Completion equipments are required for injection or making the petroleum production ready for uninterrupted production. Growth in the global demand for energy is expected to give rise to the production and exploration activities in the oil and gas industry. major producers in the market are concentrating on the unconventional and offshore production activities. This sudden rise in the exploration activities has also created rise in demand as far as the completion equipment market is concerned. Progress in terms of applications, exploration activities and offshore production in the market are some of the major reasons why this industry is set to witness steady growth during the next few years to come. Increased investments are also expected to be a crucial driver for the overall market including the key players.
Scope of Research
In order to understand the current trends and future growth prospects, the global completion equipment market needs to be analyzed on the basis of its basic components. These components include various types of services provided by the companies. These services include liner hangers, packers, multi-stage fracturing tools, sand control tools, safety valves, smart wells, and so on. Apart from that demand for these tools, which is recorded from various parts of the world also needs special attention. On the basis of the geographic regions, the industry is divided into Asia Pacific, Africa, Europe, Middle East, Latin America and North America.
Drivers and Restraints
According to the researchers, growth in the offshore and onshore drilling and exploration activities, rising demand for various sources of energy, discovery of new wells and well count, rising expenditure and investments in the industry from key nations and market players are some of the vital drivers for the market. Rising investments in the equipment and services segments are driving the global completion equipment market. Overall global investments in the energy, oil and gas and the utilities sectors are also helping the industry to move ahead. However, stringent government regulations for refineries and their plunging number remain to the major hindrances for the market.
According to the expert analysis, the global completion equipment market is expected to grow at a projected CAGR of over 10% from 2014 to 2019. At the projected compound annual growth rate, the market is estimated to be worth $17.9 billion market by 2019. During the forecasting period, North America is expected to dominate the equipments market with major rise in the offshore drilling and exploration activities. Rise in the deep water and ultra deep water production activities is also considered to be a strong driver as far as the growth of this industry is concerned. Nevertheless, the overall growth of this market majorly depends on environment and global norms set for the same.