A lot of developments in terms of offshore and unconventional exploration and production are underway. Rising world energy demands have pushed exploration and production companies towards unconventional and deeper hydrocarbon resources. E&P activities are increasing in regions such as the U.S. offshore, Canada, and Mexico. These E&P activities to tap unconventional and deeper resources require completion equipment and services to ensure economically viable operations. Deepwater drilling activities in the Gulf of Mexico are expected to drive the market for completion equipment and services in North America.
Completion equipment and services have become an integral part of the lifecycle of an oil or gas well, driven by rising unconventional oil & gas productions. Soaring demand of energy and maturity of existing oil fields have intensified a major portion of upstream oil & gas capital expenditure towards new fields for exploration and production. New techniques such as Enhanced Oil Recovery (EOR) and Managed Pressure Drilling (MPD) have made production possible from fields that were earlier considered uneconomical.
The North America completion equipment and services market continues to grow at a decent pace, as oil & gas operators continue to discover reserves in unconventional resources, where completion equipment and services are required to make recovery economically viable. The requirement to maintain and boost recovery rates from these hydrocarbon resources has increased and is expected to continue. As a result, completion equipment and services would play a key role in the future of the oil and gas production market.
The U.S. and Canada are the biggest markets for the North America completion equipment and services industry. Leading players in the North America completion equipment and services industry include Halliburton (U.S.), Baker Hughes (U.S.), Schlumberger (U.S.), Weatherford (Switzerland), and Superior Energy Services (U.S.).
Offshore exploration in challenging conditions, shale reserves, and increasing drilling and completion activities in regions such as the Gulf of Mexico, and Canada further boosted by the shale boom, has created new revenue pockets for the North America completion equipment and services market. These revenue pockets are further complemented by the emergence of new safer and efficient technological enhancements. The onshore market in the U.S. and Canada is expected to push the demand for completion equipment and services in the next five years.
North America Well Completion Equipment & Services Market by Type (Packers, Sand Control Tools, Multi-stage Fracturing Tools, Liner Hangers, Smart Wells, Safety Valves, and Other), by Application & by Country - Trends & Forecast to 2019
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