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Well Completion Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2023

02-05-2019 11:08 AM CET | Energy & Environment

Press release from: Market Research Future - MRFR

Well Completion Market

Well Completion Market

Global Well Completion Market Research by Operations (fracturing, sand control, liner hanger systems, intelligent wells, packers, valves & others), by type (equipment and services), by well type (onshore and offshore) and by Region – Forecast till 2023

Market Scenario
The oil industry has recently survived from the downfall of the prices post-April 2014. The stabilization in oil prices due to balanced oil supply and demand for oil, coupled with other macroeconomic factors are helping the upstream oil industry to encourage the number of projects.

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Besides, the discoveries and drilling projects are demanding more and more oilfield service providers. Well completion service providers are witnessing huge opportunities from the recovered oil prices and continuous increase in drilling activities from the new discovered oilfields. Well completion service providers are, thereby, expected to observe a continuous growth during the forecast period.

Well completion is a vital process in the field development activity. Economic success of any well development depends majorly on how the well is completed. The well completions define the process of deeming well for a commercial operation. The well starts producing fluids normally after the well completion is deployed successfully. The main function served by well completion process is connecting wellbore and the reservoir mechanically. Well completion process is done with specific equipment and tools, which include coiled tubing, packers, completion fluids, manifolds, wellheads, and blowout preventers.

Market Segmentation
Well completion market is driven by factors such as, increasing exploration and drilling activities, recovery of oil prices, and increasing demand for oilfield services. The continuous increase in the discovery of new oilfields is leading the demand for well completion market. Besides, the field development projects, which started a few years ago, will require service and equipment for completion of wells by installing wellheads on the top of cased wells. For instance, Ghana’s Jubilee oilfield will start production in 2019, and is in its last phase of field development process.

Global Well completion market is segmented on the basis of operations, type, well type, and region. Based on operations, the market is classified as fracturing, sand control, liner hanger systems, intelligent wells, packers, valves & others. Amongst these, the fracturing segment holds the largest market share. Continuous developments in shale oil and increased drilling activities that require hydraulic fracturing from shale reserves, is a major driver for fracturing segment in global well completion market. U.S. is boosting oil production from shale oil reserves to balance the oil production that has declined from mature wells.

On the basis of type, well completion market is segmented as equipment and services. Service segment is dominating the global market share because the oilfield service providers are competing in the market by providing complete portfolio of services, which include tools and technology for well completion process.

Based on well type, the market is further classified as offshore and onshore. The offshore segment is expected to expand at a higher rate due to a higher number of exploration activities in deep and ultra-deep water locations. For instance, Wellesley petroleum has started its exploration activities in deep water about 40 kms in PL925 field in North Sea.

Global Well Completion Market is expected to expand at ~4.5% CAGR during the forecast period.

Global Well Completion Market
Global well completion market is expected to expand at a fast pace during the forecast period, given the rise in the number of new oil fields and increasing shale revolution, across the globe. North America region dominated the market share for well completion market. The shale production in increasing continuously from the region every year. New discoveries coupled with drilled uncompleted wells are driving the well completion market from the region. According to IEA, the production from shale oil in 2017 was 4.67 million barrels, which contributed half of the total oil production from U.S. Asia Pacific and Africa region are likely to add to the growth of well completion market. Major growth attributors are discoveries in Gulf of Thailand, and South China Sea from Asia Pacific and Mediterranean Sea and Egypt desert from Africa.

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Key Players
The key players of global Well Completion market are GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.). National Oilwell Varco, Inc. (U.S.), Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Wild Well Control Inc. (U.S.), Wireline Engineering Ltd. (UK), CGG (France), and SGS (Switzerland) are among others.

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Market Research Future
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Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
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