Global demand for energy has been increasing rapidly in recent years. This has led to a rise in oil and gas exploration and production activities. Well completion equipment and services are required for the drilling process in oil and gas production activities. The new discoveries of unconventional resources has increased the demand for well completion equipment’s. Increase in energy exploration and production is boosting the demand for well completion equipment and services.
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The well completion equipment and services market can be segmented based on type, application, and region. Based on type, the well completion equipment and services market can be classified into packers, liner hangers, multistage fracturing tools, valves, sand control tools, smart valves, and others. Well completion equipment and services are used in drilling rigs in offshore and onshore areas. The well completion equipment and services market presents several opportunities. There is scope for increasing net present value for complex and mature oilfield assets. Additionally, well completion equipment can be customized by designing, integrating, and installing as per the customer needs to produce oil and gas. Well completions equipment helps in reducing stimulation time and improve well performance in horizontal wells. New technological advancements are emerging that help reduce the equipment’s manufacturing and service costs. However, the well completion and equipment services market also has some restraints. The oil and gas industry has been experiencing weak demand and low prices since the last few years. Moreover, it is difficult to plan for the future and make strategic decisions for commencing oil and gas production owing to the fluctuating crude oil prices globally.
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Key global market players operating in the well completion equipment and services market include Baker Hughes Incorporated, Schlumberger Ltd, Weatherford International, Halliburton, and National Oilwell Varco (NOV).