Drilling and completion fluids: Key market research findings
- The Americas dominate the market geographically
- Water-based segment accounts for a majority of the market revenue
- Key vendors – Baker Hughes, Halliburton, Schlumberger, and TETRA Technologies
Technavio’s market research analysts predict the global market for drilling and completion fluids to grow at a CAGR of around 7% between 2016 and 2020. The growth of this market can be accredited to the increasing use of horizontal and multilateral wells. The major ambition of the drilling companies in introducing this method into the commercial space was the maximization of reserve utilization. With the help of this method, stakeholders can significantly enhance hydrocarbon production from any reservoir and increase their profits. In 2015, the Americas accounted for almost 61% of the overall market share to become the dominant shareholder in the global drilling and completion fluids market. The enhanced output from shale formations in the region will contribute to further growth of the drilling and completion fluids market in the Americas.
The new market research report from Technavio presents a breakdown and analysis of the drilling and completion fluid segments based on the fluid type.
“The growing use of nanotechnology in drilling fluids is the latest trend in the global market. Nano-sized entities of effective type and in sufficient amounts can combat performance-related challenges faced by the industry and help improve properties when incorporated in drilling and completion fluids. Nanoparticles are expected to provide stability to drilling fluids in different pressure and temperature conditions, block or escalate formation porosity, reduce friction, and provide additional functionalities. One of the largest segments of application of this nanotechnology is the drilling of the shale formations,” says Thanikachalam Chandrasekaran, Lead Analyst, Energy, Technavio Research.
According to our research analysts, the water-based segment will account for almost 62% of the market revenue in 2020 to become the key revenue generating vertical of the global drilling and completion fluids market. By the end of the forecast period, this segment of the market is expected to account for a market revenue for more than $7 billion. The return of investment sentiments to the upstream sector and spur in the number of new wells drilled will be the driving forces behind the growth of the global water-based drilling and completion fluids market.
The key vendors in the global drilling and completion fluids market include Baker Hughes, Halliburton, Schlumberger, and TETRA Technologies. Drilling is one of the core activities in the oil and gas sector. Investments in this sector are high, and the vendors require experience and technology to flourish in this market. Vendors in the market adopt various strategies like joint ventures, agreement, contracts, and mergers to stay ahead in the competitive market. Several vendors are expected to invest in the research and development of innovative products and technologies to keep pace with the constantly changing dynamic of the market.
A more detailed analysis is available in the Technavio report, Global Drilling and Completion Fluids Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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