Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Well Completion Equipment & Services Market Size and Volume Forecast by Types
9.4.1. Multi-stage Fracturing Tool
9.4.2. Packers
9.4.3. Valves
9.4.4. Sand Control Tool
9.4.5. Line Hanger
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Well Completion Equipment & Services Market Size and Volume Forecast by Applications
9.7.1. Offshore
9.7.2. Onshore
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Well Completion Equipment & Services Demand Share Forecast, 2019-2026
10. Europe Well Completion Equipment & Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Well Completion Equipment & Services Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Well Completion Equipment & Services Market Size and Volume Forecast by Types
10.4.1. Multi-stage Fracturing Tool
10.4.2. Packers
10.4.3. Valves
10.4.4. Sand Control Tool
10.4.5. Line Hanger
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Well Completion Equipment & Services Market Size and Volume Forecast by Applications
10.7.1. Offshore
10.7.2. Onshore
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Well Completion Equipment & Services Demand Share Forecast, 2019-2026
11. Asia Pacific Well Completion Equipment & Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Well Completion Equipment & Services Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Well Completion Equipment & Services Market Size and Volume Forecast by Types
11.4.1. Multi-stage Fracturing Tool
11.4.2. Packers
11.4.3. Valves
11.4.4. Sand Control Tool
11.4.5. Line Hanger
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Well Completion Equipment & Services Market Size and Volume Forecast by Applications
11.7.1. Offshore
11.7.2. Onshore
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Well Completion Equipment & Services Demand Share Forecast, 2019-2026
12. Middle East & Africa Well Completion Equipment & Services Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Well Completion Equipment & Services Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Well Completion Equipment & Services Market Size and Volume Forecast by Types
12.4.1. Multi-stage Fracturing Tool
12.4.2. Packers
12.4.3. Valves
12.4.4. Sand Control Tool
12.4.5. Line Hanger
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Well Completion Equipment & Services Market Size and Volume Forecast by Applications
12.7.1. Offshore
12.7.2. Onshore
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Well Completion Equipment & Services Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Well Completion Equipment & Services Market: Market Share Analysis
13.2. Well Completion Equipment & Services Distributors and Customers
13.3. Well Completion Equipment & Services Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Ziebel
13.4.2. Welltec
13.4.3. Wellcare Oil Tools
13.4.4. Weatherford
13.4.5. Trican
13.4.6. Superior Energy Services
13.4.7. SLB
13.4.8. Rhein-Nadel Automation
13.4.9. Naseem Bukhari
13.4.10. Halliburton Corporation
13.4.11. Maersk Drilling
13.4.12. Baker Hughes Company
Methodology
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