Well Completion Equipment Market Foreseen to Draw a Promising Growth of $11.568 Billion by 2025 | Weatherford, Baker Hughes, Halliburton, Schlumberger, Welltec, Packers Plus, Trican, COSL
Overview of Global Well Completion Equipment Market:
The Global Well Completion Equipment Market has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Well Completion Equipment Market size to maintain the average annual growth rate of 0.0181524357417 from $8.5 Billion in 2015 to $9.3 Billion in 2019, market analysts believe that in the next few years, Well Completion Equipment Market size will be further expanded, we expect that by 2025, The market size of the Well Completion Equipment will reach $11.568 Billion.
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As per the market research study, Well Completion Equipment are used to ensure the optimum production and injection of a well, after being drilled to a required depth with the help of sophisticated intelligent systems and range of simpler packer. In addition, well completion process involves perforating, stimulating, running production tubing, and cleaning the well for different type of reservoirs, each geared towards specific conditions. Down-hole temperature and pressure, operating modes, elastomers, number of zones, well intervention costs, among others are the various factors behind the selection criteria of different well completion equipment methodologies and systems.
The Global Well Completion Equipment Market is segmented on the basis of Type, Application and Region. Based on the Type, the Global Well Completion Equipment Market is sub-segmented into Traditional Well Completion Equipment, Intelligent Well Completion Equipment and others. On the basis of Application, the Global Well Completion Equipment Market is classified into Onshore Wells, Offshore Wells and others.
In terms of the geographic analysis, North America is currently the largest market for Well Completion Equipment, followed by APAC and Europe. In North America, the growth of the Well Completion Equipment Market can primarily be attributed to factors such as shale revolution and presence of large Drilled But Not Completed (DUC) wells, particularly in the U.S.
Global Well Completion Equipment Market Objectives:
1 To provide detailed information regarding key factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the Well Completion Equipment Market
2 To analyze and forecast the size of the Well Completion Equipment Market, in terms of value and volume
3 To analyze opportunities in the Well Completion Equipment Market for stakeholders and provide a competitive landscape of the market
4 To define, segment, and estimate the Well Completion Equipment Market based on deposit type and end-use industry
5 To strategically profile key players and comprehensively analyze their market shares and core competencies
6 To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
7 To forecast the size of market segments, in terms of value, with respect to main regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America
8 To track and analyze competitive developments, such as new product developments, acquisitions, expansions, partnerships, and collaborations in the Well Completion Equipment Market
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Top Leading Key Manufacturers are: Baker Hughes, Halliburton, Schlumberger, Weatherford International, Welltec, Packers Plus, Delta Oil Tools, Wellcare Oil Tools, Resource Well, Completion Technologies, Omega Completion Technology, OAO Tyazhpressmash, Mansfield Energy, Completion, Technology Resources, TEAM Oil Tools, Trican, Rasson Energy India, SPT Energy Group, Yantai Jereh, Petro-king, COSL and others. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Global Business News:
Weatherford International (November 05, 2020) - Weatherford Smart Rod-Lift Solution Increases Production 37 Percent, Boosts Uptime 42 Percent For 40 Reciprocating Rod-Lift Wells - Weatherford International plc announced its smart rod-lift solution, comprised of production optimization software, automation, and skilled engineers, boosted uptime 42 percent and increased production 37 percent for 40 reciprocating rod-lift wells in Sumatra, Indonesia. The solution redefined the production strategy for the field, and the operator is currently installing the smart rod-lift solutions on the remaining 160 wells.
The operator objectives were two-fold: First, optimize production in horizontal wells throughout a mature, 200-well, and reciprocating-rod-lift asset. Second, reduce downtime caused by premature equipment wear; the pump failure rate was averaging 15 days of downtime.
“Weatherford helped our client to redefine production strategy for this 200-well field,” said Manoj Nimbalkar, Global Vice President, Production Automation and Software, Weatherford. “Production optimization software helped the operator monitor and remotely respond to dynamic well conditions, resulting in a 42 percent increase in uptime by preventing rod failures. Add to that the installation of variable speed drives at each of the 200 wellsites in tandem with a rod-string controller to alleviate existing rod-string problems.”
Weatherford production-optimization experts assessed production in the asset along with its failure history. To combat ongoing fluid-pound issues, the team recommended upgrading the automation systems from fixed speed to variable speed. In addition, the Weatherford team recommended a WellPilot variable-speed drive and rod-pump controller unit to regulate the pump speed throughout each stroke. As a final piece of the solution, the team recommended the Weatherford production optimization software platform to enable the operator to monitor real-time well performance.
“The smart rod-lift solution, featuring WellPilot variable speed drives and rod-string controllers, empowered this operator to optimize production by automatically adjusting lift parameters,” said Nimbalkar. “The Weatherford production optimization software platform enabled remote monitoring and management, which enabled a faster response to dynamic well conditions. The success in meeting and exceeding all operator objectives has placed Weatherford and its field-proven solutions at the top of the production plans for the field’s remaining 160 wells.”
Region segment: This report is segmented into several key regions, with sales, revenue, market share (%) and growth Rate (%) of Well Completion Equipment in these regions, from 2013 to 2025 (forecast), covering: North America, Europe, Asia Pacific, Middle East & Africa and South America
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Major Points in Table of Contents:
Global Well Completion Equipment Market Report 2021
1 Well Completion Equipment Product Definition
2 Global Well Completion Equipment Market Manufacturer Share and Market Overview
2.1 Global Manufacturer Well Completion Equipment Shipments
2.2 Global Manufacturer Well Completion Equipment Business Revenue
2.3 Global Well Completion Equipment Market Overview
2.4 COVID-19 Impact on Well Completion Equipment Industry
3 Manufacturer Well Completion Equipment Business Introduction
3.1 Baker Hughes Well Completion Equipment Business Introduction
3.2 Halliburton Well Completion Equipment Business Introduction
3.3 Schlumberger Well Completion Equipment Business Introduction
3.4 Weatherford International Well Completion Equipment Business Introduction
3.5 Welltec Well Completion Equipment Business Introduction
3.6 Packers Plus Well Completion Equipment Business Introduction
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