Albany, NY -- (SBWIRE) -- 05/31/2018 -- Global demand for energy has been increasing rapidly in recent years. This has led to a rise in oil and gas exploration and production activities. Well completion equipment and services are required for the drilling process in oil and gas production activities. The new discoveries of unconventional resources has increased the demand for well completion equipment's. Increase in energy exploration and production is boosting the demand for well completion equipment and services.
The well completion equipment and services market can be segmented based on type, application, and region. Based on type, the well completion equipment and services market can be classified into packers, liner hangers, multistage fracturing tools, valves, sand control tools, smart valves, and others. Well completion equipment and services are used in drilling rigs in offshore and onshore areas. The well completion equipment and services market presents several opportunities. There is scope for increasing net present value for complex and mature oilfield assets. Additionally, well completion equipment can be customized by designing, integrating, and installing as per the customer needs to produce oil and gas. Well completions equipment helps in reducing stimulation time and improve well performance in horizontal wells. New technological advancements are emerging that help reduce the equipment's manufacturing and service costs. However, the well completion and equipment services market also has some restraints. The oil and gas industry has been experiencing weak demand and low prices since the last few years. Moreover, it is difficult to plan for the future and make strategic decisions for commencing oil and gas production owing to the fluctuating crude oil prices globally.
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In terms of geography, North America is a dominant region of the well completion equipment and services market in terms of demand. This can be ascribed to the increase in oil and gas activities in offshore regions of the U.S. New discovery of shale oil in North Dakota in North America has boosted the demand for well completion equipment and services. The well completion equipment and services market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in maritime security activities, growth in offshore oil and gas production activities, and improvement in underwater communications. In Europe, the well completion equipment and services market is expected to expand in countries such as the U.K., Germany, France, and Norway due to increased oil and gas drilling activities in the Johan Sverdrup field in the North Sea and improvement in offshore drilling activities.
Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for well completion equipment and services activities due to rapid urbanization and rise in offshore oil and gas exploration and production activities in the Gulf of Mexico. Demand for well completion equipment and services in countries in Middle East & Africa is also likely to rise due to the increase in number of offshore oil and gas exploration and production activities. Moreover, Saudi Arabia, Kuwait, and Qatar have been rapidly drilling and producing oil and gas due to the increase in global demand for energy. The deep-water discoveries in Africa are anticipated to propel the demand for well completion equipment and services.
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Key global market players operating in the well completion equipment and services market include Baker Hughes Incorporated, Schlumberger Ltd, Weatherford International, Halliburton, and National Oilwell Varco (NOV).
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