LONDON--(BUSINESS WIRE)--The water-based drilling and completion fluids market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
The increasing global oil rig activity is one of the major reasons for the water-based drilling and completion fluids market growth. Over the years, there has been a significant increase in drilling projects, owing to factors such as rising investments in oil and gas projects and the recovery of global crude oil prices. This is increasing the demand for water-based drilling and completion fluids as they form a crucial component for the drilling of oil and gas wells. Moreover, collaborations among the major oil and gas suppliers have increased the number of active rigs for both onshore and offshore oil and gas drilling, which will further stimulate the demand for water-based drilling and completion fluids.
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As per Technavio, the emergence of nanoparticles for oilfield applications 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.
Water-Based Drilling And Completion Fluids Market: Emergence of Nanoparticles for Oilfield Applications
The emergence of nanotechnology for oilfield applications is identified as one of the key trends expected to gain traction in the market. Nanoparticles are increasingly being used as a component of drilling and completion fluids to enhance and stabilize well drilling through unstable zones. They increase the rate of penetration, reduce the cost of drilling, and minimize the environmental impact of the drilling process. The unique properties of nanoparticles for improving the efficiency of drilling, mining, and other industrial operations will increase their adoption during the forecast period.
“Apart from the emergence of nanoparticles for oilfield applications, other factors such as the increase in deepwater and ultra-deepwater upstream projects, and Qatar’s exit from OPEC will have a significant impact on the growth of the water-based drilling and completion fluids market value during the forecast period,” says a senior analyst at Technavio.
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Water-Based Drilling and Completion Fluids Market: Segmentation Analysis
This market research report segments the water-based drilling and completion fluids market by application (onshore and offshore) and geography (APAC, Europe, Middle East and Africa, North America, and South America).
The North American region led the water-based drilling and completion fluids market in 2018, followed by MEA, APAC, Europe, and South America respectively. The growth of the water-based drilling and completion fluids market share is attributed to the rise in the number of active rigs, resulting from the increase in oil gas consumption in the 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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