LONDON--(BUSINESS WIRE)--The global horizontal completions market is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio.
The number of active rigs in both onshore and offshore drilling has increased significantly, owing to the gradual recovery of global crude oil prices. The growth in drilling activities leads to a rise in the demand for oil and gas rigs and increased the demand for drilling-related equipment such as horizontal completions equipment. The increasing number of active rig counts will fuel the horizontal completions market growth during the forecast period.
As per Technavio, advances in zonal isolation in horizontal wells will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global horizontal completions market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global horizontal completions market: Advances in zonal isolation in horizontal wells
Oil companies are increasingly focusing on developing new and better technologies for maintaining the integrity of oil and gas wells and improving process efficiency. Zonal isolation, which is carried out to preserve the integrity of the well, is witnessing several advances over the last few years. For instance, one of the prominent vendors recently introduced Swell Technology systems, which is an effective solution for meeting zonal isolation requirements. Such technological advances in zonal isolation will improve the production of wells as well as boost the use of horizontal drilling. This will subsequently impact the growth of the horizontal completions market during the forecast period.
“Apart from the advances in zonal isolation in horizontal wells, factors such as the increase in upstream deepwater and ultra-deepwater projects, and the growing use of big data analytics to increase production efficiency of oilfields will have a significant impact on the growth of the horizontal completions market size during the forecast period,” says a senior analyst at Technavio.
Global horizontal completions market: Segmentation analysis
This market research report segments the global horizontal completions market by application (onshore, and offshore), and geographic regions (North America, Europe, APAC, MEA, and South America).
The North American region led the horizontal completions market in 2018, followed by APAC, Europe, MEA, and South America, respectively. The growth of the horizontal completions market in North America can be attributed to the increase in oil and gas production output of countries such as the US and Canada. The development of horizontal drilling technique for shale extraction and the government support for promoting E&P activities of unconventional energy sources have also contributed to the market expansion in this region.
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