Market Size of United States Completion Equipment and Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Completion Equipment & Services Market Analysis
The United States completion equipment and services market is expected to grow at a CAGR of more than 2% over the period of 2020-2025. Factors such as increasing production from conventional and unconventional resources and reducing maintenance costs of the well are expected to drive the market. However, volatility in the crude oil and natural gas prices leading to decreasing exploration and production activities may restrain the growth of the market.
- Shale oil and gas production is expected to drive the market in the forecast period. The complexity of production and multilateral drilling and production from the well requires high quality of well completion and its services, which is expected to aid the market.
- New development in the intelligent well completion technology, like the advancements in the high-end self-adaptive inflow control completion technology, is expected to make the oil and gas production more viable and may provide an opportunity for market players.
- Crude oil and natural gas production are expected to continue to be a vital part of meeting global energy demand, and the offshore segment is expected to witness significant growth in the forecast period. Increasing advancements in technologies are expected to aid the growth of the segment.
US Completion Equipment & Services Industry Segmentation
The United States completion equipment and services market report include:
| Location of Deployment | |
| Onshore | |
| Offshore |
United States Completion Equipment and Services Market Size Summary
The United States completion equipment and services market is poised for growth, driven by the increasing production from both conventional and unconventional resources. The market is supported by advancements in intelligent well completion technologies, which enhance the viability of oil and gas production. Despite challenges such as crude oil and natural gas price volatility, the market is expected to benefit from the complexity of shale oil and gas production, necessitating high-quality well completion services. The offshore segment, in particular, is anticipated to experience significant growth due to technological advancements and the need for efficient management of multilateral and horizontal wells in challenging environments.
The United States, being a leading producer of crude oil and a major user of well completion techniques, sees a robust demand for these services, especially in shale plays where unconventional reservoirs require more intensive completion efforts. The market is characterized by continued innovation and the adoption of advanced techniques to enhance well productivity. Key players in this moderately fragmented market include Schlumberger Ltd., Halliburton Company, Baker Hughes Company, Weatherford International plc, and National-Oilwell Varco Inc. The offshore segment is expected to be the fastest-growing due to increased free cash flow, technological advancements, and rising oil production, with projects like Chevron and Total's Anchor project in the Gulf of Mexico highlighting the sector's potential.
United States 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 2025
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1.3 Crude Oil Production and Forecast, in million barrels per day, till 2025
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1.4 Natural Gas Production and Forecast, in billion cubic feet, till 2025
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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 PESTLE Analysis
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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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United States Completion Equipment and Services Market Size FAQs
What is the current United States Completion Equipment and Services Market size?
The United States 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 United States 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 United States Completion Equipment and Services Market.
