Overview of the global well completion equipment market

According to Technavio’s analysts, the global well completion equipment market is anticipated to grow at a steady rate and post a CAGR of more than 2% during the forecast period. The growing number of global offshore oil production projects will drive the growth prospects for the global well completion equipment market until the end of 2021. One of the major factors responsible for the growing number of exploration of offshore reservoirs such as deepwater and ultra-deepwater is the reduction in the cost of exploration because of the slowdown in oil and gas industry. For instance, in 2015, an Israeli company discovered a massive oil reserve in the Golan Heights, which is ten times larger than the average oilfield across the world. Furthermore, it has been observed that a huge number of investments from nations with offshore projects are also increasing because of the deepwater oil and gas projects, which require a higher amount of investment and time.

Our well competion equipement market research, the Americas accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the market's growth in the region is the increasing production per rig in the US and oil production from deepwater.

Competitive landscape and key vendors

The global well completion equipment market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. These vendors are increasingly focusing on research and developmental activities to reduce cost and improve the durability of equipment to work under future harsh conditions of offshore, sour crude, high temperatures, and high pressures.

Key vendors in this market are -

• Baker Hughes
• Halliburton
• Schlumberger
• Weatherford
• Welltec

Other prominent vendors in the market include American Completion Tools, Caledyne, Cosmic Petro Services, Crossover, D&L Oil Tools, DEW Wartungs- und Reparatur, Drilling Innovative Solutions, ESPCT, Evolution Oil Tools, National Oilwell Varco, Statoil, Salym Petroleum Development, Woodside, Emerson Electric, INTECH Process Automation, Nabors Industries, Superior Energy Services, and Trican Well Service.

Segmentation by application and analysis of the well completion equipment market

• Onshore
• Offshore

The onshore application segment accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the market segment's growth includes the current low price of oil and gas in the market, exploration of oil and gas sedimentary basins, improvement of well drilling equipment and seismic technologies, and the future exploration of unconventional oil and gas such as shale gas and tight oil. However, the market is expected to experience a slight decline in its market share due to the increasing offshore activities of drilling in deepwater and ultra-deepwater regions.

Segmentation by product type and analysis of the well completion equipment market

• Production casing and tubing
• Well stimulation tools
• Wellhead equipment
• Packers

The production casing and tubing segment accounted for the majority market share during 2016 and will continue to dominate the market during the forecasted period. One of the major factors responsible for the market segment's growth is the shifting of exploration and production activities towards deepwater and ultra-deepwater operations in various regions such as Gulf of Mexico, Canada, Mexico, North Sea, China, Russia, Brazil, Mediterranean Sea, Australia.

Key questions answered in the report include

• What will the well completion equipment market size and the growth rate be of the global well completion equipment market in 2021?
• What are the key factors driving the global well completion equipment market?
• What are the key market trends impacting the growth of the global well completion equipment market?
• What are the challenges to well completion equipment market growth?
• Who are the key vendors in the global well completion equipment market?
• What are the market opportunities and threats faced by the vendors in the global well completion equipment market?
• What are the trending factors influencing the market shares of the global well completion equipment market in Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global well completion equipment market?