The global well completion equipment & services market is likely to witness a growth rate of 4.31% from 2016 to 2021. Market growth is primarily driven by factors such as refracking of mature oil & gas wells and resuming shale operations. North America is estimated to be the largest market for well completion equipment & services in 2016, and the trend is projected to continue till 2021, followed by Asia-Pacific and Europe, respectively.
The well completion equipment & services market includes both global and small regional players. Some of the key players operating in the market include Baker Hughes, Inc. (U.S.), FTS International (U.S.), Halliburton Company (U.S.), Nabors Industries Ltd. (Bermuda), NCS Multistage (U.S.), Nine Energy Services (U.S.), National Oilwell Varco, Inc. (U.S.), Packers Plus Energy Services, Inc. (Canada), RPC Incorporated (U.S.), Schlumberger Ltd. (U.S.), Superior Energy Services (U.S.), Trican Well Service Ltd. (Canada), Weatherford International Plc (Ireland), and Welltec (Denmark).
Growth strategies adopted by key players in the well completion equipment & services market include mergers & acquisitions, new product launches, contracts & agreements, and expansions. Mergers & acquisitions was the most commonly adopted strategy, constituting almost one-third of the total development share. The industry also adopted contracts & agreements as the second most popular strategy in the past 4 years (2011–2015).
Halliburton Company (U.S.) and Schlumberger Ltd. (U.S.) were among the leading players in the well completion equipment & services market. Halliburton has strengthened its position in the completion equipment & services market through strategic acquisitions and new technology development. It consistently upgrades its product line to improve performance and efficiency. The company is availing of all available opportunities and resources to stay ahead of the competition in terms of professional services and manufacturing capabilities. New contracts, such as the contract with Cobalt International Energy for wireline technology, have helped it enhance its product portfolio across regions. The company has increased its presence in the completion equipment market by continuously developing new completion & production technology products. For instance, it recently launched the VersaFlex XtremeGrip, an expandable liner hanger system. It has also invested in diversifying and expanding its business across countries such as Australia, Argentina, China, and Saudi Arabia.
Schlumberger Ltd. (U.S.) is another leading global player in the well completion equipment & services market. The company is focusing on providing innovative solutions and services, especially for production and drilling, to enhance customer value. It has generally adopted the strategy of acquisitions and joint ventures to grow and sustain in the market. For instance, it acquired Cameron (U.S.), a provider of flow equipment products, systems, and services to oil & gas industries. It also focuses on developing its R&D capabilities by making significant investments. Moreover, it has established technical collaborations with more than 250 universities in order to accelerate the pace of technology innovation.
Other prominent players in the well completion equipment & services market include Baker Hughes, Inc. (U.S.), Weatherford International Plc (Ireland), and National Oilwell Varco, Inc. (U.S.)..
Well Completion Equipment and Services Market by Type (Packers, Sand Control Tools, Multistage Fracturing Tools, Liner Hangers, Smart Wells, Valves & Others), by Application (Onshore & Offshore), & by Region - Global Trends and Forecast to 2021
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