Reportlinker has released a new well completion equipment and services market forecast for the 2021 to 2028 period. In this post, we are going to look at some of the key facts this report puts forward.
Currently, the well completion market is valued somewhere in the region of USD 8.5 billion. The report predicts that the value could rise to around USD 11 billion in 2028. This would mean that the well completion market exhibits a compound annual growth rate of some 4.2% across this timescale. There are several factors that are predicted to contribute to this growth. Including increased levels of oil and gas exploration, and increased natural gas consumption.
What is Well Completion?
This is the entire process of finishing up preparing a well for full production once drilling has finished. In short, it means running production tubulars and other down hole rig equipment, and undertaking any stimulating or perforating that is needed. Fundamentally, this is the final process of making a rig ready for production. Replacing drilling equipment with rig equipment to facilitate actual production. This requires specialised oil well completion equipment.
Other Factors Impacting The Well Completion Market
Consider for a moment, that in 2019, there were over 14,000 rigs that went through the completion process. When we look at the number of new offshore projects currently underway across multiple regions, we can see why this growth in the well completion market is forecasted. However, there are some negative impactors as well. Not least of which is the ongoing COVID-19 pandemic. This has led to reduced output from oil and gas generating firms. With some staff being forced to stay home, construction and maintenance of these facilities has slowed. The same is true of some oil producers, with rigs short on staff and being forced to reduce production. All of this, of course, has negatively impacted the ability of oil producers to procure additional investment funding.
The Geography of the Well Completion Market
The market for well completion equipment is segmented by geolocation. Furthermore, a distinction has to be made between on-shore and off-shore production. Therefore, the market report has been segmented along these lines, with regard to market predictions. However, to predict the total global market size, the report pulls in multiple sources. North America is covered in the most depth, as it is seen as one of the major players, with plenty of historic data for the report creator to fall back on.
How Accurate is this Market Prediction?
In short, it is impossible to say at this stage. It is, after all, only a prediction. However, the report cites some impressive sources. Furthermore, a number of recognised industry experts contributed to it. Professional research analysts compiled the data that the market report for well completion equipment was based on. In summary, the data is trustworthy and the methodology sound. So, this market prediction is based on solid ground. Yet, only time will tell whether it is fully accurate or not.
New & Used Well Completion Equipment from IRE
We have, in stock, a number of new and used items of rig equipment that are used in the well completion process. Our team has decades of knowledge and experience in the new and used oil and gas rig equipment market. They can provide you with the advice and support you need to make good buying decisions. Contacting our team is simple. Use our web-based contact form, email them directly at email@example.com, or give us a call on +971 6 526 2556.