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North America Completion Equipment and Services Market Size: By Location: Onshore, Offshore; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
North America Completion Equipment and Services Market Outlook
The North America completion equipment and services market size was valued at USD 2.40 billion in 2023. The market is further projected to grow at a CAGR of 3.8% between 2024 and 2032, reaching a value of USD 3.39 billion by 2032.
Key Takeaways
- Crude oil is produced in 32 states across the United States and its coastal waters. In 2022, five states, namely, Texas, New Mexico, North Dakota, Colorado, and Alaska, together contributed approximately 72% to the nation's overall crude oil output.
- In 2022, the United States and Canada accounted for 14.7% and 5.6% share, respectively, in the global crude oil production.
- In 2022, the dry natural gas production in United States was around 36.35 trillion cubic feet, an average of approximately 96.6 billion cubic feet per day.
Strong oil and gas industry in the United States
While the majority of the United States oil and natural gas wells are situated on land, a number of wells tap into reserves beneath the ocean floor along the United States coastlines. In 2022, offshore dry natural gas output reached approximately 0.80 trillion cubic feet (Tcf), accounting for roughly 2.3% of the nation's total dry natural gas production. Of this, 87.6% was produced from federal waters in the Gulf of Mexico. The offshore areas managed by Alabama, Alaska, California, Louisiana, and Texas contributed about 0.3% to the total U.S. dry natural gas output in 2022.
In 2022, around 14.5% of the United States crude oil was produced from wells situated in the Federal Offshore Gulf of Mexico and approximately 0.1% was produced in Federal Offshore Pacific (California).
Rising demand for advanced completions systems and technologically advanced products is boosting the North America completion equipment and services market growth
Advanced completions systems eliminate the need for multiple oilfield-service providers and manages everything from wireline to rigless restorations to production optimisation. Furthermore, digitalised downhole-sensor intelligence can enhance production efficiency by remotely analysing and controlling reservoir functionality for unprecedented asset optimisation.
The productivity and decline of a well are significantly influenced by the effectiveness of its completion and workover operations. Due to substantial initial capital expenditure, extended preparation periods, and fluctuating oil prices, companies are driven to adopt innovative approaches to preserve operational efficiency, enhance safety, and minimise expenses. For instance, advancements in riserless light well intervention systems have heightened both efficiency and safety, by reducing the number of personnel needed for offshore operations onboard.
Market Segmentation
North America Completion Equipment and Services Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
Market Breakup by Location
- Onshore
- Offshore
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
Market players are increasingly investment in this sector and are using advanced technology to maintain a competitive edge in the market.
- Schlumberger Limited
- Baker Hughes Company
- Weatherford International plc
- NOV Inc.
- Welltec A/S
- Halliburton Energy Services, Inc.
- Trican Well Service Ltd
- Superior Energy Services.
- The Weir Group PLC
- Schoeller-Bleckmann Oilfield Equipment AG
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Location |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Completion Equipment and Services Market Overview
8.1 Key Industry Highlights
8.2 Global Completion Equipment and Services Historical Market (2018-2023)
8.3 Global Completion Equipment and Services Market Forecast (2024-2032)
8.4 Global Completion Equipment and Services Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Completion Equipment and Services Market Overview
9.1 Key Industry Highlights
9.2 North America Completion Equipment and Services Historical Market (2018-2023)
9.3 North America Completion Equipment and Services Market Forecast (2024-2032)
10 North America Completion Equipment and Services Market by Location
10.1 Onshore
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Offshore
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 North America Completion Equipment and Services Market by Country
11.1 United States of America
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Canada
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Schlumberger Limited
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Baker Hughes Company
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Weatherford International plc
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 NOV Inc.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Welltec A/S
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Halliburton Energy Services, Inc.
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Trican Well Service Ltd
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Superior Energy Services.
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 The Weir Group PLC
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Schoeller-Bleckmann Oilfield Equipment AG
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Completion Equipment and Services Market: Key Industry Highlights, 2018 and 2032
2. North America Completion Equipment and Services Market: Key Industry Highlights, 2018 and 2032
3. North America Completion Equipment and Services Historical Market: Breakup by Location (USD Billion), 2018-2023
4. North America Completion Equipment and Services Market Forecast: Breakup by Location (USD Billion), 2024-2032
5. North America Completion Equipment and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
6. North America Completion Equipment and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
7. North America Completion Equipment and Services Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 2.40 billion.
The market is expected to grow at a CAGR of 3.8% between 2024 and 2032.
The completion equipment and services market is expected to reach a value of USD 3.39 billion by 2032.
Growing oil and gas production in the region and technological advancements are fuelling the market growth.
The completion process includes withdrawing the drill string, installing casing, cementing, perforating, conducting hydraulic fracturing in the reservoir to boost production, removing drilling and fracturing fluids, and setting up the production valve.
Decarbonisation and energy transition, advanced data analytics, AI and IoT tools, and implementation of computerised drilling systems are some of the key trends in the market.
Major countries in the market are the USA and Canada.
Key players in the market are Schlumberger Limited, Baker Hughes Company, Weatherford International plc, NOV Inc., Welltec A/S, Halliburton Energy Services, Inc, Trican Well Service Ltd, Superior Energy Services, The Weir Group PLC, and Schoeller-Bleckmann Oilfield Equipment AG, among others.
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