North America Well Completion Equipment and Services Market Share and Forecast by 2028

The well completion equipment and services market in North America is expected to grow from US$ 2,377.24 million in 2021 to US$ 3,012.32 million by 2028; it 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. In the past decades, there has been a rapid increase in demand for energy. It has led to the exploration of a greater number of oil & gas wells across different countries across region. An increase in living standards and a rise in the population have led to a significant increase in the consumption of energy such as oil & gas, renewable energy, and nuclear energy. Moreover, the demand for natural gas is expected to drive the need for gas exploration during the next forecast period as most of the countries are shifting their focus on reducing carbon emissions and increasing their reliance on fossil fuels. Furthermore, the increase in demand for well completion services from the countries across the region after the first quarters of FY 2021 owing to increase in production rate is driving the market growth. In addition, new offshore oil well projects have been launched across different countries that are also propelling the demand for well completion equipment & services across those countries, thereby driving the North America well completion equipment and services market.

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 market

North America Well Completion Equipment and Services Market Segmentation

North America Well Completion Equipment and Services Market – By Offerings

• Equipment
  • Packers
  • Sand Control Tools
  • Multistage Fracturing Tools
  • Liner Hangers
  • Smart Wells
  • Valves
  • Control Devices
  • Others

• Services

North America Well Completion Equipment and Services Market – By Location

• Onshore
• Offshore

North America Well Completion Equipment and Services Market– By Country

• US
• Canada
• Mexico

North America Well Completion Equipment and Services Market-Companies Mentioned

• Baker Hughes Company
• FTS International
• Halliburton Company
• Nov Inc.
• NCS Multistage, LLC
• Royal Dutch Shell PLC
• RPC Incorporated
• Schlumberger Limited
• Nine Energy Services
• Welltec

North America Well Completion Equipment and Services Report Scope