North America Accounted for 40% of the Completion Equipment and Services Market

Date: 2015-08-21

“Completion equipment and services are required to complete the drilling process of an oil & gas well to commence production. The ever-increasing exploration & production activities across the globe and new areas of unconventional resources are the main drivers of the completion equipment and services market. However, issues associated with the environment and increased seismic activities have slowed down the growth of this market.

In addition, the growth of the completion equipment and services market is directly proportional to the on-going drilling and completion activities around the world. On the basis of various factors such as geological condition, type of reservoir etc., different types of completion equipment and services are required to assist the drilling & exploration activities.

Growth in drilling and exploration activities is attributed to the continuous increase in world energy demand. These activities are expected to grow further as the world energy demand for oil would reach around 4 GTOE by 2020. This rise has resulted in increased drilling and completion activities across geographies. It has also put pressure to extract more from each well, and thus, further deep exploration is carried out. This increase in drilling activities has raised the requirement for completion equipment and services.

Leading market players of this industry have also been profiled with their recent developments and other strategic industry activities. These include Baker Hughes (U.S.), Superior Energy Services (U.S.), Halliburton (U.S.), Schlumberger (U.S.), and Weatherford International Inc. (U.S.) among others.

North America accounted for more than 40% of the total market share in 2014. In North America, the U.S. is the largest market, and is led by Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Superior Energy Services (U.S.). On the other hand, Chinese and a few Asian players are expected to grow in the near future.


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