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Sep 11, 2020 (The Expresswire) —
The increasing demand for operational oil wells is a key factor expected to aid growth of the global well completion equipment service market, says Fortune Business Insights in a report, titled “Well Completion Equipment Service” Market Size, Share and Global Trend by Type (Packers, Sand Control Tool, Multi-stage Fracturing Tool, Valves, Line Hanger, Others), By Applications (Onshore, Offshore) and Geography Forecast till 2026.” Increasingoil and gas exploration activities will contribute positively to the well completion equipment service market.
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As per the report, the packers segment is expected to account for a high share during the forecast period owing to its sealing and tubing quality along with the access of inside casing or liner. The sand control tool will also witness growth in the foreseeable future owing to its support in 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. Furthermore, the onshore segment is expected to grow rapidly during the forecast period owing to the surge in onshore wells as compared to the offshore wells.
Some of the Major Companies that are Present in the Global Well Completion Equipment and Services Market are:
- Baker Hughes
- a GE Company
- ENTI Corp
- Superior Energy Services
- Rasson Energy India Pvt Ltd
- Axis Energy Services
- Nine Energy Service
- Hilong Petroleum Technology Service Co., Ltd
- Precision Drilling
- Parker Hannifin
- and SPT Energy Group
The report focuses on all the features and conveys comprehensible data on the well completion equipment service market trends. The study is completed after intense analyzation to benefit companies and investors, considering participating and invest in the market. It comprises of market drivers, segmentation, industrial developments, and restricting factors.
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/well-completion-equipment-service-market-101312
Surge in Oil Production Capacities Will Stimulate Growth
The increasing demand for operating oil wells and surge in oil production capacities will accelerate growth in the market. This, in turn, will create growth opportunities for the market. For instance, in 2020, ExxonMobil marked its 13th discovery in new oil on the Stabroek Block. There has been an estimation of approximately 5.5 billion oil-equivalent barrels of recoverable resources on the Stabroek Block. The surge in crude oil prices is a key factor enabling the growth of the market. Furthermore, the announcement of Pipestone Energy Corp for its entrance is likely to boost the market growth during the forecast period. For instance, Pipestone Energy Corp has announced its entry into a midstream transaction with Tidewater Midstream and Infrastructure Ltd to accelerate its three well completion programs.
However, the fluctuations in crude oil prices will decrease the demand for crude oil prices, which, in, turn is expected to hamper the growth of the well completion equipment service market.
Key Market Driver Growth in the production of crude oil and count of new wells
Key Market Restraint Fluctuating crude oil prices
Robust Growth in Oil and Gas Industry will Create Lucrative Growth Opportunities in North America
The oil and natural gas industry have witnessed robust growth in North America in the recent past. This factor is expected to contribute significantly to the market growth. The increasing production in the U.S will further boost the growth in North America. Europe is expected to witness healthy growth owing to the increasing production capacities in the region. 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 oil reserves present. These factors together will bolster growth in Latin America
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Key Industry Developments
- In July 2020, Pipestone Energy Corp has announced its entry into a midstream transaction with Tidewater Midstream and Infrastructure Ltd to accelerate its three well completion program.
- In July 2020, Seadrill has been awarded a US$ 84 Million contract for nine offshore wells located in West Africa. The company is expected to provide ultra-deepwater drillship West Gemini for an unknown operator.
- In July 2020, Saudi Aramco has awarded US$ 18 Billion worth of 34 contracts to various companies of which almost half of the players were from Saudi. The companies are required to provide engineering, construction, and procurement services for increasing the capacity of the Marjan and Berri oilfields’ production
Below Listed Are Some of the Industrial Developments in The Well Completion Equipment Service Market:
- July 2020: Seadrill has been awarded a USD 84 million contract for nine offshore wells located in West Africa. The company is expected to provide ultra-deepwater drillship West Gemini for an unknown operator.
- July 2020: Saudi Aramco awarded USD 18 billion worth of 34 contracts to various companies of which almost half of the players were from Saudi. The companies are required to provide engineering, construction, and procurement services for increasing the capacity of the Marjan and Berri oilfields’ production
Key Segmental Overview:
1. By Type
- Sand Control Tool
- Multi-stage Fracturing Tool
- Line Hanger
2. By Applications
3. By Geography
- 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 and Africa (South Africa, GCC, and Rest of the Middle East and Africa)
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Major Table of Content For Well Completion Equipment Service Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- North America Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Europe Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Asia Pacific Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Latin America Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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