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The completion equipment and services market share in APAC is expected to increase by USD 95.74 million from 2021 to 2026, at a CAGR of 1.40%.
This completion equipment and services market in APAC research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers completion equipment and services market in APAC segmentation by deployment (offshore and onshore) and geography (China, India, Malaysia, and the Rest of APAC). The completion equipment and services market in APAC report also offers information on several market vendors, including Baker Hughes Co., China Oilfield Services Ltd., China Petroleum and Chemical Corp., Completion Oil Tools Pvt. Ltd., Destini Bhd, Forum Energy Technologies Inc., Halliburton Co., NOV Inc., Schlumberger Ltd., and Weatherford International Plc among others.
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The increase in oil and gas demand is notably driving the completion equipment and services market growth in APAC, although factors such as environmental concerns associated with well completion services may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the completion equipment and services industry in APAC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Completion Equipment and Services Market Driver in APAC
One of the key factors driving the completion equipment and services market growth in APAC is the increase in oil and gas demand due to the rise in demand for energy consumption. For instance, in 2021, the natural gas consumption in APAC increased by over 40 billion cubic meters (BCM) in comparison to that in 2019. The rapid urbanization in developing countries in APAC will further increase the consumption of liquid fuels and natural gas. Furthermore, the rise in fuel and electricity consumption worldwide has led to high demand for oil and natural gas. According to the IEA, the oil energy consumption increased by 8% in China during 2018-2019. Subsequently, oil and gas E&P companies are increasing their exploration activities to boost oil and gas production to meet the increasing demand. Such factors will drive the growth of the market in focus during the forecast period.
Key Completion Equipment and Services Market Trend in APAC
Another key factor driving the completion equipment and services market growth in APAC is the rise in deepwater and ultradeep water well exploration. In offshore E&P, oil and gas companies have shifted their focus from shallow waters to deep-water and ultra-deepwater resources due to the presence of large untapped reserves. Moreover, the depletion of easy-to-extract oil has increased the cost of hydrocarbon acquisition and the displacement of drilling operations. Thus, E&P companies are looking for less explored areas, such as deep-water and ultra-deepwater. For instance, in 2021, Malaysia Petroleum Management launched the Malaysia bid round. The bid round covered a total of 13 offshore exploration projects in the pipeline, including four deep-water projects. Therefore, the rise in E&P activities in offshore deep-water and ultra-deep-water oil and gas wells will stimulate the demand for completion equipment and services in APAC during the forecast period, which will positively impact the market growth during the forecast period.
Key Completion Equipment and Services Market Challenge in APAC
One of the key challenges to the completion equipment and services market growth in APAC is the environmental concerns associated with well completion services. The exploration process uses fluids to cool and lubricate the drill bits and pipes. These fluids release toxic chemicals into the water, which can have an adverse impact on the surrounding environment. Furthermore, fracking also produces large amounts of wastewater containing dissolved chemicals and contaminants such as methane that leads to global warming. In addition, deep-water oil and gas exploration involves firing air guns that generate strong shocks across the seabed, which can damage the hearing capabilities of various marine species. Such factors could lead to the enforcement of stringent regulations, which can affect exploration projects and hamper the growth of the market in focus during the forecast period.
This completion equipment and services market in APAC analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the completion equipment and services market in APAC as a part of the global oil field equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the completion equipment and services market in APAC during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the completion equipment and services market in APAC encompasses successful business strategies deployed by the key vendors. The completion equipment and services market in APAC is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The completion equipment and services market in APAC forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the completion equipment and services market in APAC, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global oil field equipment and services market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Deployment
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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