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
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. Introduction
1.1 Study of the Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Well Completion Equipment and Services Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Well Completion Equipment and Services Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Demand for Oil & Gas Exploration
5.1.2 Resumption of Shale Gas Operations
5.2 Market Restraints
5.2.1 Downfall in the Oil & Gas Industry in FY 2020
5.3 Future Trends
5.3.1 Exploration Projects and Collaboration of Oil Service Vendors
5.4 Market Opportunities
5.4.1 Adoption of Smart Well Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Well Completion Equipment and Services – North America Market Analysis
6.1 North America Well Completion Equipment and Services Market Overview
6.2 North America Well Completion Equipment and Services Market Revenue Forecast and Analysis
7. North America Well Completion Equipment and Services Market – By Offerings
7.1 Overview
7.2 North America Well Completion Equipment and Services Market, By Offerings (2020 and 2028)
7.3 Equipment
7.3.1 Overview
7.3.2 Equipment: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.1 Packers
7.3.2.1.1 Overview
7.3.2.1.2 Packers: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.2 Sand Control Tools
7.3.2.2.1 Overview
7.3.2.2.2 Sand Control Tools: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.3 Multistage Fracturing Tools
7.3.2.3.1 Overview
7.3.2.3.2 Multistage Fracturing Tools: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.4 Liner Hangers
7.3.2.4.1 Overview
7.3.2.4.2 Liner Hangers: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.5 Smart Wells
7.3.2.5.1 Overview
7.3.2.5.2 Smart Wells: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.6 Valves
7.3.2.6.1 Overview
7.3.2.6.2 Valves: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.7 Control Devices
7.3.2.7.1 Overview
7.3.2.7.2 Control Devices: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.8 Others
7.3.2.8.1 Overview
7.3.2.8.2 Others: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Well Completion Equipment and Services Market – By Location
8.1 Overview
8.2 North America Well Completion Equipment and Services Market, by Location (2020 and 2028)
8.3 Onshore
8.3.1 Overview
8.3.2 Onshore: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Offshore
8.4.1 Overview
8.4.2 Offshore: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Well Completion Equipment and Services Market – Country Analysis
9.1 North America: Well Completion Equipment and Services Market
9.1.1 North America: Well Completion Equipment and Services Market- by Key Country
9.1.1.1 US: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Well Completion Equipment and Services Market- by Offerings
9.1.1.1.2 US: Well Completion Equipment and Services Market- by Location
9.1.1.2 Canada: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Well Completion Equipment and Services Market- by Offerings
9.1.1.2.2 Canada: Well Completion Equipment and Services Market- by Location
9.1.1.3 Mexico: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Well Completion Equipment and Services Market- by Offerings
9.1.1.3.2 Mexico: Well Completion Equipment and Services Market- by Location
10. North America Well Completion Equipment and Services Market - COVID-19 Impact Analysis
10.1 North America
11. North America Well Completion Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Product Launch
12. Company Profiles
12.1 Baker Hughes Company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 FTS International
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Halliburton Company
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 NOV Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NSC Multistage LLC
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Royal Dutch Shell Plc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 RPC Incorporated
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Schlumberger Limited
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Nine Energy Service, Inc.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Welltec
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Well Completion Equipment and Services Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Well Completion Equipment and Services Market- by Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Well Completion Equipment and Services Market- by Offerings –Revenue and Forecast to 2028 (US$ Million)
Table 4. United States Well Completion Equipment and Services Market, by Equipment – Revenue and Forecast to 2028 (USD Million)
Table 5. US: Well Completion Equipment and Services Market- by Location –Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Well Completion Equipment and Services Market- by Offerings –Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada Well Completion Equipment and Services Market, by Equipment – Revenue and Forecast to 2028 (USD Million)
Table 8. Canada: Well Completion Equipment and Services Market- by Location –Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Well Completion Equipment and Services Market- by Offerings –Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico Well Completion Equipment and Services Market, by Equipment – Revenue and Forecast to 2028 (USD Million)
Table 11. Mexico: Well Completion Equipment and Services Market- by Location –Revenue and Forecast to 2028 (US$ Million)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Well Completion Equipment and Services Market Segmentation
Figure 2. North America Well Completion Equipment and Services Market Segmentation – By Country
Figure 3. North America Well Completion Equipment and Services Market Overview
Figure 4. North America Well Completion Equipment and Services Market, by Offerings
Figure 5. North America Well Completion Equipment and Services Market, by Location
Figure 6. North America Well Completion Equipment and Services Market, by Country
Figure 7. North America PEST Analysis
Figure 8. North America Well Completion Equipment and Services Market: Impact Analysis of Drivers and Restraints
Figure 9. North America Well Completion Equipment and Services Market Revenue Forecast and Analysis (US$ Million)
Figure 10. North America Well Completion Equipment and Services Market Revenue Share, by Offerings (2020 and 2028)
Figure 11. Equipment: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Packers: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Sand Control Tools: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Multistage Fracturing Tools: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Liner Hangers: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Smart Wells: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Valves: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Control Devices: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Others: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Services: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Well Completion Equipment and Services Market Revenue Share, by Location (2020 and 2028)
Figure 22. Onshore: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Offshore: North America Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America: Well Completion Equipment and Services Market – Revenue by Country to 2028 (US$ Million)
Figure 25. North America: Well Completion Equipment and Services Market Revenue Share, by Key Country (2020 and 2028)
Figure 26. US: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Canada: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Mexico: Well Completion Equipment and Services Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in North American Country Markets
- Baker Hughes Company
- FTS International
- Halliburton Company
- Nov Inc.
- NCS Multistage, LLC
- Royal Dutch Shell PLC
- RPC Incorporated
- Schlumberger Limited
- Nine Energy Services
- Welltec
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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