Well Completion Equipment Market Prognosticated to Perceive a Thriving Growth by 2027

Rise in the exploration, production, and completion activities to meet the growing demand of energy globally is expected to fuel the growth of the global well completion equipment market. Surge in demand for oil & gas, all over the world, is anticipated to boost market growth for well completion equipment. Increase in the number of horizontal wells along with rise in oil & shale gas production per rig is a major factor that fuels the growth of the market. Higher investment in various exploration & production operations is another aspect, which is likely to supplement the well completion equipment market growth.

Well completion equipment witness considerable demand in the operating oil reservoir. Increase in production capacities of oil is thus anticipated to augment the demand for the well completion equipment and services in the coming years. Rise in oil & gas exploration activities is expected to add innovative features to the current oil and gas production capacities. Oil prices predicted to increase in the near future and new investments in the crude oil industry are the factors that are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period. However, lack of ability to enhance the separate zones within productive zones and plug off gas or water zones are the factors that restrain the development of the global well completion equipment market.

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Key benefits of the report

• This study presents the analytical depiction of the global well completion equipment industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global well completion equipment market share.

• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global well completion equipment market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

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COVID-19 scenario analysis

Owing to the outbreak of the COVID-19 pandemic, the global well completion equipment market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of anything from oil & gas field to industrial sector. In addition, recent decline in oil exploration activities is one of the key factors that is likely to negatively impact the growth of well completion equipment market. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities are shutdown.

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