(MENAFNEditorial) iCrowdNewswire - Sep 21, 2018
The well completion equipment & services market is expected to reach a size of USD 11.09 billion by 2021, at a CAGR of 4.31% from 2016 to 2021. Factors such as refracking of mature oil & gas wells and resuming shale operations are driving the market globally. Packers is the largest segment of the well completion equipment & services market based on type.
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'The Ooffshore application segment would grow at the fastest pace during the forecast period In terms of market, by applications, the offshore application for the well completion equipment & services market is projected to grow at the fastest pace during the forecast period. The dwindling oil & gas reserves in the onshore fields have forced the operators to venture into offshore regions. This trend is likely to continue in the future as the increase in the production from the deepwater and ultra-deepwater reservoirs will drive the demand for the well completion equipment & services as well.
'North America & Asia-Pacific: are Tthe largest markets for well completion equipment & services
North America & Asia-Pacific dominates the global well completion equipment & services market . In North America, the growth of the well completion equipment & services market can be attributed to factors such as shale revolution and presence of large drilled but not completed (DUC) wells, particularly in the U.S. Meanwhile, Asia-Pacific accounts for a large portion of the global oil & gas demand from both domestic and industrial sector. This demand is expected to rise further in the near future, as transportation sectors in developing countries continue to flourish. So investments are being done to increase the production capacity which in turn drives the market for well completion equipment & services in this region. Meanwhile, the deepwater discoveries will increase the demand for well completion equipment & services in Africa, the fastest growing market.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject -matter experts, C-leve l executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitate information as well as assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1%42%, Tier 2%32%, and Tier 3%26%
By Designation: C-Level32%, Director Level26%, and Engineer Level42%
By Region: The Americas13%, Europe15%, Asia-Pacific24%, and RoW48%
Note: Row = Rest of the World
The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 =>USD 10 billion, Tier 2 = From USD 1 billion to USD 10 billion, and Tier 3 =
The industry's leading players have been profiled with their recent developments and other strategic activities. These include Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Baker Hughes, Inc. (U.S.), Weatherford International Plc (Ireland), and National Oilwell Varco, Inc. (U.S.) among others.
Related Report:
Global Well Completion Equipment Market Analysis 2012-2017 and Forecast 2018-2023
Completion, in petroleum production, is the process of making a well ready for production (or injection). This principally involves preparing the bottom of the hole to the required specifications, running in the production tubing and its associated downhole tools as well as perforating and stimulating as required. Sometimes, the process of running in and cementing the casing is also included.
The global Well Completion Equipment market will reach xxx Million USD in 2018 and CAGR xx% 2018-2023. The report begins from overview of Industry Chain structure, and describes industry environment, then analyses market size and forecast of Well Completion Equipment by product, region and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Product Type Coverage (Market Size & Forecast, Major Company of Product Type etc.): Traditional Well Completion Equipment Intelligent Well Completion Equipment
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