Market Size of Asia-Pacific Completion Equipment and Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Completion Equipment & Services Market Analysis
The Asian-Pacific completion equipment and services market is expected to register a CAGR of more than 2% during the forecast period. COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, factors like increased production of conventional and unconventional resources and lower well-maintenance costs are expected to drive the market.
- On the other hand, difficulty in extracting oil and gas in countries like China and India due to weak lithologies are the major restraints hindering the market's growth.
- Nevertheless, the increasing technological advancements in various technologies like well completion, which results in high-end self-adaptive inflow control completion technology, are expected to make the production of oil and gas more feasible and efficient and are expected to create enormous opportunities for well completion and services market.
- China is expected to be the largest market in the forecast period due to its abundant oil and gas production, technological advancements, and increasing investment in the completion equipment and services market. It is expected to facilitate further growth.
