Press Release

The Packers segment is expected to dominate the Global Completion Equipment Market in the forecast period

The major factors driving the growth of the global completion equipment market are increasing demand of completion equipment and increasing energy demands.

 

According to TechSci Research report, “The Global Completion Equipment Market - By Region, Competition, Forecast & Opportunities, 2028”. The Global Completion Equipment Market is expected to grow with a CAGR of  6.61% during the forecast period. The global demand for oil and gas is expected to grow in the coming years, due to increasing population and economic growth. This will lead to increased exploration and production activities in many parts of the world, due to the discovery of new oil and gas reserves. This will lead to increased demand for completion equipment, which is used to prepare the well for production. production activities, which will in turn drive the demand for completion equipment. There have been significant technological advancements in the completion process in recent years. These advancements have led to the development of new and mo High capital investment: The completion process requires a significant amount of capital investment, which can be a barrier for some companies.

There is a shortage of skilled labor in the oil and gas industry, which can make it difficult to find qualified personnel to operate and maintain completion equipment. Governments in many countries have imposed stringent regulations on the oil and gas industry, which can add to the cost of completion equipment and make it more difficult to obtain permits for drilling and production activities. The oil and gas industry is facing increasing scrutiny from environmental groups, which can lead to delays and additional costs for completion projects. The price of oil is volatile, which can make it difficult for companies to plan their investment in completion equipment.re efficient completion equipment, which is driving the growth of the market. The development of new technologies, such as hydraulic fracturing and horizontal drilling, could lead to changes in the way wells are completed. This could make some types of completion equipment obsolete and create new demand for other types of equipment. The depletion of oil and gas reserves could lead to a decline in the demand for completion equipment. However, this is likely to be a gradual process, as there are still significant reserves of oil and gas that have not yet been tapped.

 

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Based on Type, market is segmented into packers, perforating guns, liners, valves, and others. Packers are the most widely used type of completion equipment, due to their ability to isolate different zones in the well. Perforating guns are used to create perforations in the wellbore, which allows the fluids and gases to flow into the well. Liners are used to protect the wellbore from the corrosive effects of fluids and gases. Valves are used to control the flow of fluids and gases in the well. Others include completion tools such as bridge plugs, safety valves, and flow control devices.

Based on Region, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for completion equipment, due to the presence of major oil and gas producing countries such as the United States and Canada. Europe is the second largest market, followed by Asia Pacific. The demand for completion equipment is growing in Latin America and Middle East & Africa, due to the increasing exploration and production activities in these regions.

Based on Application, market is segmented into onshore and offshore. Onshore completion equipment is more widely used than offshore completion equipment, due to the lower cost of onshore operations. However, the demand for offshore completion equipment is growing, due to the discovery of new oil and gas reserves in offshore areas.


Key market players in the Global Completion Equipment Market include:

  • Schlumberger
  • Halliburton
  • Baker Hughes
  • Weatherford
  • National Oilwell Varco (NOV)
  • TechnipFMC
  • Aker Solutions
  • TETRA Technologies
  • Tenaris
  • Welltec.

 

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“One of the latest advancements in completion equipment technology is the development of smart completions. Smart completions are equipped with sensors that can monitor the performance of the well in real time. This information can be used to optimize the well's production and to identify potential problems early on. Smart completions are becoming increasingly popular as they can help to improve the efficiency and safety of oil and gas production. Another major advancement in completion equipment technology is the development of fiber-optic cables. Fiber-optic cables can be used to transmit data from sensors in the wellbore to the surface. This data can be used to monitor the performance of the well and to control the flow of fluids in the well. Fiber-optic cables are becoming increasingly popular as they offer a more reliable and secure way to transmit data than traditional methods.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Completion Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Smart Wells, Valves, Multistage Fracturing Tools, Liner Hangers, Packers, Sand Control Tools, Others), By Application (Onshore, Offshore), By Completion Method (Open Hole, Cased Hole, Liner Completion, Multiple, Slim-hole)By Region, Competition 2018-2028, has evaluated the future growth potential of Global Completion Equipment Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Completion Equipment Market.

 

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