June 09, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Drilling and Completion Fluids Market.
It was estimated prior to this unanticipated outbreak that the Drilling and Completion Fluids Market is likely to witness an impressive CAGR of 6.0% during the forecast period. The growth of the drilling & completion fluids market is majorly driven by the surge in drilling activities and increase in drilling and exploration of shale gas. The demand for the drilling and completion fluids market snowballs with the rise in drilling and exploration activities.
Market Scope & Segmentation
Drilling and completion fluid market defines the completion fluid as a liquid used by the oil and gas industry during fulfillment of an oil or gas well. It is a low solid mud or salt solution (brine) that is used for well testing and upon a well's completion. It is intended to reduce formation damage and to control formation pressure.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segment Analysis
Based on the application type, the market is segmented as onshore and offshore. The onshore segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The mounting use of drilling fluids in the hard rock drilling process is expected to boost the onshore applications market for drilling and completion fluids.
Based on the fluid system type, the market is further segmented as water-based, oil-based, synthetic-based, and others. The water-based fluid systems segment is expected to remain dominant during the forecast period. They are suitable for onshore and offshore drilling activities. Further, being economical as compared to non-aqueous based fluids, is another factor that drives the growth of this segment.
Based on the well type, the drilling and completion fluids market is segregated as HPHT wells and conventional wells. The HPHT wells segment is estimated to register faster growth during the forecasted period. The technological advancements have immensely supported to overcome the challenges faced in drilling HPHT wells. In addition, owing to the fact that as most of the conventional wells are mature, there remains an increased need for drilling of HPHT wells to find new hydrocarbon reserves.
In terms of regions, the market in North America is estimated to be the largest region in the drilling and completion fluids market during the forecast period. Factors influencing the growth of the market are increase in drilling activities and surge in the exploration of shale gas reserves. Asia-Pacific and Europe are also likely to offer sizeable growth opportunities during the forecast period.
Key Players:
Key players operating in the global Drilling and Completion Fluids market are-
- BHGE (US)
- Halliburton (US)
- Schlumberger (US)
- Newpark Resources (US)
- Tetra Technologies (US)
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Drilling and Completion Fluids analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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Recovery of crude oil prices and assessment of oilfields are critical factors in its usage.
The global drilling and completion fluids market report by Market Research Future (MRFR) covers the need for oil exploration and trends in oil field development for the period of 2017 to 2023 (forecast period).
The COVID-19 impact on the industry has been noted in the report.Market ScopeThe global drilling and completion fluids market is expected to expand at 7.5% CAGR during the forecast period.
Development of deepwater subsea hydrocarbon reservoirs owing to the oil crunch can drive the market demand significantly.
The huge demand for oil and gas in transportation, manufacturing, and power generation industries can bolster the market in the coming years.Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/1100Investments in oil & gas projects in the U.S. and development of bio-based fluids can bode well for the market.
Sustainability of the ocean as well as regulations by federal agencies for protecting the marine environment can spur the demand for drilling and completion fluids.
