The global completion equipment & services market will grow from an estimated $10.7 billion in 2014. This value is expected to increase to $17.9 billion by 2019, at a CAGR of 10.8% during the same period. North America is expected to lead the global completion equipment & services market with a share of more than 40%, in terms of value generation in 2014.
The completion equipment & services market is likely to grow reasonably in the upcoming years. The long-term drivers of the completion equipment & services market are well-known. The onshore and offshore drilling and exploration activities are always associated with elevated danger and require large investment for the exploration and development of oil and gas. To increase efficiency in deep water and in ultra-deep water, arenas insist on state-of-the-art technology that reduces risk, increases completion efficiencies, and maximizes production. This increases the demand of high competent tools, equipment, and services in the market to reduce the risk associated with this market.
The major drivers for the completion equipment & services market are increase in the production rate, new additions to recoverable reserves, energy strategy shift towards gas, and energy security by domestic supply. Strict environmental rules & regulations and plunge in the number of refineries are seen as major restraints to the completion equipment & services market. North America holds the major market share in the global completion equipment & services market.
The market has been estimated from the demand point of view. This report breaks the market into smaller service segments. In order to provide a deeper understanding of the competitive landscape, the report profiles 11 companies in the completion equipment & services market.
For this report, the major players in the market are identified through secondary and primary research based on which their market shares are evaluated. This includes a study of the annual reports of the top players and interviews with key opinion leaders such as CEOs, directors, and marketing executives.
This report analyzes various marketing trends and establishes the most-effective growth strategy. It identifies various dynamics such as drivers, opportunities, burning issues, and winning imperatives for the completion equipment market. Major companies such as–Schlumberger; Halliburton, Baker Hughes, and Weatherford have also been profiled in this report.