ID: MRFR/E&P/0486-HCR | February 2021 | Region: Global | 120 pages
According to the latest research report, the global well completion market size is estimated to grow at a CAGR of 4.5 percent during the projected period. Well-completion is an important step in the field development process. The economic viability of any good development is heavily reliant on how the well is finished. The process of designating a well for commercial operation is defined by well completions. After the well completion is properly completed, the well begins to produce fluids normally. The primary function of a good completion procedure is to mechanically link the wellbore and the reservoir. Coiled tubing, packers, completion fluids, manifolds, wellheads, and blowout preventers are all used throughout the well completion process.
The oil sector has just recovered from the price decline that began in April 2014. The stabilization of oil prices as a result of balanced oil supply and demand, together with other macroeconomic variables, is assisting the upstream oil sector in encouraging the number of projects. Furthermore, new finds and drilling operations necessitate the hiring of an increasing number of oilfield service providers. Well-completion service providers are seeing significant possibilities as a result of the restored oil prices and the ongoing rise in drilling activity from newly found oilfields. As a result, well-completion service providers are anticipated to increase steadily during the projection period.
This report contains all the information on the global well completion market value and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global well completion market outlook forecast for 2027 is also included in the report.
Covid 19 Analysis
Due to the extreme lockdowns enforced in the majority of nations across the world since December 2019, the spread of the COVID-19 pandemic has had a severe impact on the well-completion industry. The processes needed to turn a drilled well into a producing well are referred to as well completion. Cementing, gravel packing, casing, perforating, and erecting a production tree are all part of the process. Well-completion is an important step in the field development process. The economic success of any good development project is largely determined by how the well is constructed. The process of certifying a well as ready for commercial operation is referred to as well completion.
After the well completion has been properly completed, the well begins to produce fluids normally. The well completion process's primary role is to mechanically link the wellbore and the reservoir. Coiled tubing, packers, completion fluids, manifolds, wellheads, and blowout preventers are among the tools and equipment used in the well completion process. Due to the temporary closure of enterprises in recent months, demand for certain items has been disrupted. Several nations, however, have begun to break the lockdowns in order to recover their economic situations, which is expected to enhance product demand in the approaching years.
The re-alignment of the supply chain is expected to be another area of market development in the near future. Because of the current state of disequilibrium in market dynamics, market participants are taking a more cautious approach to growth and development plans.
Major Key Players
The well-completion market growth is being pushed by factors such as increased exploration and drilling activity, oil price recovery, and increased demand for oilfield services. The market for well completion is being driven by the continual growth in the finding of new oilfields. Furthermore, the field development projects that began a few years ago will necessitate service and equipment for the completion of wells by placing wellheads on top of cased wells. For example, Ghana's Jubilee oilfield, which is in the last stages of development, will begin producing in 2019.
Well-completed service suppliers see enormous potential from the restored oil prices and continuing boiling from the freshly found petroleum sources. Well, service providers are projected to continue to increase during the projection period.
The well-completion market, on the other hand, has some restrictions. For a few years, the oil and gas sector has been experiencing low demand and poor prices. Furthermore, due to fluctuating crude oil prices around the world, it is difficult to plan for the future and make strategic decisions for starting oil and gas production.
The inability to stimulate distinct zones inside productive zones and block off gas or water zones are likely to provide hurdles to major participants in the global well completion market's growth.
Cumulative Growth Analysis
National Oilwell Varco (NOV) has introduced new tectonic Pursuit series drill bits for the North American market. As the drilling market in the United States continues to change, operators and drillers are pursuing target zones that are deeper and further than ever before. Interest bores are intended to improve expanding drilling and penetrating expertise, allowing administrators and drillers to complete projects faster and at a lesser cost. To increase directional control and reduce sliding times, the boring tools employ computerized evaluation of torque reaction in conjunction with a torque reduction section. Pursuit drills have also been built with material advancements that provide greater strength and durability, and cutter life has been increased by avoiding thermal deprivation.
Value Chain Analysis
According to the reports, the global well completion market is divided by operations, type, well type, and geography. The market is divided into activities such as fracturing, sand control, liner hanger systems, intelligent wells, packers, valves, and others. The fracturing category has the greatest market share of these. Continuous advancements in shale oil and increased drilling operations that necessitate hydraulic fracturing from shale reserves are significant drivers in the global well completion market's fracturing sector. The United States is increasing oil output from shale oil deposits to compensate for declining oil production from older wells.
The well-completion market is divided into two types: equipment and services. Because oilfield service providers compete in the market by providing a comprehensive portfolio of services, including instruments and technology for the well completion process, the service sector dominates the worldwide well completion market share. The market is further subdivided into offshore and onshore well types. Because of the increased number of exploration operations in deep and ultra-deepwater areas, the offshore segment is projected to grow at a faster rate. Wellesley Petroleum, for example, has begun exploring efforts in deep water around 40 kilometers deep in the PL925 area in the North Sea.
The market is segmented on the basis of operations, type, well type, and geography. The global well completion market trends is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into fracturing, sand control, liner hanger systems, intelligent wells, packers, valves, and others.
Based on the propulsion types, the market is segmented into equipment and services.
According to the reports, on the basis of region, the global well completion market is divided into North America, Europe, Asia pacific, and the rest of the world. Given the increase in the number of new oil fields and the global shale revolution, the global well completion market is projected to develop at a rapid rate throughout the forecast period. The North American area led the well-completion industry. Every year, shale output in the region increases. The region's well completion industry is being driven by new finds as well as drilled but uncompleted wells. According to the IEA, shale oil output in 2017 was 4.67 million barrels, accounting for half of total US oil production. The Asia Pacific and Africa regions are expected to contribute to the growth of the well-completion market. Discoveries in the Gulf of Thailand and the South China Sea from the Asia Pacific, as well as the Mediterranean Sea and the Egyptian desert from Africa, are major development drivers.
The following report comprises of –
o North America
O the Asia Pacific
O the Rest of the World
|Market Size||2027: Significant Value|
|CAGR||4.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Operations, type and well type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.). National Oilwell Varco, Inc. (U.S.), Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Wild Well Control Inc. (U.S.), Wireline Engineering Ltd. (UK), CGG (France), and SGS (Switzerland) are among others.|
|Key Market Opportunities||Increase in drilling activities from the new discovered oilfields|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Well completion is expected to record a substantial market valuation due to the stable oil prices, booming upstream oil industry.
The global Well completion is projected to register a moderate 4.5% CAGR in the forecast period.
The fracturing segment is slated to expand as the fastest-growing segment.
The offshore segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global Well completion are Superior Energy Services (U.S.), GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Pioneer Energy Services Corp. (U.S.), among others.