Global demand for energy has been increasing rapidly in recent years. This has led to a rise in oil and gas exploration and production activities. Well completion equipment and services are required for the drilling process in oil and gas production activities. The new discoveries of unconventional resources has increased the demand for well completion equipment’s. Increase in energy exploration and production is boosting the demand for well completion equipment and services.
The well completion equipment and services market can be segmented based on type, application, and region. Based on type, the well completion equipment and services market can be classified into packers, liner hangers, multistage fracturing tools, valves, sand control tools, smart valves, and others. Well completion equipment and services are used in drilling rigs in offshore and onshore areas. The well completion equipment and services market presents several opportunities. There is scope for increasing net present value for complex and mature oilfield assets. Additionally, well completion equipment can be customized by designing, integrating, and installing as per the customer needs to produce oil and gas. Well completions equipment helps in reducing stimulation time and improve well performance in horizontal wells. New technological advancements are emerging that help reduce the equipment’s manufacturing and service costs. However, the well completion and equipment services market also has some restraints. The oil and gas industry has been experiencing weak demand and low prices since the last few years. Moreover, it is difficult to plan for the future and make strategic decisions for commencing oil and gas production owing to the fluctuating crude oil prices globally.
In terms of geography, North America is a dominant region of the well completion equipment and services market in terms of demand. This can be ascribed to the increase in oil and gas activities in offshore regions of the U.S. New discovery of shale oil in North Dakota in North America has boosted the demand for well completion equipment and services. The well completion equipment and services market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in maritime security activities, growth in offshore oil and gas production activities, and improvement in underwater communications. In Europe, the well completion equipment and services market is expected to expand in countries such as the U.K., Germany, France, and Norway due to increased oil and gas drilling activities in the Johan Sverdrup field in the North Sea and improvement in offshore drilling activities. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for well completion equipment and services activities due to rapid urbanization and rise in offshore oil and gas exploration and production activities in the Gulf of Mexico. Demand for well completion equipment and services in countries in Middle East & Africa is also likely to rise due to the increase in number of offshore oil and gas exploration and production activities. Moreover, Saudi Arabia, Kuwait, and Qatar have been rapidly drilling and producing oil and gas due to the increase in global demand for energy. The deep-water discoveries in Africa are anticipated to propel the demand for well completion equipment and services.
Key global market players operating in the well completion equipment and services market include Baker Hughes Incorporated, Schlumberger Ltd, Weatherford International, Halliburton, and National Oilwell Varco (NOV).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.