Horizontal Completions Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Horizontal Completions Market – Snapshot
Horizontal completion products have become a key component of gas reservoirs in the last few years. The main objective of using a horizontal completion product is to improve crude oil and gas production.
Rebounding of operations in a number of active oil rigs owing to the recovery in oil prices has emerged as the primary growth driver in the global horizontal completions market.
The rising demand for oilfield equipment, including horizontal completion drill equipment, has also propelled the horizontal completions market.
Other factors that have helped drive the global horizontal completions market include advancements in zonal isolation in horizontal completions. Improvements in zonal isolation will help in the growth and development of the horizontal completions industry and fuel the product demand.
Horizontal completions can be customized, as per customer requirements. They can be designed, integrated, and installed as per the consumer need to produce oil and gas.
The global horizontal completions market is classified into five regions: North America, Asia Pacific, South America, Europe, and Middle East, and Africa.
North America accounts for the largest share in the global horizontal completions market, in recent times. Improved production volumes and technological advancements in drilling technologies have driven the growth in the horizontal completions market, in this region.
North America has also witnessed an increased demand for horizontal drilled wells due to improved output, in terms of production, as compared to regular drilling procedures. Countries such as the U.S. and Canada have emerged as the key revenue contributors to the growth of the horizontal completions market.
Asia Pacific countries such as India and China could make substantial contributions to the global horizontal completions market in future owing to an increase in offshore oil and gas production activities.
Market players are conducting research and development activities to produce technologically advanced horizontal completions, which would improve the overall efficiency of the oil process.
Global Horizontal Completions Market – Overview
The general purpose of drill and horizontal completion wells is to improve the production of crude oil and gas. Horizontal wells have become an industry standard for tight and unconventional formation gas reservoirs. Due to these reservoirs have lower quality pay, it thus needs a highly well-planned fracture and completion stimulations to make an economic well. Advancements in the zonal isolation in the horizontal wells are expected to have a significant impact on the development of the global horizontal completions market.
Global Horizontal Completions Market – Notable Developments
Some of the notable developments in the global horizontal completions market are given below:
Names of other notable players in the global horizontal completions market are listed below:
Global Horizontal Completions Market – Drivers and Restraints
There are several factors that are helping to drive the growth of the global horizontal completions market. One of the primary driving factors is the rebound in the active rig count due to the steady recovery in the prices of oil. The steady recovery of the crude and natural oil prices across multiple active rigs in both offshore and onshore drilling sites has increased in recent years. This has also helped in driving the growth of the global horizontal completions market. The demand for the market is also fueled by the increasing requirement of oilfield equipment including the horizontal completion drilling equipment.
One key trend that has been observed in recent years is the advancements in the zonal isolation in horizontal wells. Zonal isolation is necessary to prevent the mixing of water or gas of one oil field with that of the another. To enhance this process of isolation, several vendors are now working on developing newer technologies. Enhancement in the zonal isolation will certainly help in improving the production of the wells and also help in propelling the adoption of horizontal wells. Such trends are thus expected to play a key role in the development of the global market.
Global Horizontal Completions Market – Geographical Outlook
The global horizontal completions market is geographically divided into five key regions. These regions are North America, South America, Asia Pacific, the Middle East and Africa, and Europe. Of these, the global market is expected to be dominated by North America. This growth of the North America horizontal completions market is primarily driven by increasing technological advancements in the drilling technologies and improved production volumes. The US and Canada are the key contributors to the growth of the North America market. The increasing adoption of horizontally drilled wells across North America is also fueled due to the better production output generated as compared to the conventional drilling methods. In addition to this, governments in the region are promoting the adoption of E&P drilling activities. This is also helping to push the growth of the horizontal completions market in the region.
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