Well Completion Equipment and Service Market Report 2031
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.
Well Completion Equipment and Service Market Analysis
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.
Well Completion Equipment and Service Market Overview
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.
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Well Completion Equipment and Service Market: Strategic Insights
Market Size Value in US$ 8,509.96 million in 2021 Market Size Value by US$ 11,335.47 million by 2028 Growth rate CAGR of 4.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Well Completion Equipment and Service Market: Strategic Insights
| Market Size Value in | US$ 8,509.96 million in 2021 |
| Market Size Value by | US$ 11,335.47 million by 2028 |
| Growth rate | CAGR of 4.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Well Completion Equipment and Service Market Drivers and Opportunities
Growing Shale Gas Exploration Activities to Favor Market
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.
Adoption of Smart Well Technologies
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.
Well Completion Equipment and Service Market Report Segmentation Analysis
Key segments that contributed to the derivation of the well completion equipment and service market analysis are offerings and location.
- Based on the offerings, the well completion equipment and service market is divided into equipment and service. The service segment held a larger market share in 2023.
- Based on the location, the well completion equipment and service market is divided into onshore and offshore. The onshore segment held a larger market share in 2023.
Well Completion Equipment and Service Market Share Analysis by Geography
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.
Well Completion Equipment and Service Market Report Scope
Well Completion Equipment and Service Market News and Recent Developments
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:
- Baker Hughes secured a contract from Petrobras to initiate well construction services in the giant Buzios pre-salt field in the Santos basin offshore Brazil. (Source: Baker Hughes, Press Release, February 2024)
- Halliburton Company and Nabors Industries announced an agreement on leading well construction automation solutions. Under the agreement, Halliburton and Nabors will collaborate on their technologies, including the Halliburton Well Construction 4.0 digital surface and subsurface drilling technologies, the LOGIX Autonomous Drilling Platform, and the Nabors SmartROS universal rig controls and automation platform and RigCLOUD high-performance digital infrastructure platform. (Source: Halliburton Company, Press Release, June 2023)
Well Completion Equipment and Service Market Report Coverage and Deliverables
The “Well Completion Equipment and Service Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Well completion equipment and service market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Well completion equipment and service market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Well completion equipment and service market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the well completion equipment and service market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offerings, and Location
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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