PUNE, India, May 10, 2018 /PRNewswire/ --
According to a new market research report "Drilling and Completion Fluids Market by Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 9.62 Billion in 2018 to USD 12.76 Billion by 2023, registering a CAGR of 5.82% during the forecast period. This growth can be attributed to the increased drilling activities for oil and gas production and rise in the exploration of shale gas.
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The onshore segment is expected to hold the largest share of the Drilling & Completion Fluids Market, by application, during the forecast period
The onshore application segment led the Drilling & Completion Fluids Market in 2017 and is projected to dominate the market during the forecast period. As the majority of global oil and gas reserves are present onshore, it accounts for larger share of the total market. Drilling activities are on the rise in more challenging onshore regions, owing to an increase in the demand for oil & gas globally. The number of wells drilled onshore is drastically large than wells drilled offshore in 2017.
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Water-based fluid system is expected to be the fastest-growing segment of the Drilling & Completion Fluids Market
The water-based fluid system is the largest segment of Drilling and Completion Fluids Market and is suitable for all applications including onshore and offshore. Water-based fluids are cost-effective and eco-friendly as compared to non-aqueous based fluids. Technological advancements have resulted in the use of water-based fluids in challenging high-pressure high-temperature conditions in deep and ultra-deepwater drilling activities. The discharge policies for water-based fluids are also not very stringent across the world due to the presence of less toxic chemicals. Thus, water-based fluid is the fastest growing segment due to cost effectiveness, less toxicity, and easy availability.
North America: The leading market for drilling & completion fluids
The North America Drilling and Completion Fluids Market is driven by the increase in oilfield discoveries and drilling activities across the region. The rise in the exploration of shale gas, tight oil, and other unconventional resources has increased the demand for drilling and completion fluids. The presence of vast shale gas reserves in the North American region has resulted in improved offshore activities in this region. The offshore exploration activities in the Gulf of Mexico are on the rise, which has led the companies to expand within the region. North America is also at the forefront of forming policies and regulations for the prevention of the degradation of the environment.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Drilling & Completion Fluids Market. These players include BHGE (US), Halliburton (US), Schlumberger (US), Canada Energy Services (Canada), and Newpark Resources (US). The leading players are trying to make inroads in the market in the developed economies and are adopting various strategies to increase their market shares.
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