North America Well Completion Equipment and Services Market

Market Introduction

The well completion market in North America is sub segmented into the US, Canada, and Mexico. The region dominates the completion equipment and services market due to the presence of large continuous and large oil & gas exploration and production projects as well as a surge in new activities in the US, the Gulf of Mexico, and Canada. The US is the largest contributor to the total oil & gas production of North America. An increase in the number of horizontal wells in the US along with a rise in oil and shale gas production per rig are the key factors contributing to the well completion market growth in the country. In 2020, the country reported oil production of 23,521 barrels/day, and crude oil and condensate production of 17,489 barrels/day; there were 7,394 oil and gas well completions in the US in that year. The emergence of advance intelligent well completion systems such as high-end self-adaptive inflow control completion systems would propel the market growth in North America. Moreover, high demand for onshore equipment due to significant prospects in the Permian Basin and North Dakota, especially in an increasingly large number of unconventional projects, would flourish the well completion market growth for the onshore segment. Halliburton (US), Schlumberger Limited (US), and Baker Hughes Company (US) are among the key completion equipment and services providers in the region. Furthermore, oil & gas companies such as Royal Dutch Shell (Netherlands) are creating opportunities for investments in the crude oil industry in the US and Canada.

The COVID-19 pandemic led to reduced activities in the oil & gas power-generating facilities, as well as shutting down of construction, operations, and maintenance projects at several locations after issuing multiple "stay at home" orders by state governors across the countries. Across the energy industry, these quarantine measures and shutdowns caused furloughs and layoffs of technical, construction, and manufacturing personnel, as well as project demobilizations in many cases. As a result, many oil wells were struggling to keep up with maintenance and operations. Furthermore, the COVID-19 pandemic has made it more difficult for oil and gas producers to get project finance or equity capital. As a result, the COVID-19 pandemic had a detrimental influence on the North American well completion equipment and services industry

North America Well Completion Equipment and Services Strategic Insights

Strategic insights for the North America Well Completion Equipment and Services provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Well Completion Equipment and Services Report Scope

North America Well Completion Equipment and Services Regional Insights

The geographic scope of the North America Well Completion Equipment and Services refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The well completion equipment and services market in North America is expected to grow from US$ 2,377.24 million in 2021 to US$ 3,012.32 million by 2028; it is estimated to grow at a CAGR of 3.4% 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 North America 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 North America 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 North America 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 North America 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; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger Limited; Nine Energy Services; and Welltec among others.

Reasons to buy report

• To understand the North America 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 North America well completion equipment and services market
• Efficiently plan M&A and partnership deals in North America 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 North America well completion equipment and services market
• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

NORTH AMERICA 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

• US
• Canada
• Mexico

Company Profiles

• Baker Hughes Company
• FTS International
• Halliburton Company
• Nov Inc.
• NCS Multistage, LLC
• Royal Dutch Shell PLC
• RPC Incorporated
• Schlumberger Limited
• Nine Energy Services
• Welltec