Completion Equipment & Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Location (Onshore, and Offshore), and Geography (North America (United States, Canada, Rest of North America), Asia-Pacific (China, India, Indonesia, Rest of Asia-Pacific), Middle-East and Africa (Saudi Arabia, Iran, Egypt, United Arab Emirates, Rest of Middle-East and Africa), Europe (United Kingdom, Norway, Russia, Rest of Europe), South America (Brazil, Argentina, Rest of South America)

Market Snapshot

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Study Period: 2016 - 2026
Base Year: 2021
Largest Market: North America
CAGR: <4.83 %

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Market Overview

The total wells completed globally is expected to increase at a CAGR of 4.83%, by 2025. The completion equipment & services market recovered in 2017 on account of increase in drilling activity, especially in the US. With shale gas being commercially profitable for the North American region, the exploration & production activities have been increasing at a rapid pace in the region, thus driving the demand for well completion equipment & services. High drilled but uncompleted (DUC) well count in the US is expected to hinder the growth of the market studied.

  • Offshore sector is expected to be a potential market in the completion equipment & services market as the cost of operation in the offshore locations declined significantly over the past few years, which has encouraged the industry to step up its expenditure gradually, in the coming years.
  • North America dominated the market across the globe with the largest contribution from the countries such as the US and Canada.

Scope of the Report

The completion equipment & services market report include:

North America
United States
Rest of North America
Rest of Asia-Pacific
Middle-East and Africa
Saudi Arabia
United Arab Emirates
Rest of Middle-East and Africa
United Kingdom
Rest of Europe
South America
Rest of South America

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Key Market Trends

Increasing Demand from Offshore Sector

  • The offshore oil and gas industry is moving toward deeper waters, owing to declining shallow water reserves. The situation has resulted in growing distance from shore to the offshore platform.
  • The deepwater oil breakeven prices have dropped by almost 30% during 2014-2017. The drop in oil prices was mainly driven by a change in operators’ policy to focus on cost cuttings. The average breakeven oil prices for deepwater projects are below USD 50 per barrel as of 2018.
  • Due to the higher oil prices and lower breakeven prices, major operators, like Equinor SA, Shell PLC, and Exxon Mobil amongst others, have announced plans to invest in a number of deepwater projects. Owing to this development, the offshore oil and gas industry spending improved significantly, particularly during the second half of 2018.
  • Brazil is one of the largest markets for deepwater oil and gas projects. The Brazilian oil and gas market is driven by successful regulatory changes and improving financials. The Brazilian government is aiming 2 MMb/d of additional oil production by 2027, mostly from deepwater areas. The country is expected to sanction 10 FPSOs, highest in the world, during 2019-2021.
  • The increasing focus towards the deepwater oil & gas reserve is expected to help in recovery of the demand for completion equipment & services market.
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North America Region to Dominate the Market

  • North America is projected to dominate the demand for the completion equipment & services market. Technological innovations, such as such as horizontal drilling and hydraulic fracturing, have led to robust growth in the production of unconventional fossil fuels, notably, shale gas and tight oil, in the United States and Canada.
  • The United States is expected to witness robust growth during the forecast period. The United States was one of the major oil importing countries. With shale revolution in the United States, the country has become the second largest oil producer, after Saudi Arabia.
  • As of May 2019, the United States recorded 987 active rigs. US exploration & production companies have been investing significantly on drilling and well completion projects. Permian remains an attractive basin for the exploration & production activities in the country.
  • In 2018, the trend of increasing drilling activity continued, but the trend has reversed 2019. Main cause of reversal in trend was the lack of oil pipeline takeaway capacity in key basins such as Permian and Eagle Ford.
  • In 2019 and beyond, about 10,000 miles of pipeline is expected to come online in the United States and Canada, in turn, reducing the impact of bottleneck in midstream sector, which is expected to drive the drilling and completion activity during the forecast period
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Competitive Landscape

The major companies in the global completion equipment & services market include Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc., Weatherford International PLC, and Baker Hughes, a GE company.

Major Players

  1. Schlumberger Limited

  2. Halliburton Company

  3. National Oilwell Varco Inc.

  4. Weatherford International PLC

  5. Baker Hughes, a GE company

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Table of Contents


    1. 1.1 Scope of Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply-Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Location

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.2.2 Asia-Pacific

        1. China

        2. India

        3. Indonesia

        4. Rest of Asia-Pacific

      3. 5.2.3 Middle-East and Africa

        1. Saudi Arabia

        2. Iran

        3. Egypt

        4. United Arab Emirates

        5. Rest of Middle-East and Africa

      4. 5.2.4 Europe

        1. United Kingdom

        2. Norway

        3. Russia

        4. Rest of Europe

      5. 5.2.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Schlumberger Ltd

      2. 6.3.2 Baker Hughes Inc. a GE Company

      3. 6.3.3 Superior Energy Services

      4. 6.3.4 Halliburton Company

      5. 6.3.5 Nabors Industries Ltd

      6. 6.3.6 NCS Multistage LLC

      7. 6.3.7 Nine Energy Services Inc

      8. 6.3.8 National Oilwell Varco Inc.

      9. 6.3.9 Packers Plus Energy Services Inc.

      10. 6.3.10 FTS International Inc.

      11. 6.3.11 Weatherford International PLC

      12. 6.3.12 Welltec A/S

    4. *List Not Exhaustive

**Subject to Availability
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Frequently Asked Questions

The Completion Equipment & Services Market market is studied from 2016 - 2026.

The Completion Equipment & Services Market is growing at a CAGR of <4.83% over the next 5 years.

North America holds highest share in 2021.

Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc., Weatherford International PLC, Baker Hughes, a GE company are the major companies operating in Completion Equipment & Services Market.

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