Well Completion Equipment Market to Reach $14.19 Billion by 2028, Fueled by Oil Demand

The well completion equipment and services market size has grown strongly in recent years. It will grow from $9.93 billion in 2023 to $10.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to oil demand, hydraulic fracturing revolution, deepwater exploration, market volatility, geopolitical factors.

The well completion equipment and services market size is expected to see strong growth in the next few years. It will grow to $14.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to diverse well architectures, data-driven decision-making, remote operations and monitoring, focus on well integrity, geopolitical dynamics, reservoir optimization. Major trends in the forecast period include shale gas and tight oil boom, environmental concerns, efficiency and cost optimization, deepwater and ultra-deepwater exploration, digitalization and automation, drilling advancements.

Market Overview -
Well-completion equipment and services refer to wellbore consulting, architecture design, and downhole equipment in offshore and onshore areas for oil wells and gas and comprise entire completion processes, including running the production tubing, setting the downhole tools, and numerous other operations, which are carried out to make the well ready for production.

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Global Surge In Oil And Gas Exploration Drives Robust Growth In Well Completion Equipment And Services Market
The rise in demand for oil and gas exploration across the world is expected to propel the growth of the well-completion equipment and services market going forward. Oil and gas exploration is the search for and extraction of oil and gas from land and beneath the oceans using highly advanced and sophisticated well-completion equipment to drill in harsh conditions of deep water to meet energy demands. The well-completion equipment and services help with the installation of machinery in the extraction of crude oil from deep underground to fulfill the demand for oil and gas across the globe. For instance, in November 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d), the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rise in demand for oil and gas exploration across the world is fueling the growth of the well-completion equipment and services market .

Competitive Landscape -
Major companies operating in the well completion equipment and services market report are General Electric Company, Halliburton Company, NOV Inc., Schlumberger Limited, Weatherford International plc, Welltec Inc., NCS Multistage Holdings Inc., RPC Inc., Royal Dutch Shell plc, Superior Energy Services Inc., Axis Energy Services Inc., Tycrop Group, Hilong Oil Service & Engineering Co. Ltd., Precision Drilling Corporation, Forum Energy Technologies Inc., Wellcare Oil Tools Private Limited, FTS International, Baker Hughes Company, ENTI Corp., Rasson Energy India Pvt. Ltd., Propell, Nine Energy Service, Parker Hannifin Corporation, SPT Energy Group, Sinopec Oilfield Service, National Oilwell Varco, Nabors Industries, TechnipFMC, Expro Group, Hunting Energy Services

Innovative Technological Advancements Transforming The Landscape Of Well Completion Equipment And Services
Technological advancement is a key trend gaining popularity in the well completion equipment and services market. Major players in the market are concentrating their efforts on creating innovative well-completion technologies to increase crude oil production. For instance, in April 2021, Halliburton Company, a US-based oilfield service company specializing in identifying crude oil and manufacturing equipment for exploration, launched the Ovidius isolation system based on advanced material science technology. The advanced material science technology involved the creation of an alloy that reacts with fluids in the wellbore and expands significantly in size, thereby creating a long-lasting seal for well integrity. Ovidius is a revolutionary packer used in well-completion machinery that, when exposed to downhole fluids, changes from an engineered metal alloy into a substance resembling rock, forming a durable seal for increased well integrity and providing durability in differential pressures and extreme temperature conditions.

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Key Segments -
The well completion equipment and services market covered in this report is segmented -
1) By Type: Packers, Sand Control Tools, Multistage Fracturing Tools, Liner Hangers, Valves, Smart Wells, Other Types
2) By Offerings: Equipment, Services
3) By Application: Onshore, Offshore

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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