Market Size of North America Completion Equipment And Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Completion Equipment And Services Market Analysis
The North American completion equipment and services market is expected to register a CAGR of more than 2% over the period. The market was negatively impacted due to the outbreak of COVID-19 due to regional lockdowns and the crude oil price crash, leading to delays in ongoing and upcoming projects. Currently, the market has reached pre-pandemic levels.
- Factors such as increasing production from conventional and unconventional resources and reducing the maintenance costs of the well are expected to drive the market.
- However, volatility in crude oil and natural gas prices may restrain the growth of the market.
- New developments in intelligent well completion technology, like the advancements in high-end self-adaptive inflow control completion technology, are expected to make oil and gas production more viable and may provide an opportunity for market players.
- The United States is expected to be the largest user of the completion equipment and services market in the forecast period due to its abundant production of crude oil and natural gas.
North America Completion Equipment And Services Industry Segmentation
Completion equipment is equipment that is used in the development of a well and, after that, in the completion process. The North American completion equipment and services 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 and services market across the major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Completion Equipment And Services Market Size Summary
The North American completion equipment and services market is poised for steady growth, driven by increasing production from both conventional and unconventional resources. The market has rebounded to pre-pandemic levels after the disruptions caused by COVID-19 and fluctuating crude oil prices. Technological advancements, particularly in intelligent well completion, are expected to enhance the viability of oil and gas production, offering new opportunities for market participants. The United States is anticipated to be the largest consumer of these services, supported by its substantial crude oil and natural gas production. The onshore segment dominates the market, with significant contributions from shale and conventional hydrocarbon sources, particularly in the United States and Canada.
The market landscape is moderately fragmented, with key players like Schlumberger Ltd., Halliburton Company, and Baker Hughes Company leading the charge. The United States' focus on unconventional resources and technological advancements in well completion techniques, such as smart well systems, is expected to bolster its market position. Projects like Chevron and Total's Anchor project in the Gulf of Mexico highlight the industry's push towards high-pressure developments, further driving market growth. Despite challenges like price volatility, the market is set to benefit from ongoing investments and exploration activities, particularly in regions like the Permian Basin and North Dakota.
North America Completion Equipment And Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2028
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1.3 Crude Oil Production and Forecast, in million barrels per day, till 2028
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1.4 Natural Gas Production and Forecast, in billion cubic feet, till 2028
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Rest of North America
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North America Completion Equipment And Services Market Size FAQs
What is the current North America Completion Equipment And Services Market size?
The North America Completion Equipment And Services Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in North America Completion Equipment And Services Market?
Schlumberger Ltd. , Halliburton Company, Baker Hughes Company, Weatherford International plc and National-Oilwell Varco, Inc. are the major companies operating in the North America Completion Equipment And Services Market.
