- The well completion equipment market in the Middle East is segmented by equipment (production casing and tubing equipment, wellhead equipment, stimulation tools, packers, sand control systems, liner hangers, and intelligent wells) and by countries (Saudi Arabia, Iran, Iraq, Kuwait and UAE). The market include key vendor landscape including players like Baker Hughes, Halliburton Company, Schlumberger, Superior Energy Services and Weatherford International)
Technavio analysts predict the Middle East well completion equipment market to grow at a CAGR of around 5% between 2015 and 2019, owing to increased global demand for oil and gas and rise in drilling and completion activities in the region. Saudi Arabia, Iran, Iraq, Kuwait and UAE are the leading countries in this market.
Technological advancements of well completion equipment have not only improved the oil production rates through developed stimulation techniques, but also bolstered the restoration of existing oilfield wells and triggered higher production from unconventional resources like shale formation, thereby relaxing the demand- supply imbalances.
The production casing and tubing equipment segment accounts for around 36% of the well completion equipment market in 2014, followed by wellhead equipment and stimulation tools. Dominating this market, production casing and tubing equipment segment, which is the most important part of well completion equipment, is expected to reach over $1900 million by 2019.
Well completion equipment market in Middle East by production casing and tubing segment 2014-2019 ($ millions)
Source: Technavio Research
“Rising number of oil and gas explorations in the Middle East is positively influencing the drill collars market. Key vendors are investing in extensive development and production of oil through oilfield discoveries like Saudi Aramco discovered eight new oil and gas fields in 2014. There is a considerable shift towards deepwater explorations that hold enormous reserves, which demands intelligent well completion with downhole monitoring and flow control,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Top vendors in the well completion equipment market in Middle East include Baker Hughes, Halliburton Company, Schlumberger, Superior Energy Services and Weatherford International. Vendors are introducing new and advanced well completion equipment that are capable to function in critical production conditions during shale, deepwater, and ultra-deepwater exploration.
A more detailed analysis is available in the Technavio report Well Completion Equipment Market in the Middle East 2015-2019.
https://www.technavio.com/%3Cp%3E%3Cstrong%3EWe%20can%20customize%20repor…
