Global Completion Equipment & Services Market Analysis, Trends & Forecast 2018-2023 - ResearchAndMarkets.com

The "Global Completion Equipment & Services Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

Oil & gas exploration and production is a complex process that requires sophisticated technology and equipment. Besides equipment, the exploration & production companies also require certain services during exploration and drilling. Well completion process includes various steps, such as casing, cementing, open-hole completion, perforating, gravel packing, installing a production tree, stimulation, well intervention, pressure control, and pipeline and process services, to prepare a well for production. Currently, about 70% of the global oil and gas production comes from matured fields.

The increase in well exploration & development projects is fueled by the increasing demand for oil, gas, and their derivatives. North America's vision is to increase the production of shale gas and become self-sufficient, and increase the number of matured fields. The exploration & production activities have reduced during the past few years, on account of significant dip in the oil prices, during 2014.

North America is projected to dominate the demand for the completion equipment & services market. Technological innovations, such as such as horizontal drilling and hydraulic fracturing, have led to robust growth in the production of unconventional fossil fuels, notably, shale gas and tight oil, in the United States and Canada. In January 2018, the active rotary rig counts in the region increased to 1261 from 1036 in January 2017. Besides, the number of active rigs for drilling horizontal wells for shale oil production has more than doubled since 2016.

Companies Mentioned