The global completions tools equipment market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The market growth is majorly attributed to the growth in drilling, exploration and production activities owing to ever increasing energy needs all over the globe. The increasing demand for energy has led to growing pressure on the exploration and production companies to extract more hydrocarbons from existing wells through advanced techniques. As a result, this is likely to foster deep exploration activities on a large scale particularly in Gulf countries, South China Sea and North Sea. This is further anticipated to surge the completions tools equipment demand during the forecast period. Rapid development of alternative resources is also one of the key factors contributing to the market growth. Increased efficiency in deep waters and ultra-deep waters along with enhanced completion efficiency has resulted in maximized production capabilities by market participants. This has led to well completion equipment market demand on a large scale.
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Offshore sector is anticipated to be a potential market in the completion tools equipment market as the cost of operation in the offshore locations dropped substantially over the past few years. This has propelled the industry to expedite its expenditure gradually, which is likely to drive the market growth in the future years. Since shale gas is commercially beneficial for the North American region, the exploration and production activities have been increasing at a rapid pace in the region, thus driving the global completions tools equipment market.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape: Schlumberger Ltd., Halliburton Co., and Baker Hughes, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Completions Tools Equipment Market Report by Segment
By Type
- Casings
- Cementing Materials and Equipment
- Perforating Guns
- Gravel Packing
- Wellheads
By Application
- Onshore
- Offshore
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