Well completion is the process of making oil and gas well capable of production after drilling is accomplished to signified depth. It comprises entire completion processes, which include running the production tubing, setting the downhole tools, and numerous other operations, which are carried out for making the well ready for production. Furthermore, the process of stimulation to improve the productivity of a well is also involved in well completion operation.Have a fresh look with latest Trend and Outlook: [FURL=https://www.coherentmarketinsights.com/ongoing-insight/well-completion-equipment-and-services-market-1282]https://www.coherentmarketinsights.com/ongoing-insight/well-completion-equipment-and-services-market-1282[/FURL]
Increasing exploration and production activities across the globe backed by increasing number of rigs is contributing to growth of the well completion equipment and services market. For instance, Oil and Natural Gas Corporation (ONGC) aims to increase crude oil production from 22.6 MT (million tons) in 2017 to 26.42 MT in 2022. However, fluctuating oil price is a major factor restraining growth of the well completion equipment and services market worldwide.
Global Well Completion Equipment and Services Market Outlook
North America dominated the market of well completion equipment and services in 2016. Shale gas revolution and the presence of major players has further driven the well completion equipment and services market in this region. According to Baker Hughes Company, in 2017, the rig count in the U.S. was 940, which was up 431 from 509 counted in 2016. This has further resulted in increasing installation of well completion equipment and thereby, has contributed to the overall growth of this market in North America.
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The major players in well completion equipment and services include Halliburton Company, Schlumberger Ltd., Baker Hughes, Inc., Weatherford International Plc, National Oilwell Varco, Inc., Superior Energy Services, Nabors Industries Ltd., Trican Well Service Ltd., and Packers Plus Energy Services.