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Well Completion Equipment and Services Market: Growth, Share, and Industry Outlook
Well Completion Equipment And Services Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The increasing environmental concerns is expected to propel the growth of the well completion equipment and services market going forward. Environmental concerns refer to issues and challenges related to the state of the natural environment and ecosystems, often arising from human activities that impact the earth. Incorporating environmental considerations into the well-completion equipment and services market can lead to positive outcomes, including improved public perception, regulatory compliance, and long-term sustainability. It also positions companies to navigate the evolving energy landscape successfully. For instance, in October 2023, according to the Office for National Statistics, a UK-based government department, the greenhouse gas (GHG) emissions of the United Kingdom per resident rose by 2% in 2022 compared to 2021. Therefore, the increasing environmental concerns is driving the growth of the well completion equipment and services market .
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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Major Key Players of the Market:
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
Well Completion Equipment And Services Market 2024 Key Insights:
• 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%.
• Global Surge In Oil And Gas Exploration Drives Robust Growth In Well Completion Equipment And Services Market
• Innovative Technological Advancements Transforming The Landscape Of Well Completion Equipment And Services
• North America was the largest region in the well completion equipment and services market share in 2023
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