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Well Completion Equipment and Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings and Location

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The well completion market was valued at US$ 8,509. 96 million in 2021 and is projected to reach US$ 11,335. 47 million by 2028; it is expected to grow at a CAGR of 4. 2% from 2021 to 2028. Rise in demand for oil & gas exploration across the world and increase in demand for natural gas in past few years, owing to the rising consumption of energy worldwide and the surging number of gas rig exploration which will drive the growth of the market.

New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Well Completion Equipment and Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings and Location" -
. In addition, new offshore oil well projects have been launched across different regions that are also propelling the demand for well completion equipment & services across countries. According to the study, there were more than 14,000 oil & gas well completions reported in FY 2019.

The sudden outbreak of COVID-19 has a number of implications for the oil and gas sector in the world.Oil and gas power-generating facilities have reduced activities, such as shutting down construction, operations, and maintenance projects at several locations, after the imposition of multiple "stay at home" orders by state governors around the world.

In the energy industry, these quarantine measures and shutdowns are causing furloughs and layoffs of technical, construction, and manufacturing personnel, as well as project demobilizations in many cases.As a result, many oil wells are struggling to keep up with maintenance and operations.

Furthermore, the COVID-19 pandemic has made it difficult for oil and gas producers to get project finance or equity capital.
The well completion equipment and service market is segmented on the basis of offering, location, and geography.Based on offering, the market is bifurcated into equipment and services.

Based on location, the market is bifurcated into on-shore and off-shore.Geographically, the global well completion equipment and service market is broadly segmented into North America (the US, Canada, Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, and Rest of MEA), and South America (Argentina, Brazil, Rest of SAM).

In 2021, North America segment accounted for the significant share in the global market.

A few key players operating in the global well completion equipment and service market and profiled in the market study are Baker Hughes Company; FTS International; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger Limited; Nine Energy Services; and Welltec.

The overall global well completion equipment and service market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the well completion equipment and service market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the well completion equipment and service market.
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