($11,335.47Mn by 2028) Well Completion Equipment and Service Market Size and Growth Forecast at 4.2% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com

The Well Completion Equipment and Service Market Size and Growth impelled by rise in demand for oil & gas exploration worldwide, resumption of shale gas operations, increase in demand for natural gas in past few years, owing to the rising consumption of energy worldwide and the surging number of gas rig exploration.

/EIN News/ -- New York, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Well Completion Equipment and Service Market: Key Insights
According to our latest market study on “Well Completion Equipment and Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings and Location,” the Well Completion Equipment and Service Market Size was valued at US$ 8,509.96 million in 2021 and is projected to reach US$ 11,335.47 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028.

Well Completion Equipment and Service Market: Competitive Landscape and Key Developments
Baker Hughes Company; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger; Nine Energy Services; and Welltec. are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global well completion equipment and service market and its ecosystem.

In January 2021, Shell Petroleum Development Company completed its sale of interest in Oil Mining Lease 17 to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.

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In April 2021, Halliburton Company today introduced the Ovidius™ expanding isolation system,  Ovidius expanding isolation system, a new packer that transforms from an engineered metal alloy to a rock-like material when it reacts with downhole fluids, creating a long-lasting seal for improved well integrity.

The production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including well completion equipment and services.  In addition, new offshore oil well projects have been launched across different regions that are propelling the demand for well completion equipment & services across countries. According to the study, there were more than 14,000 oil & gas well completions reported in FY 2019. Moreover, the demand for natural gas is expected to drive the need for gas exploration globally during the forecast period as most of the countries are shifting their focus on reducing carbon emissions and increasing their reliance on fossil fuels. The automation in well technologies is one of the major factors aiding the growth of the market across the world. The adoption of smart well technologies has become a popular trend among well rig vendors. It provides various advantages such as an increase in production rates, time, and cost savings; a decrease in water injections; and whole production operations monitoring, along with real-time updates to the connected monitor or devices. Initially, the smart well concept was tried in onshore wells but now it has been applied to the offshore rigs as well.

The well completion have been in use for several years worldwide. The noteworthy growth in the resumption of shale gas operations and rise in demand for oil & gas exploration worldwide support the growth of the well completion equipment and service market. Arctic exploration projects and collaboration of oil service vendors and the adoption of smart well technologies are the prime factors boosting the demand of well completion in various countries.

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North America dominates the well completion equipment and services market due to the presence of large continuous and large oil & gas exploration and production projects as well as a surge in new activities in the US, the Gulf of Mexico, and Canada. The US is the largest contributor to the total oil & gas production in North America. An increase in the number of horizontal wells in the country along with a rise in oil and shale gas production per rig are a few key factors contributing to the well completion equipment and service market growth in the country. According to U.S. Energy Information Administration, in 2020, the US reported the oil production of 23,521 barrels/day, and crude oil and condensate production of 17,489 barrels/day. There were 7,394 oil and gas well completions in the US in that year. The emergence of advance intelligent well completion systems, such as high-end self-adaptive inflow control completion systems, would propel the market growth in North America during the forecast period.

The shale gas industry has resumed its operations and started recovering from the challenges faced during FY 2020. As most of the operations were on hold during FY 2020, the vendors are also focusing on Fracking 2.0. This is due to the increase in demand for natural gas in past few years, owing to rising energy consumption worldwide and the surging number of gas rig exploration. This is positively impacting the demand for well completion services & equipment across different gas rig locations, thereby driving the market globally.

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Well Completion market: Offerings Overview
Based on offering, the well completion equipment and service market is bifurcated into equipment and services. Well Completion equipment are used to bring an oil well to completion status so that test production and then commercial production may begin. Finishing equipment, in general, refers to any equipment that is utilized in the development of a well and afterwards in the completion process. These equipment are useful during the well completion process and are generally an assemblage of downhole tubular tools and equipment that aids in the safe and successful production of hydrocarbons from an oil and gas well. Because each well has its unique set of completion criteria based on the geology of its site, the type of well completion equipment’s is influenced by the well type and design.

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