Worldwide demand for energy has been expanding quickly. This has prompted a rise in oil & gas exploration and production exercises. Well completion equipment and services are required for drilling procedure in oil & gas production exercises. New discoveries of unconventional resources have expanded demand for well completion equipment. Increment in energy exploration and production boosts the market for well completion equipment and services. Well completions define the process of deeming well for a commercial operation. The well starts producing fluids normally after well completion is deployed successfully. This procedure includes strengthening well opening with casing, assessing the weight and temperature of the arrangement, and afterward installing best possible gear to guarantee an effective flow of gaseous petrol out of the well. The purpose of well completion is to connect the reservoir to the surface so that fluids can be produced from or injected into the reservoir.
COVID-19 scenario analysis:
- The global market for well completions is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic led to a decline in the economic growth in almost all major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of well completions, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Onshore dominates the application segment of the well completion market. Expansion of the onshore segment is driven by rise in oilfield recovery, elimination of non-productive time. Well completion equipment helps in diminishing stimulation time and improves well performance in horizontal wells. Th well completion market additionally has a few restrictions. The oil & gas industry has been encountering weak demand and low costs since recent couple of years. In addition, it is hard to get ready for the future and make strategic decisions for starting oil & gas production attributable to fluctuating crude oil costs globally.
New product launches to flourish the market
National Oilwell Varco (NOV) launched new tectonic Pursuit series drill bits for the U.S. market. As the U.S. drilling market continues to evolve, operators and drillers chasing target zones that are deeper and farther than ever before. Interest bores are designed to upgrade expanding drilling and penetrating proficiency, empowering administrators and drillers to finish them quicker at lower cost. The boring tools use computerized examination of torque reaction alongside a torque decrease segment to improve directional control and lessen sliding times. Furthermore, Pursuit drills are designed with material improvements that convey increased strength and durability, and cutter life has been boosted by minimizing thermal deprivation.
Surge in usage in onshore applications
Rising need for oil & gas with crude oil arise the need for more well completion. The onshore dominates the application segment of the well completion market. Development of the onshore segment is driven by the rise in oilfield recovery, eradication of non-productive time, and increment in productivity through the design of integrated workflows. Cost incurred for oil & gas exercises, for example, drilling and well completion, are lesser for onshore than those of offshore applications.
Key benefits of the report:
- This study presents the analytical depiction of the global Well Completion market 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 market.
- The current market is quantitatively analysed to highlight the global Well Completion market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global well completion market analysis based on competitive intensity and how the competition will take shape in coming years.
Well Completion Market Report Highlights
Key Market Players
C&J Energy Services Ltd. (U.S.)., SGS (Switzerland), Weatherford International (U.S.), Wild Well Control Inc. (U.S.), Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), National Oilwell Varco, Inc. (U.S.), Schlumberger (U.S.), CGG (France), Superior Energy Services (U.S.), GE Oil & gas (U.S.), Wireline Engineering Ltd. (UK), Pioneer Energy Services Corp. (U.S.)