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Completion Equipment & Services Market Size (2024 - 2029)

The completions equipment market is experiencing growth driven by increased drilling activities, particularly in North America, where shale gas exploration has boosted demand. Despite challenges posed by a high number of drilled but uncompleted wells in the US, the market's expansion is supported by the recovery observed since 2017. The offshore sector presents a promising opportunity due to reduced operational costs, encouraging further investment. North America remains the dominant region in terms of market size, with significant contributions from the US and Canada.

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Market Size of Completion Equipment & Services Industry

Wind Turbine Gearbox Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR < 4.83 %
Largest Market North America
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Completion Equipment and Services Market Analysis

The total wells completed globallyis expected to increaseat a CAGR of 4.83%, by 2025. The completion equipment & services market recovered in 2017 on account of increase in drilling activity, especially in the US. With shale gas being commercially profitable for the North American region, the exploration & production activities have been increasing at a rapid pace in the region, thus driving the demand for well completion equipment & services. High drilled but uncompleted (DUC) well count in the US is expected to hinder the growth of the market studied.

  • Offshore sector is expected to be a potential market in the completion equipment & services market as the cost of operation in the offshore locations declined significantly over the past few years, which has encouraged the industry to step up its expenditure gradually, in the coming years.
  • North America dominated the market across the globe with the largest contribution from the countries such as the US and Canada.

Completion Equipment and Services Industry Segmentation

The completion equipment & services market report include:

Location
Onshore
Offshore
Geography
North America
United States
Canada
Rest of North America
Asia-Pacific
China
India
Indonesia
Rest of Asia-Pacific
Middle-East and Africa
Saudi Arabia
Iran
Egypt
United Arab Emirates
Rest of Middle-East and Africa
Europe
United Kingdom
Norway
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
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Completion Equipment & Services Market Size Summary

The completions equipment market is poised for growth, driven by increased drilling activities and the commercial viability of shale gas in North America. The recovery of the market began in 2017, with significant contributions from the United States and Canada, where technological advancements like horizontal drilling and hydraulic fracturing have boosted unconventional fossil fuel production. Despite the high count of drilled but uncompleted wells in the US posing a challenge, the offshore sector presents a promising opportunity. The reduction in operational costs at offshore locations has encouraged increased investment, particularly as the industry shifts focus towards deeper water reserves due to declining shallow water resources. This strategic shift is supported by lower breakeven prices for deepwater projects, attracting major operators to invest in new developments.

Globally, North America remains the dominant region in the completions equipment market, with the US leading in production and investment. The country's transformation into a leading oil producer, following the shale revolution, has spurred significant exploration and production activities, particularly in the Permian Basin. However, challenges such as pipeline capacity constraints in key basins have impacted drilling activities. The anticipated expansion of pipeline infrastructure in the US and Canada is expected to alleviate these bottlenecks, further driving market growth. Meanwhile, Brazil's deepwater projects, supported by favorable regulatory changes and financial improvements, are set to enhance demand for completion equipment and services. Major industry players, including Schlumberger, Halliburton, and Baker Hughes, continue to play a pivotal role in shaping the market landscape.

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Completion Equipment & Services 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 2025

    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 Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Asia-Pacific

        1. 2.2.2.1 China

        2. 2.2.2.2 India

        3. 2.2.2.3 Indonesia

        4. 2.2.2.4 Rest of Asia-Pacific

      3. 2.2.3 Middle-East and Africa

        1. 2.2.3.1 Saudi Arabia

        2. 2.2.3.2 Iran

        3. 2.2.3.3 Egypt

        4. 2.2.3.4 United Arab Emirates

        5. 2.2.3.5 Rest of Middle-East and Africa

      4. 2.2.4 Europe

        1. 2.2.4.1 United Kingdom

        2. 2.2.4.2 Norway

        3. 2.2.4.3 Russia

        4. 2.2.4.4 Rest of Europe

      5. 2.2.5 South America

        1. 2.2.5.1 Brazil

        2. 2.2.5.2 Argentina

        3. 2.2.5.3 Rest of South America

Completion Equipment & Services Market Size FAQs

The Completion Equipment & Services Market is projected to register a CAGR of less than 4.83% during the forecast period (2024-2029)

Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc., Weatherford International PLC and Baker Hughes, a GE company are the major companies operating in the Completion Equipment & Services Market.

Completions Equipment Market Report Snapshots

Completions Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)