The global well completion equipment market to grow at a CAGR of 2.51% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global well completion equipment market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market through study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in market is increase in global natural gas production. As per the IEA, the natural gas production is projected to increase from 120 Tcf in 2012 to 203 Tcf in 2040. Even by energy source, natural gas accounts for the largest market share in the world when it comes to primary energy consumption. There are abundant natural gas resources and in terms of competition, natural gas has a strong position. There is a high demand for natural gas as it is the major fuel for electric power generation in the industrial sector. The global consumption for natural gas in industrial use is increasing by an average of 1.7% per year, and in electricity generation, it is slated to increase by 2.2% per year from 2012 to 2040.
According to the report, one driver in market is growing number of global offshore production projects. E&P companies continue to discover reservoirs in a bid to meet the market demand for petroleum products. For instance, in 2015, Petrobras and Oil and Natural Gas Corporation (ONGC) found a new reservoir of light oil in deep waters off the coast of the northern state of Sergipe, Brazil. However, in the recent years, growth in the oil and gas industry has declined owing to reductions in oil prices. Such declines have caused the discoveries of new oil and gas reservoirs to drop to the lowest level.
Further, the report states that one challenge in market is complexity in carbonate reservoirs. More than 60% of the global oil and 40% of the global gas reserves are found in carbonate reservoirs. For instance, the Middle East is almost entirely covered with carbonate fields, with around 70% crude oil and 90% natural gas in total of the reserves held within the region. Carbonates show hugely altering properties, such as permeability, porosity, and flow mechanisms within small sectors of the reservoir, thereby making their characterization difficult. A focused plan is required to adequately understand the heterogeneous nature of the reservoir rock holding the hydrocarbon fluids and the flow characteristics of the porous and usually fractured formations. Here, detailed knowledge is required in terms of fluid saturation, permeability, pore size distribution, rock texture, natural fracture systems, and reservoir rock type at different scales.