Well completion Market- North America accounts for the largest market share

Pune, India, April 3, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Well completion Research Report.

Market Scenario

Well completion, involves getting an oil well ready for production by constructing it to the required specifications, installing down hole the production tubes and other associated equipment, perforating and stimulating, casing cementing and others operations.

Market Dynamics:

Drivers

Rising oil and gas demands owing to industrialization, urbanization, population growth and others is the key driver of the market. The growing exploration and discovery of oil and gas deposits is another driver of the market. Advancements in technology such as development of wireless, optical fiber technology and others are technical drivers of the market. The discovery of shale oil deposits is a major market opportunity in the market.

Restraints

The downturn in the oil & gas industry during the last few years coupled with the slow recovery of the U.S. economy, geopolitical threats, bias of governments towards renewable energy, competition from alternative fuels such as coal, hydroelectricity and others are critical restraints on the market. The gradual stabilization in oil prices on account of macro-economic factors and economics of supply & demand is expected to negate the fall in oil prices and change the market dynamics.

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Segments:

To generate an accurate assessment of the market the well completion market is segmented on the basis of operation, location, type and region.

Operation - fracturing, sand control, liner hanger systems, intelligent wells, packers, valves & others.

Location - land and offshore.

Type - equipment and services.

Region - North America, Europe, Asia-pacific and Middle East and Africa.

Regional Analysis

North America accounts for the largest market share of the well completion market, which is expected to charge substantially owing to the discoveries of shale reserves. The U.S. also has a large number of private and small oil manufacturers which results in greater demand for well completion market. According to General Electric Company’s Baker Hughes Inc., U.S. oil rig count rose by approximate 42 percent by 2017 compared to 2016 owing to recovery in crude oil prices. Latin America represents another large opportunity due to discoveries of substantial shale and oil reserves in the Amazon basin and Venezuela. Venezuela, Brazil, Mexico are lucrative markets in this region, with Mexico expected to deliver the fastest growth due to development of large number of oil wells in the Gulf of Mexico.

The Middle East and Africa accounts for the second largest market owing to large crude oil deposits and production. However the worsening geopolitical crisis in the regions has worried the market. Chad, Angola and Nigeria account for the fastest growing markets in the African region. However the production cuts led by Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia to strengthen the oil prices has temporarily constrained the market. The Middle East & Africa is anticipated to witness second fastest growth in the market led by Saudi Arabia, Kuwait and others.

The European market is led by U.K., Denmark, Norway, Germany and France. The North Sea regions has resulted in spate of investments and is the fastest developing oil fields in Europe.

Asia-pacific regions is expected to deliver the fastest growth owing to strong demand from China and India and due to large demand from end users such as chemicals, automotive, and other industries. Moreover China has also developed as a large industrial base.

Dominant Players:

Some of the prominent players in the well completion market are Trican Well Service Ltd. (Canada), Weatherford International Plc (Ireland), Baker Hughes, Inc. (U.S.), Halliburton Company (U.S.), Schlumberger Ltd. (U.S.), Packers Plus Energy Services, Inc. (Canada), Superior Energy Services (U.S.), Nabors Industries Ltd. (Bermuda), National Oilwell Varco, Inc. (U.S.), and others.