Services Segment to Dominate North America Well Completion Equipment and Services Market during 2019–2028
According to The Insight Partners market research study on “North America Well Completion Equipment and Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offerings and Location,” is expected to reach US$ 3,012.32 million by 2028 from US$ 2,377.24 million in 2021. The market is estimated to grow at a CAGR of 3.4% from 2021 to 2028. Rise in demand for oil & gas exploration is the major factor driving the growth of the North America well completion equipment and services market. However, downfall in the oil & gas industry in FY 2020 may hinder the growth of North America well completion equipment and services market. The report provides trends prevailing in the North America well completion equipment and services market along with the drivers and restraints pertaining to the market growth.
The COVID-19 pandemic led to reduced activities in the oil & gas power-generating facilities, as well as shutting down of construction, operations, and maintenance projects at several locations after issuing multiple "stay at home" orders by state governors across the countries. Across the energy industry, these quarantine measures and shutdowns caused furloughs and layoffs of technical, construction, and manufacturing personnel, as well as project demobilizations in many cases. As a result, many oil wells were struggling to keep up with maintenance and operations. Furthermore, the COVID-19 pandemic has made it more difficult for oil and gas producers to get project finance or equity capital. As a result, the COVID-19 pandemic had a detrimental influence on the North American well completion equipment and services industry.
The market for well completion equipment and services market is segmented into offerings, location, and country. Based on the offerings, the well completion equipment and services market are segmented into equipment and services. In 2020, the services segment held the largest share North America well completion equipment and services market. Based on equipment, the market is divided into packers, sand control tools, multistage fracturing tools, liner hangers, smart wells, valves, control devices, and others. In 2020, the packers segment held the largest share North America well completion equipment and services market. Based on location, the well completion equipment and services market is segmented into onshore and offshore. The onshore segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into US, Canada, and Mexico. The US contributed a substantial share in 2020.
Baker Hughes Company; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger Limited; Nine Energy Services; and Welltec are among the leading companies in the North America well completion equipment and services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Shell Petroleum Development Company completed its sale of interest in Oil Mining Lease 17 to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.
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