Market Size of United States Completion Equipment and Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Completion Equipment & Services Market Analysis
The United States completion equipment and services market is expected to grow at a CAGR of more than 2% over the period of 2020-2025. Factors such as increasing production from conventional and unconventional resources and reducing maintenance costs of the well are expected to drive the market. However, volatility in the crude oil and natural gas prices leading to decreasing exploration and production activities may restrain the growth of the market.
- Shale oil and gas production is expected to drive the market in the forecast period. The complexity of production and multilateral drilling and production from the well requires high quality of well completion and its services, which is expected to aid the market.
- New development in the intelligent well completion technology, like the advancements in the high-end self-adaptive inflow control completion technology, is expected to make the oil and gas production more viable and may provide an opportunity for market players.
- Crude oil and natural gas production are expected to continue to be a vital part of meeting global energy demand, and the offshore segment is expected to witness significant growth in the forecast period. Increasing advancements in technologies are expected to aid the growth of the segment.
