LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global well completion equipment market 2017-2021 report. This market research report also lists 18 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global well completion equipment market is a highly competitive market with major vendors, such as Baker Hughes, Halliburton, Schlumberger, Weatherford, and Welltec competing based on price, quality, and market presence. However, the market is facing harsh conditions due to the low global commodity prices of oil and gas. The presence of well-diversified international and regional vendors characterizes the market.
“The competitive market scenario in this market differs between onshore and offshore. In the onshore market, the competition is widely dispersed with major companies and small regional companies holding shares in the market. In contrast, the offshore market is technologically complex, due to the complexity of the operations, such as high temperature and high-pressure conditions,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
In addition, the off-shore vendors are increasingly focusing on R&D to reduce cost and improve the durability of equipment to sustain harsh conditions, sour crude, high temperatures, and high pressures, which, in turn, will reduce the maintenance leading to lower cost of the product.
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Technavio energy market research analysts identify the following key vendors:
Baker Hughes
Baker Hughes is an oilfield services company. It offers products, services, and technology to oil and natural gas industries worldwide. The company offers industrial and other products and services to downstream refining, process, and pipeline industries. Baker Hughes brings a new level of IT to the well site that helps monitor reservoir performance, collaborate in the quickest and most direct way possible, and manage remote operations.
Halliburton
The company serves the major oil and natural gas companies worldwide in upstream areas. Halliburton is one the major players in the global well completion equipment market. The company offers drilling fluids solutions, and automation services.
Schlumberger
Schlumberger provides a varied range of services including seismic surveys, formation evaluation, drilling technologies and equipment, cementing, well construction and completion, and project management. In the well completion equipment market, the company offers drilling fluid solutions, drilling fluid systems, drilling fluid products, and drilling fluid stimulation software.
Weatherford
Weatherford is a leading equipment and services company that provides services in drilling, evaluation, completion, production and intervention for oil and gas wells. The main business groups of the company are formation evaluation and well construction, completion and construction, and land drilling rigs.
Welltec
Welltec is a global oil and gas technology and services company. The firm provides solutions in well completion design and construction of intervention services. These services are further divided into conveyance solutions, mechanical services, clean out solutions, milling solutions, completion solutions, RLWI solutions, diagnostics, and fishing services.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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