Report : Asia Pacific Well Completion Equipment and Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offerings (Equipment and Service) and Location (Onshore and Offshore)
Services Segment to Dominate Asia Pacific Well Completion Equipment and Services Market during 2019–2028
According to a new market research study on “Asia Pacific Well Completion Equipment and Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offerings and Location,” is expected to reach US$ 2,056.02 million by 2028 from US$ 1,386.10 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. Fostering of smart well technologies is the major factor driving the growth of the Asia Pacific well completion equipment and services market. However, downfall in the oil & gas industry in FY 2020 may hinder the growth of Asia Pacific well completion equipment and services market. The report provides trends prevailing in the Asia Pacific well completion equipment and services market along with the drivers and restraints pertaining to the market growth.
According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has affected major economies such as China, India, Australia, and Japan, experiencing inflation. India is the worst-hit country by the pandemic in this region. The outbreak of the COVID-19 has drastically disrupted the supply chain and manufacturing of industrial equipment. The emergence of COVID-19 virus across the region which led to lockdown scenarios has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. This disruption is expected to create tremors through 2020 till mid-2021. The manufacturing industry is likely to pick up pace sooner as governments across the region lifted the various containment measure steadily to revive the economy. The production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including well completion equipment and services. Therefore, the COVID-19 pandemic is likely to positively affect the well-completion equipment and services market growth in Asia Pacific in the coming years.
The market for well completion equipment and services market is segmented into offerings, location, and country. Based on the offerings, the well completion equipment and services market are segmented into equipment and services. In 2020, the services segment held the largest share Asia Pacific well completion equipment and services market. Based on equipment the market is divided into packers, sand control tools, multistage fracturing tools, liner hangers, smart wells, valves, control devices, and others. In 2020, the packers segment held the largest share Asia Pacific well completion equipment and services market. Based on location, the well completion equipment and services market, is segmented into onshore and offshore. The onshore segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into Australia, India, China, Japan, South Korea, and rest of Asia Pacific. China contributed a substantial share in 2020.
Baker Hughes Company; Halliburton Company; Nov Inc.; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger Limited; and Welltec are among the leading companies in the Asia Pacific well completion equipment and services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Baker Hughes Company inaugurated its multimodal facility (MMF) for oil and gas in Luanda, Angola. Across the multiple product lines, the facility with its capabilities is expected to deliver a suite of products and services across the oil and gas value chain. It will cater as a hub to support customers and projects in Angola and Southern Africa region, and will also cater customers on a global scale.
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