NEW YORK — The completion equipment and services market in APAC is estimated to grow by USD 95.74 mn from 2021 to 2026. The growth momentum of the market will decelerate at a CAGR of 1.40% during the forecast period.
Market Dynamics
Factors such as an increase in demand for oil and gas due to the rise in demand for energy consumption will be crucial in driving the growth of the market. However, environmental concerns associated with well completion services will restrict the market growth.
Company Profiles
The completion equipment and services market in APAC report includes information on the product launches, sustainability, and prospects of leading vendors, including Baker Hughes Co., China Oilfield Services Ltd., China Petroleum and Chemical Corp., Completion Oil Tools Pvt. Ltd., Destini Bhd, Forum Energy Technologies Inc., Halliburton Co., NOV Inc., Schlumberger Ltd., and Weatherford International Plc. The key offerings of some of these vendors are listed below:
Baker Hughes Co. – The company offers completions that rely on experienced teams and proven technology in critical operations.China Oilfield Services Ltd. – The company offers well completions for drilling.China Petroleum and Chemical Corp. – The company offers well completion tools which have ERT downhole motors.
Competitive Analysis
The competitive scenario provided in the completion equipment and services market in APAC report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
Market Segmentation
By deployment, the market is classified into offshore and onshore. The offshore segment will contribute significant market share growth during the forecast period. Factors such as the discoveries of new fields and the redevelopment of activities in offshore oilfields will drive the growth of this segment in the coming years. For instance, the offshore rig counts of Baker Hughes increased by 33% from February 2018 to February 2019.By geography, the market is classified into China, India, Malaysia, and Rest of APAC. China will have the largest share of the market at 48%. The significant increase in oil and gas demand will facilitate the completion equipment and services market growth in China over the forecast period. Moreover, market growth in China will be faster than the growth of the market in Malaysia and the Rest of APAC.
Value Chain Analysis
The value chain of the global oil field equipment and services market, which is the parent market of the completion equipment and services market in APAC, includes the following core components:
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