Press release
Global Well Completion Equipment Market Size and Share Analysis to 2023, Leading Companies-SANY Group, Aquarius Engineers Pvt. Ltd., Zoomlion, Junjin, XCMG Group, Fangyuan Group, Sermac, LiuGong, Beston (Henan) Machinery Co., Ltd., Shantui, Co-nele, CAMC,
Global Well Completion Equipment Market
Our Research analysts predicted that the market size of the Global Well Completion Equipment Market stood at USD 3010 Million in 2013 and USD 3980 Million in 2016 and expected to grow at a CAGR of 9.76% during the forecast time period to achieve a market size of USD XX Billion by 2023 end.
Refracting of mature oil & gas wells and resuming shale operations are the major factors driving the market.
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The report segments the well completion equipment and services market based on its application in the land and marine sectors. Offshore applications are expected to grow at the fastest pace during the forecast period. The shortage of oil and gas reserves in deposits on land has forced operators to venture into marine areas. It is expected that this trend will continue in the future since the increase in the production of deep and shallow water tanks will also result in an increased demand for equipment and services for the completion of wells.
Depending on the type, the service market and well completion equipment have been divided into balers, sand control tools, multi-stage fracturing tools, valve supports, smart wells, etc. The packer segment is the largest in the market and is expected to grow faster during the forecast period. In fact, conditioners are the most widespread and most used termination equipment. Although it is less expensive than other equipment, a large number of units used tends to increase the size of its market in terms of value.
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Global Well Completion Equipment Market Drivers and Restraints:
The repackaging of mature oil and gas wells and the resumption of shale operations are the main factors of the market. The demand for equipment and services for the completion of wells can be directly related to the increase in the number of platforms, the number of wells and upstream oil and gas expenditures. The reduction in exploratory drilling and the fall in oil prices are slowing down the market growth to a certain extent since the problems of price pressure are a great challenge for this market. However, the Arctic explorations offer lucrative growth opportunities for the well completion equipment and services market.
Global Well Completion Equipment Market- Geographic Segmentation:
In this report, the well completion equipment market was analyzed in the regions of North America, South America, Europe, Asia Pacific, and Middle East and Africa. North America is currently the largest market for well completion equipment and services, followed by the Asia-Pacific region and Europe. In North America, the growth of the market can be attributed mainly to factors such as the shale revolution and the presence of large drilled but unfinished wells (DUC), particularly in the United States.
Key Players in this Global Well Completion Equipment Market Report:
Some of the prominent players of the market include SANY Group, Aquarius Engineers Pvt. Ltd., Zoomlion, Junjin, XCMG Group, Fangyuan Group, Sermac, LiuGong, Beston (Henan) Machinery Co., Ltd., Shantui, Co-nele, CAMC, and Hongdashandong. Other key players influencing the global market are Liebherr, Kyokuto Kaihatsu Kogyo, Linuo, RTK Engineering Co., Schwing Stetter, and Sebhsa.
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Research Cosmos is a provider of standard and customized Industry research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending Industry reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
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