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Asia-Pacific Completion Equipment Market Size (2024 - 2029)

The Asia-Pacific completion equipment market is anticipated to experience growth over the forecast period, driven by factors such as increased production of hydrocarbon resources and reduced well maintenance costs. Despite challenges in economically extracting shale oil and gas in regions like China and India, advancements in intelligent well-completion technologies present new opportunities for market expansion. China is projected to dominate the market due to its significant oil and gas production, rising investments, and collaborations between foreign companies and government entities to enhance market development.

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Market Size of Asia-Pacific Completion Equipment Industry

Asia-Pacific Completion Equipment Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 1.00 %

Major Players

Asia-Pacific Completion Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Completion Equipment Market Analysis

Asia-Pacific completion equipment market is projected to register a CAGR of over 1% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as increasing production of conventional and unconventional hydrocarbon and reducing maintenance costs of the well are expected to drive the market.
  • On the other hand, shale oil and gas are having difficulty in economic extraction in China and India may restrain the market.
  • Nevertheless, a new development in intelligent well-completion technology, like the high-end self-adaptive inflow control completion technology advancements, is expected to make oil and gas production more viable and may provide an opportunity for market players.
  • China is expected to be the largest market in the forecast period due to its abundant oil and gas production, increasing investment in the completion equipment market, and foreign companies partnering with governmental organizations to facilitate further growth.

APAC Completion Equipment Industry Segmentation

Completion equipment is used to bring an oil well to completion in preparation for its first test and later commercial production. Completion equipment may be any equipment used during the development of a well, followed by the completion process. The completion equipment that is helpful during thriving completion is typically a combination of downhole tubular tools and equipment that makes it possible to drill and complete an oil and gas well safely and efficiently. The completion equipment market is segmented by location of deployment and geography. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the completion equipment market across major regional countries. The market size and forecasts for each segment have been done regarding revenue (USD billion).

Location of Deployment
Onshore
Offshore
Geography
China
Malaysia
India
Indonesia
Rest of Asia-Pacific
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Asia-Pacific Completion Equipment Market Size Summary

The Asia-Pacific completion equipment market is experiencing a resurgence, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is driven by the increasing production of both conventional and unconventional hydrocarbons, alongside efforts to reduce well maintenance costs. However, challenges such as the economic extraction difficulties of shale oil and gas in China and India pose potential restraints. Despite these challenges, advancements in intelligent well-completion technologies, such as self-adaptive inflow control systems, are expected to enhance the viability of oil and gas production, offering new opportunities for market participants. China is anticipated to lead the market due to its substantial oil and gas production, significant investments in completion equipment, and strategic partnerships between foreign companies and government entities.

The offshore segment of the market is poised for rapid growth, fueled by technological advancements and increased investments in areas like the South China Sea and the Bay of Bengal. Offshore well completion equipment and services have demonstrated their value in managing complex production scenarios, such as multilateral and horizontal wells with multiple zones. Intelligent completions, which incorporate permanent downhole sensors for real-time data transmission, are being utilized to optimize production and reduce water output from wells. In India, efforts to enhance recovery from aging fields and the development of new infrastructure are underway, supported by substantial investments from both state-owned and private entities. Meanwhile, Malaysia's oil and gas sector continues to attract investments, with significant agreements aimed at expanding gas supplies and developing the industry further. The market remains moderately fragmented, with key players including Schlumberger, Halliburton, Baker Hughes, Weatherford, and China Oilfield Services, among others, actively participating in shaping the industry's future.

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Asia-Pacific Completion Equipment Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 China

      2. 2.2.2 Malaysia

      3. 2.2.3 India

      4. 2.2.4 Indonesia

      5. 2.2.5 Rest of Asia-Pacific

Asia-Pacific Completion Equipment Market Size FAQs

The Asia-Pacific Completion Equipment Market is projected to register a CAGR of 1% during the forecast period (2024-2029)

Schlumberger Ltd , Halliburton Company , Baker Hughes Company , Weatherford International plc. and China Oilfield Services Ltd are the major companies operating in the Asia-Pacific Completion Equipment Market.

Asia-Pacific Completion Equipment Report Snapshots

Asia-Pacific Completion Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)