Market Introduction
The well completion market in South America is further segmented into Brazil, Argentina, and the Rest of SAM. The increasing exploration and production activities, and new fields of unconventional resources are the major factors driving the growth of the well completion market in the region. The escalating energy demands have been propelling the exploration and production companies to explore unconventional hydrocarbon resources available in South America. Brazil has become the third-largest supplier of crude oil in the world. The COVID-19 pandemic slashed the overall well count in South America to 1,300 in 2020, from more than 2,500 wells drilled in 2019. In 2020, South America produced ~9.5 million barrels of oil equivalent per day on average, i.e., ~6% of global crude output.
Brazil reported the highest number of COVID-19 cases in South America, followed by Ecuador, Chile, Peru, and Argentina. Most of the commercial operations in the region were shut down to prevent the spread of the disease. Lockdowns imposed in cities compelled most production plant operators to suspend their operation indefinitely, leading to the discontinuation in the demand for mechanical components of well-computing equipment and services. Therefore, the COVID-19 pandemic is restraining the well completion equipment and services market growth in South America.
Market Overview and Dynamics
The well completion equipment and services market in SAM is expected to grow from US$ 1,097.99 million in 2021 to US$ 1,360.80 million by 2028; it is estimated to grow at a CAGR of 3.1% from 2021 to 2028. Adoption of smart well technologies; the automation in well technologies is one of the major factors aiding the growth of the market across the region. The adoption of smart well technologies has become a popular trend among well rig vendors. It provides different advantages such as an increase in production rates, time and cost savings, a decrease in water injections, and monitoring of the whole production operations, along with real-time updates to the connected monitor or devices. Initially, the smart well concept was tried in onshore wells but now it has been applied to the offshore rigs as well. Moreover, industrial revolution 4.0 in the oil & gas industry has propelled the adoption of smart well technologies and well completion equipment across different oil rigs, which is driving the market. The intelligent well completion system also helps to boost the oil production and overall operational efficiency to 50% and more (if retained successfully). Thereby, adoption of smart well technologies is expected to fuel the SAM well completion equipment and services market growth. This is bolstering the growth of the well completion equipment and services market.
Key Market Segments
Based on the offerings, the well completion equipment and services market are segmented into equipment and services. In 2020, the services segment held the largest share SAM well completion equipment and services market. Based on equipment the market is divided into packers, sand control tools, multistage fracturing tools, liner hangers, smart wells, valves, control devices, and others. In 2020, the packers segment held the largest share SAM well completion equipment and services market. Based on location, the well completion equipment and services market, is segmented into onshore and offshore. The onshore segment accounts for largest market share in the 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the well completion equipment and services market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Baker Hughes Company; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger; and Welltec among others.
Reasons to buy report
- To understand the SAM well completion equipment and services market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for SAM well completion equipment and services market
- Efficiently plan M&A and partnership deals in SAM well completion equipment and services market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form SAM well completion equipment and services market
- Obtain market revenue forecast for market by various segments from 2021-2028 in SAM region.
SAM WELL COMPLETION EQUIPMENT AND SERVICES MARKET SEGMENTATION
By Offerings
- Equipment
- Packers
- Sand Control Tools
- Multistage Fracturing Tools
- Liner Hangers
- Smart Wells
- Valves
- Control Devices
- Others
- Services
By Location
- Onshore
- Offshore
By Country
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Baker Hughes Company
- Halliburton Company
- Nov Inc.
- NCS Multistage, LLC
- Royal Dutch Shell PLC
- RPC Incorporated
- Schlumberger
- Welltec
South America Well Completion Equipment and Services Market Strategic Insights
South America Well Completion Equipment and Services Market Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 1,097.99 Million |
| Market Size by 2028 | US$ 1,360.80 Million |
| CAGR (2021 - 2028) | 3.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offerings
|
|
Regions and Countries Covered
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| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
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South America Well Completion Equipment and Services Market Country and Regional Insights
