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North America Completion Equipment and Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 100 Pages
  • January 2022
  • Region: North America
  • Mordor Intelligence
  • ID: 5530142

The North America completion equipment and services market is expected to grow at a CAGR of more than 2% over the period of 2020-2025. Factors such as increasing production from conventional and unconventional resources and reducing maintenance costs of the well are expected to drive the market. However, volatility in crude oil and natural gas prices may restrain the growth of the market.

Key Highlights

  • Crude oil and Natural gas production are expected to continue to be a vital part of meeting North American energy demand, and the onshore segment is expected to be the largest sector in the forecast period. Increasing advancements in technologies are expected to aid the growth of the segment.
  • New development in the intelligent well completion technology, like the advancements in the high-end self-adaptive inflow control completion technology, is expected to make the oil and gas production more viable and may provide an opportunity for market players.
  • The United States is expected to be the largest user of the completion equipment and services market in the forecast period due to its abundant production of crude oil and natural gas.

Key Market Trends

Onshore to Dominate the Market

  • The onshore segment is the largest segment in the market as most of the producing basins, in 2019 are derived using production through onshore rigs. Most of the onshore oil produced in the region is extracted in the United States. Onshore production of shale, along with conventional sources of hydrocarbon, is heavily dependent upon the usage of well completion and services market. An increase in the production of oil and gas is expected to aid the growth of the market.
  • Among the most relevant advances made during the past few years in the United State’s , shales are around completion design enhancements, and service providers continue to experiment with changing completion equipment. However, the nonlinear nature of shales makes it difficult for most market players to zero in on the optimal design parameters that may or may not work in shales. This provides for a large window of formation specific advancements in the forecast period.
  • Onshore accounted for approximately 95.8% of the total number of rotary rigs in the United States. Increasing prospects in the Permian Basin and North Dakota due to the growing number of unconventional projects and growing demand for oil and natural gas in the region is expected to aid the growth of the onshore segment in the country.
  • A large amount of crude oil produced in Canada is extracted from an onshore based field. Most of the oil in Canada is derived from the Judy Creek, which provides for around 68.36% of the oil produced in the country. However, as the field reaches maturity, heavy focus is being put on the exploration of basins like conventional hydrocarbon-rich like Pembina, which may provide growth to the oil and gas sector and its associated completion equipment services market.
  • Hence, onshore segment is expected to dominate the market in the forecast period due to investments in the sector, advances in technology and increasing production of oil.

United States to Dominate the Market

  • The United States was the largest producer of crude oil in the world in 2019. It is also among the largest user of well completion techniques, which, among others, are used in the economically viable recovery of unconventional onshore sources of hydrocarbons in the country’s shale plays. Almost all the shale plays in the region are produced via onshore instalments.
  • Shale gas production increased to 69.19 billion cubic feet per day, in 2019 from 59.82 billion cubic feet per day, in 2018 billion. Shale plays are a large user of completion equipment and services market because shale oil and gas reservoirs are more complex to handle and tend to mature faster than conventional wells. An increase in the production of shale in the region is expected to aid the growth of the market.
  • The completion equipment improvements have incorporated new paradigms in the sector like intelligent or smart well completion. Intelligent completions include permanent downhole sensors that transmit data to surface for local or remote monitoring in a digital well platform. All these data may or may not be automated but deliver to increase the production of the well. These systems are being used in the offshore segment as a method to decrease the production of water from the wells.
  • In 2019, Emrson, in partnership with Metrol, a leader in battery-powered wireless well monitoring, has launched the Intelligent Multistage Completion Network and integrated upper and lower completions downhole solution that communicates wirelessly with instruments at the reservoir sand face, the physical interface between the formation and the wellbore. This is enabled by a new wireless interface that generates crucial zonal flow information and sand face monitoring in the lower completion. Further advancements in the market are expected to create more reliability and growth in the market.
  • Chevron and Total have sanctioned the Anchor project in the United States Gulf of Mexico. The Anchor project is the industry’s first deepwater high-pressure development to achieve a final investment decision (FID). Advancement of the new technology in well completion and production, which is capable of handling pressures of 20,000 psi, enables access to other high-pressure resource opportunities across the Gulf of Mexico, thereby attributing to the growth of the market.
  • Wells completed in the United States increased by 3.98% to 30,644, in 2019 from 29,470, in 2018. An increase in the usage of unconventional hydrocarbons and rising demand for crude oil is expected to aid the growth of well completion in the forecast period.
  • Hence, the United States is expected to dominate the market in the forecast period due to an increase in investments in the sector, growing production of unconventional resources and advancement in technology.

Competitive Landscape

The North America completion equipment and services market is moderately fragmented. Some of the key players in this market are Schlumberger Ltd., Halliburton Company, Baker Hughes Company Weatherford International plc, and National-Oilwell Varco Inc.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2025
4.3 Crude Oil Production and Forecast, in million barrels per day, till 2025
4.4 Natural Gas Production and Forecast, in billion cubic feet, till 2025
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Geography
5.2.1 United States
5.2.2 Canada
5.2.3 Rest of North America
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Weatherford International plc
6.3.2 National-Oilwell Varco Inc.
6.3.3 Baker Hughes Company
6.3.4 Schoeller-Bleckmann Oilfield Equipment AG
6.3.5 Packers Plus Energy Services, Inc.
6.3.6 Schlumberger Ltd
6.3.7 Halliburton Company
6.3.8 Trican Well Service Ltd
6.3.9 Superior Energy Services, Inc.
6.3.10 Weir Group PLC
6.3.11 Welltec A/S