Services Segment to Dominate SAM Well Completion Equipment and Services Market during 2019–2028

According to a new market research study on “SAM 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$ 1,360.80 million by 2028 from US$ 1,097.99 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The report provides trends prevailing in the SAM well completion equipment and services market along with the drivers and restraints pertaining to the market growth. Surge in demand for oil & gas exploration is the major factor driving the growth of the SAM well completion equipment and services market. However, downfall in the oil & gas industry in FY 2020 may hinder the growth of SAM well completion equipment and services market.

Brazil reported the highest number of COVID-19 cases in South America, followed by Ecuador, Chile, Peru, and Argentina. Most of the commercial operations in the region were shut down to prevent the spread of the disease. Lockdowns imposed in cities compelled most production plant operators to suspend their operation indefinitely, leading to the discontinuation in the demand for mechanical components of well-computing equipment and services. Therefore, the COVID-19 pandemic is restraining the well completion equipment and services market growth in South America.

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 SAM 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 SAM 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 Brazil, Argentina, and rest of SAM. Rest of SAM contributed a substantial share in 2020. 

Baker Hughes Company; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger; and Welltec are among the leading companies in the SAM 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 2020, Berry Global Group, Inc. (NYSE: BERY), today announced the completion of its acquisition of RPC Group Plc (RPC) for a purchase price of approximately $6.5 billion. Berry’s combined global footprint will consist of over 290 locations worldwide.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com