The well completion equipment and service market size is projected to reach US$ 14,101.42 million by 2031 from US$ 9,089.58 million in 2023. The market is expected to register a CAGR of 5.6% during 2023–2031. The expanding number of offshore oil and gas exploration activities is likely to remain a key trend in the market.
The major end-users of the well completion equipment and services market include oil and gas companies. Urban growth is projected to take place in slums and other informally built parts of the states and countries in the coming years. The favorable government policies and regulations for the development of renewable energy which is one of the main reasons for the growth of the oil and gas sector globally. The rising number of oil & gas exploration projects, both onshore and offshore, is driving the growth of well completion equipment and service market at the global level.
The key stakeholders in the global well completion equipment and services market ecosystem include hardware/component providers, well completion equipment and services manufacturers/providers, and end users. Component/hardware providers provide various components/parts/raw materials to well completion equipment and services manufacturers for the manufacturing of the end-product. Different types of raw materials are used to make drilling equipment. Some of the major market manufacturers in the global well completion equipment and services market include Halliburton Company, FTS International, and Nov Inc., among many others.
Energy uncertainties owing to geopolitical disturbances are boosting the production of shale gas globally, which is likely to create major opportunities for well completion equipment and service market growth in the coming years. North America has secured its position as one of the leading shale gas producers worldwide. Canada is the fifth-largest producer and fourth-largest exporter of natural gas worldwide. The main Canadian shale gas plays include the Utica Shale of Quebec, the Colorado Group of Alberta and Saskatchewan, and the Horton Bluff Shale of New Brunswick and Nova Scotia. Thus, the growing demand for shale gas is projected to act as a driver for the well completion equipment and service market.
The growing advent of automation in well technologies is one of the major factors aiding the growth of the market globally. The adoption of smart well technologies has become a popular trend among well rig vendors. It provides different advantages such as an increase in production rates, time and cost savings, a decrease in water injections, and monitoring of the whole production operations, along with real-time updates to the connected monitor or devices. Initially, the smart well concept was tried in onshore wells, but now it has been applied to offshore rigs as well.
Key segments that contributed to the derivation of the well completion equipment and service market analysis are offerings and location.
The geographic scope of the Well Completion Equipment and Service market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is leading the market. The U.S. government has taken various initiatives to support the oil and gas sector in the country. Investment and focus on offshore gas activities are growing across the globe. For instance, In May 2023, the Chinese government stated that it had accomplished the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deep into offshore platforms to lower its reliance on other countries regarding the import of oil and gas. Thus, growing investment for the development of offshoreoil and gas well infrastructure is anticipated to fuel the growth of the well completion equipment and service market during the forecast period.
The regional trends and factors influencing the Well Completion Equipment and Service Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Well Completion Equipment and Service Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9,089.58 Million |
| Market Size by 2031 | US$ 14,101.42 Million |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offerings
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Well Completion Equipment and Service Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Well Completion Equipment and Service Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The well completion equipment and service market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the well completion equipment and service market are listed below:
The “Well Completion Equipment and Service Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the well completion equipment and service market in 2023.
The growing offshore oil and gas exploration activities is the future trend of the well completion equipment and service market.
Baker Hughes Company, FTS International, Halliburton Company, Nov Inc., NCS Multistage, LLC, Royal Dutch Shell PLC, RPC Incorporated, Schlumberger, Nine Energy Services, and Welltec are some of the leading players in the market.
US$ 14,101.42 million estimated value of the well completion equipment and service market by 2031.
5.6% is the expected CAGR of the Well Completion Equipment and Service market.