Global Completion Equipment and Services Market- Growth, Trends, and Forecast (Outlook to 2028)

Higher well completion activity in North America during Q3, High oil and gas prices, strong rig count additions globally during Q3, increasing interest in offshore oil and gas activity, attractive economics for drilling and completions, increasing customer concern about the availability of completion equipment, and other OFSE amidst the global supply chain disruption, serve as the main drivers for the Global Completion Equipment and Services market. 

The continuing trend towards longer lateral lengths, increased frac stages, more perforation clusters to target increased unconventional well productivity are driving demand for downhole technologies which encompass completion equipment. Apart from this, the demand for completion products and services is highly correlated with the total number of wells drilled, total footage drilled, the number of drilled wells that are completed, and changes in the drilling rig count. 

With the OFSE market in the early stages of a broad-based multi-year recovery and anticipated cyclical growth, the Global well completions market is poised to face increasing demand. 

Well-completion refers to the preparation of the well for production by installing the necessary equipment to facilitate the safe and controlled flow of hydrocarbons to the surface. Well completion involves preparing the bottom of the hole to the required specifications, running in the production tubing and its associated downhole tools, perforating and stimulating as required. Well completions serve various purposes:

1. Connect the reservoir to the surface and facilitate the production and injection of fluids from and to the reservoir. 
2. Provide a conduit for well stimulation treatments.
3. Isolate the producing reservoir from other zones
4. Protect the integrity of the reservoir
5. Provide a conduit to measure the changes in flow rate and pressure needed to run a well test

It is imperative to note that oil price remains the primary market driver, influencing drilling activity and the associated completion equipment market size.

Asia Region Analysis

China

The discovery of a significant shale oilfield in the Daqing Oilfield cluster with expected reserves of 1.27 billion tonnes of oil highlights the region's future increase in completion activity. As production declines in this oilfield, this discovery provides a respite from the dependence on costly crude oil and natural gas imports. Given this oilfield's challenging geology and depth, drilling and completion activities are bound to be more expensive in the region giving a boost to the completion equipment market. This particular discovery stands to help secure the national oil supply security. 

Latin America Region Analysis

The discovery of nearly 2 billion barrels of recoverable oil resources in offshore Suriname, the discovery of the Stabroek Block, with approximately 10 billion barrels of oil reserves in offshore Guyana, the Guyana-Suriname region of South America is bound to be the regional hotspot for oil exploration and production. The abundant supply of light, sweet, low sulphur crude makes this oil plays extremely attractive in light of the stringent rules associated with carbon-intensive oil production and the recent IMO 2020 regulation. 

Blackridge Research's Global Well Completion Equipment and Services Market report provides insights into the current global and regional market demand scenario and its outlook.

The study offers a detailed analysis of various factors instrumental in affecting the completion equipment and service market's growth. The study also comprehensively analyses the completion equipment and service market by segmenting it based on geography (North America, Middle East, Latin America, Europe, Asia Pacific, Rest of the World) and by Function (Packers, Sand Control Tools, Multistage Fracturing Tools, Liner hangers, Safety Valves, Intelligent Systems, Tubulars, Others).

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the completion equipment and service market, important commercial developments, trends, regions, and segments poised for the fastest-growth, competitive landscape.

Further, completion equipment and service market size, demand forecast, growth rates, and trade (imports and exports) will also be provided in the report.