Press release
Completion Equipment Market Growth, Trends, Demand And Forecast By 2023
The Packers product segment leads the global completion equipment market. Offshore application segment is expected to grow at the fastest rate during the forecast period. The major factors behind the fastest growth of the offshore application segment are increasing focus on deep water exploration and production, and explorations of new unconventional hydrocarbon reserves.
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The exploration of oil and gas from shale reserves is a more difficult task, as compared to the conventional oil and gas reserves. The exploration and production of oil and gas from shale reserves requires technologically advanced completion equipment; therefore, providing significant growth opportunities for the completion equipment service providers. In addition, the advancement in shale technology, and shift from conventional oil and gas reserves to the deeper and unconventional hydrocarbon resources are the key trends witnessed in the global completion equipment market. However, current drop in the global oil prices, and challenges in the high pressure and high temperature (HPHT) completion are major challenges in the global completion equipment market.
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Geographically, North America leads the global completion equipment market, owing to the presence of large number of shale reserves and increasing exploration and production activities in the region. In addition, the presence of global leaders in the completion equipment market is supporting the growth of the completion equipment market in the region. Asia-Pacific is anticipated to grow at the fastest rate in the coming years. The fastest growth of the Asia-Pacific is attributed to the high energy demands in the region, and continuous efforts in the region for the discovery of unconventional hydrocarbon reserves.
The key players operating in the global completion equipment market are National Oilwell Varco, Welltec, Schlumberger Limited, Halliburton, NCS Multistage LLC, RPC Inc., Nabors Industries Ltd., Superior Energy Services Inc., Weatherford, Trican, Packers Plus Energy Services Inc., and Baker Hughes Incorporated.
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