North America Completion Equipment and Services Market Worth $5.27 Billion by 2019
DALLAS, April 14, 2015 /PRNewswire/ --
The report "North America Well Completion Equipment & Services Market by Type (Packers, Sand Control Tools, Multi-stage Fracturing Tools, Liner Hangers, Smart Wells, Safety Valves, and Other), by Application & by Country - Trends & Forecast to 2019", defines and segments the completion equipment and services market with an analysis and forecast of the North American completion Equipment and Services Market size by value till 2019.
Browse 66 market data Tables and 63 Figures spread through 172 Pages and in-depth TOC on "North America Well Completion Equipment & Services Market"
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The North America Completion Equipment and Services Market are expected to grow at slower rate in the next five years. Shale gas boom and discoveries of new oil wells in the offshore regions of Gulf of Mexico are long-term drivers of the North America completion equipment and services market. Onshore shore and offshore drilling and exploration activities in harsh environments require heavy investments. To increase efficiency in deepwater and ultra-deepwater areas, state-of-the-art technologies that reduce risk, increase completion efficiencies, and maximize production are required. This pushes the demand of advanced tools, equipment, and services in the market.
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The major drivers for the North America Completion Equipment and Services Market include the shale gas boom in the U.S., increase in the production rate, new additions to recoverable reserves, energy strategy shift towards gas, and energy security by domestic supply. Environmental strict rules and regulations, coupled with a plunge in number of refineries are seen as major restraints to the North America completion equipment and services market. The U.S. holds a major market share in the North America completion equipment and services market.
The market has been estimated from the demand point of view. This report breaks the market into smaller service segments. To further provide a deeper understanding of the competitive landscape, the report profiles 11 companies in the North America completion equipment and services market.
The North America Completion Equipment and Services Market is estimated to grow from $4.29 billion in 2013 to $4.67 billion in 2014. This value is expected to reach $5.27 billion by 2019, at a CAGR of 2.5% during the forecast period. The U.S. was expected to lead the North America Completion Equipment and Services Market with a market share of more than 75% in terms of value generation in 2014.
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