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Oil and natural gas industry are categorized into three sectors where the exploration, drilling, production, transport, and storage, among other activities are carried out. In order to carry out these activities smoothly and efficiently, the oil producers are dependent on the oil field service industry. Well completion is a part of the upstream sector of the oil and natural gas industry.
The well completion service includes wellbore technology consulting, architecture design, and downhole equipment among others. The well completion process generally includes completion of the well, installation of the wellhead, installation of the well casing, and installation of the lift equipment among others. Well completion equipment and services include equipment used for applications such as tubing heads, cementing equipment, well controls, Christmas tree, packer assemblies, and wellhead completion assemblies among others.
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By type, the wellhead completion equipment and service market are classified as packers, sand control tools, multi-stage fracturing tools, valves, and line hangers, among others. The packers are used for sealing the outside of the tubing and inside of the casing or liner. The sand control tool aids in controlling sand production in the wells.
The other tools such as multistage fracturing, valves, and line hangers are used in the fracturing operations, flow control and attaching liners from the internal walls respectively. By application, the well completion equipment and services market is bifurcated on the basis of applications of the well completion equipment in the onshore and offshore wells.
The onshore segment is expected to dominate the well completion equipment and services market owing to the more number of onshore wells as compared to the offshore wells.
The well completion equipment has a significant demand in the operating oil wells. Increase in the production capacities of oil is thus expected to boost the demand for the well completion equipment and services market in the coming years. Oil and gas exploration activities are expected to add new capacities to the current oil and gas production capacities. For instance, in 2019, Exxon Mobile has made its thirteenth crude oil discovery located in Latin America.
The company claims to have found offshore oil reserves of around 5.5 billion oil-equivalent barrels of crude oil. Owing to the growth of the exploration activities, the oil production is expected to witness a steady growth which is likely to drive the well completion & equipment market in the coming years.
Crude oil prices are among the key factors that drive the crude oil demand across the globe. Fluctuations in crude oil prices lead to a decrease in the demand for crude oil owing to which the production of crude oil is affected negatively. This is expected to retard the market growth of the well completion equipment and services market in the near future.
Some of the major companies that are present in the global well completion equipment and services market are Halliburton, Schlumberger, Baker Hughes, a GE Company, ENTI Corp, Superior Energy Services, Weatherford, Rasson Energy India Pvt Ltd, Axis Energy Services, Propell, Nine Energy Service, Hilong Petroleum Technology Service Co., Ltd, Precision Drilling, Parker Hannifin, and SPT Energy Group among others.
· Sand Control Tool
· Multi-stage Fracturing Tool
· Line Hanger
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global well completion equipment and services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The oil and natural gas industry has witnessed robust growth in the North America region in the recent past. Owing to the increasing production in the U.S, the region is expected to remain among the key oil producers across the globe. The growth of the oil and natural gas industry in the North America region is thus expected to drive the well completion equipment & service market in the near future. Europe region is expected to witness a significant growth in the oil and gas industry owing to the growing production capacities in the region. Owing to this, the well completion equipment and services market is likely to have healthy growth over the forecast period. The oil production in Latin America is mainly driven by Brazil which accounted for around 3% of the global oil production in the year 2017 as reported by British Petroleum. Countries such as Venezuela have a high potential for oil production owing to more number of oil reserves present. This is expected to boost the oil and natural gas industry in the region owing to which, the well completion equipment and services market is likely to grow at a decent pace during the forecast period.
Oil and natural gas exploration activities in the Middle East and Africa region are expected to add in the current oil production capacities. Owing to this the well completion equipment and services market is expected to grow at a steady rate in the region. Asia Pacific region is focused on the exploration of oil reserves in order to increase its production capacities. For instance, Oil and Natural Gas Corporation, a state-owned company based in India has discovered 230 mn tonnes of oil reserves in the years 2017, 2018 and 2019. Owing to the increased oil and natural gas exploration activities in the Asia Pacific, the well completion equipment and service market is expected to gain traction in the coming years.
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