LONDON--(BUSINESS WIRE)--The horizontal completions market size is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rebound in active rig count owing to oil price recovery is one of the major reasons for the horizontal completions market growth. 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 has led to a rise in the demand for oil and gas rigs, thereby stimulating the demand for drilling-related equipment such as horizontal completions equipment.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Horizontal Completions Market: Advances in Zonal Isolation in Horizontal Wells
Oil companies are increasingly focusing on developing new and better technologies to maintain the integrity of oil and gas wells and improve process efficiency. Zonal isolation, which is carried out to preserve the integrity of the well, has been witnessing several advances over the last few years. For instance, one of the prominent vendors introduced Swell Technology systems, which is an effective solution for meeting zonal isolation requirements. Such technological advances in zonal isolation will improve production and boost the use of horizontal drilling. This will subsequently lead to the growth of the horizontal completions market during the forecast period.
“Apart from the advances in zonal isolation in horizontal wells, other 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.
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Horizontal Completions Market: Segmentation Analysis
This market research report segments the 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 share 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 techniques for shale extraction and government support for promoting E&P activities of unconventional energy sources are factors that have also contributed to the market expansion in this region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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