Well Completion Equipment Market: Overview
Well completion equipment are used to ensure the optimum production and injection of a well, after being drilled to a required depth with the help of sophisticated intelligent systems and range of simpler packer. Further, well completion equipment components such as production packers, valve plugs, nipples, chokes, liner systems, subsurface safety valves (SSSV) among others are designed, manufactured, and specialized to meet specific well requirements, where SSSV is subjected to extensive inspection and testing.
Moreover, well completion process involves perforating, stimulating, running production tubing, and cleaning the well for different type of reservoirs, each geared towards specific conditions. Down-hole temperature and pressure, operating modes, elastomers, number of zones, well intervention costs, among others are the various factors behind the selection criteria of different well completion equipment methodologies and systems.
New well completion and well intervention (work-over) are the two major factors affecting the demand for well completion equipment. The demand for well completion equipment is further expected to gain substantial traction due to continuous efforts on maximizing and maintaining production within existing oilfields resulting in well intervention activities.
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Open hole, liner completion, multiple completions, slim-hole completion, and cased-hole completion are the different type of completion methods used in the industry. These methods utilize various well completion equipment for the process. Open-hole completions or barefoot completion is used in reservoirs with relatively less risk, whereas liner completion sets casing through the production zone with liner package in production section. Cased-hole completion is costly yet most frequently used method used to perforate selected area with the perforating guns.
Well Completion Equipment Market: Market Dynamics:
The global well completion equipment market is estimated to witness significant growth owing to maximum exposure of pay zone, less formation damage occurrence due to perforation and cementing, and less pressure drawdown during flow. Furthermore, better sand control in liner completion method, one wellbore producing multiple reservoirs by multiple completions method, and low risk associated with open-hole completion method is further expected to drive the global well completion equipment market during the forecast period. Install-and-forget approach with less human intervention required, ease of servicing, and evolving technology is further estimated to fuel the growth of the global well completion equipment market.
However, the inability of stimulating the separate zones within productive zones and plug off gas or water zones are the factors expected to hamper the growth of global well completion equipment market.
Well Completion Equipment Market: Market Segmentation:
Global well completion equipment market is segmented on the basis of completion method, application, and type.
On the basis of completion method, global well completion equipment market is segmented into:
On the basis of application, global well completion equipment market is segmented into:
On the basis of type, global well completion equipment market is segmented into:
Well Completion Equipment Market: Region-wise Outlook:
The dominance and demand of well completion equipment market in North America is significant owing to ongoing drilling activities across U.S. and relatively steady growth in the well intervention activities. Furthermore, growing oil and gas activities, along with continuous efforts on maximizing and maintaining production within existing oilfields, is estimated to be the factors driving the growth of well completion equipment market in Asia Pacific, specifically in China and Australia. Moreover, re-development of the fields for maintaining production, drilling of unconventional wells, among others are expected to drive the Middle East & Africa well completion equipment market during the forecast period. Growing oil and gas activities across Latin America is estimated to fuel the well completion equipment market.
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Well Completion Equipment Market: Market Participants:
Some of the market participants in the global well completion equipment market are:
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