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Some of the major factors driving the growth of the global completion equipment market are increasing demand of completion equipment, and increasing energy demands. Different players are investing huge capital for the exploration and production of oil sites; which is again fuelling the growth of the global completion equipment market. In addition, the increasing developments for unconventional and offshore, exploration and production are driving the growth of the global completion equipment market. The Packers product segment leads the global completion equipment market. Offshore application segment is expected to grow at the fastest rate during the forecast period. The major factors behind the fastest growth of the offshore application segment are increasing focus on deep water exploration and production, and explorations of new unconventional hydrocarbon reserves.
The increasing focus on the deep water drilling and explorations of new production sites in the arctic region are creating ample opportunities for the growth of the global completion equipment market, during the forecast period. The exploration of oil and gas from shale reserves is a more difficult task, as compared to the conventional oil and gas reserves. The exploration and production of oil and gas from shale reserves requires technologically advanced completion equipment; therefore, providing significant growth opportunities for the completion equipment service providers. In addition, the advancement in shale technology, and shift from conventional oil and gas reserves to the deeper and unconventional hydrocarbon resources are the key trends witnessed in the global completion equipment market. However, current drop in the global oil prices, and challenges in the high pressure and high temperature (HPHT) completion are major challenges in the global completion equipment market. Moreover, the decreasing number of oil rigs and stringent government regulations are restraining the growth of the global completion equipment market to some extent.
The completion equipment refers to all equipment required to make a well fully prepared for oil and gas production. The well completion involves various steps, such as well casing, tubing, and installation of well head and lifting equipment. All these steps require several completion equipment for successful oil and gas production. Some of these equipment include safety valves, sand control tools, liner hangers and packers.
Geographically, North America leads the global completion equipment market, owing to the presence of large number of shale reserves and increasing exploration and production activities in the region. In addition, the presence of global leaders in the completion equipment market is supporting the growth of the completion equipment market in the region. Asia-Pacific is anticipated to grow at the fastest rate in the coming years. The fastest growth of the Asia-Pacific is attributed to the high energy demands in the region, and continuous efforts in the region for the discovery of unconventional hydrocarbon reserves. China dominates the Asia-Pacific completion equipment market, due to the presence of large number of hydrocarbon reserves and favorable government policies for the exploration and production of oil and gas reserves.
The key players operating in the global completion equipment market are National Oilwell Varco, Welltec, Schlumberger Limited, Halliburton, NCS Multistage LLC, RPC Inc., Nabors Industries Ltd., Superior Energy Services Inc., Weatherford, Trican, Packers Plus Energy Services Inc., and Baker Hughes Incorporated.
Global Completion Equipment Market Segmentation
Breakdown by Type
Breakdown by Application
Breakdown by Geography