Market overview
Drilling and completion fluids have their major application in the exploration of oil. Drilling fluids are actually used for drilling the well to control the pressure, removing cuttings from the wellbore, transmitting hydraulic energy, sealing permeable formations encountered while drilling. These fluids are used during the completion of oil and gas wells to improve the productivity by reducing the damage control.
Drilling and completion fluids market to reach USD 17.65 Billion, at a CAGR of 5.8% during the forecast period 2023-2030, due to increasing investments in oil exploration activities.
The global pandemic Covid 19 has resulted in a decrease in demand for oil and petrochemical production stopped commercial and industrial activities all over the world after the government-imposed lockdowns and shutdowns. This affected the drilling and completion fluids market negatively. According to OECD, during the lockdown, the war for the price of crude oil started due to extensive supply and less demand. This factor resulted in the slow growth of the drilling and completion fluid market. The key players that are operating the drilling and completion fluids market are Baker Hughes Incorporated, Halliburton; New Park resources Inc, National Oilwell Varco(NOV INC), Schlumberger Limited, Scomi Group Bhd, Secure Energy, Tetra Technologies, Trican Well Service Ltd., and Weatherford International Plc.
Market segment
The component by which the drilling and completion fluid market is segmented are :-Â
By Application
- Onshore
- Offshore
By Fluid System
- Water-based System
- Oil-based System
- Synthetic-based System
- Others
By Well Type
- Conventional Wells
- High-pressure High Temperature (HPHT) Wells
By Region
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Regional analysis
The drilling and completion fluids market is broken into several regions like Asia Pacific, Europe, North America, South America and the Middle East. The North American market dominates the other regional players in the estimated period. The key players in North America are taking lots of market expansion measures through the exploration activity of shale gas. In the market, there is a massive investment rate.
It is a region that will record a high profitability rate during the estimated period. Europe is the largest market that has a rising need for drilling and completion fluids in the oil-gas and energy sector. The opportunities for development in this market are massive. The high demand from onshore activities is a crucial driver. The other markets are developing at a high rate during the predicted period.
Industry newsÂ
- An energy technology company named Baker Hughes has expanded its presence in Guyana through the opening of a new local supercentre facility for oilfield services and equipment.
- Recent developments in drilling-systems automation provide a vast opportunities to have real-time monitoring of drilling-fluid properties and early diagnosis of drilling-fluid-related complications that might arise while drilling.
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