Market Size of Asia-Pacific Completion Equipment Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 1.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Completion Equipment Market Analysis
Asia-Pacific completion equipment market is projected to register a CAGR of over 1% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as increasing production of conventional and unconventional hydrocarbon and reducing maintenance costs of the well are expected to drive the market.
- On the other hand, shale oil and gas are having difficulty in economic extraction in China and India may restrain the market.
- Nevertheless, a new development in intelligent well-completion technology, like the high-end self-adaptive inflow control completion technology advancements, is expected to make oil and gas production more viable and may provide an opportunity for market players.
- China is expected to be the largest market in the forecast period due to its abundant oil and gas production, increasing investment in the completion equipment market, and foreign companies partnering with governmental organizations to facilitate further growth.
