Well Completion Equipment and Services market To Reach USD 11.09 Billion by 2021 | Halliburton Company, Schlumberger Ltd., Baker Hughes, Inc.

Well completion is the process of making oil and gas well capable of production after drilling is accomplished to signified depth. It comprises entire completion processes, which include running the production tubing, setting the downhole tools, and numerous other operations, which are carried out for making the well ready for production. Furthermore, the process of stimulation to improve the productivity of a well is also involved in well completion operation.

Increasing exploration and production activities across the globe backed by increasing number of rigs is contributing to growth of the well completion equipment and services market. For instance, Oil and Natural Gas Corporation (ONGC) aims to increase crude oil production from 22.6 MT (million tons) in 2017 to 26.42 MT in 2022. However, fluctuating oil price is a major factor restraining growth of the well completion equipment and services market worldwide.

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Global Well Completion Equipment and Services Market Taxonomy

Global Well Completion Equipment and Services market is segmented into:

By Equipment

Packers
Permanent Packer
Retrievable Packer

Retrievable Tension Packer
Retrievable Compression Packer with Bypass
Wireline Set – Tubing Retrievable
Retrievable Tension/Compression Set – Versatile Landing
Retrievable Hydraulic Set Single String Packer

Dual String Packer
Permanent and Retrievable Sealbore Packer
Others

Perforation/Fracturing Tools
Laser
Hydraulic Punches
Mechanical Punches
Water Jet
Others

Packers hold the largest market share in the well completion equipment and services market as it provides numerous services such as zonal isolation, seal between inside of the casing and production tubing, wellbore wall, and other services. In 2017, TAM International Inc. an oilfield services company introduced casing annulus packers with the Deadbolt valve system, which is designed to run in harsh environments.

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North America dominated the market of well completion equipment and services in 2016. Shale gas revolution and the presence of major players has further driven the well completion equipment and services market in this region. According to Baker Hughes Company, in 2017, the rig count in the U.S. was 940, which was up 431 from 509 counted in 2016. This has further resulted in increasing installation of well completion equipment and thereby, has contributed to the overall growth of this market in North America.

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