APAC Completion Equipment and Services Market by Deployment and Geography - Forecast and Analysis 2022-2026

The completion equipment and services market share in APAC is expected to increase by USD 95.74 million from 2021 to 2026, at a CAGR of 1.40%.

This completion equipment and services market in APAC research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers completion equipment and services market in APAC segmentation by deployment (offshore and onshore) and geography (China, India, Malaysia, and the Rest of APAC). The completion equipment and services market in APAC report also offers information on several market vendors, including Baker Hughes Co., China Oilfield Services Ltd., China Petroleum and Chemical Corp., Completion Oil Tools Pvt. Ltd., Destini Bhd, Forum Energy Technologies Inc., Halliburton Co., NOV Inc., Schlumberger Ltd., and Weatherford International Plc among others.

What will the Completion Equipment and Services Market Size in APAC be During the Forecast Period?

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Completion Equipment and Services Market in APAC: Key Drivers, Trends, and Challenges

The increase in oil and gas demand is notably driving the completion equipment and services market growth in APAC, although factors such as environmental concerns associated with well completion services may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the completion equipment and services industry in APAC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Completion Equipment and Services Market Driver in APAC

One of the key factors driving the completion equipment and services market growth in APAC is the increase in oil and gas demand due to the rise in demand for energy consumption. For instance, in 2021, the natural gas consumption in APAC increased by over 40 billion cubic meters (BCM) in comparison to that in 2019. The rapid urbanization in developing countries in APAC will further increase the consumption of liquid fuels and natural gas. Furthermore, the rise in fuel and electricity consumption worldwide has led to high demand for oil and natural gas. According to the IEA, the oil energy consumption increased by 8% in China during 2018-2019. Subsequently, oil and gas E&P companies are increasing their exploration activities to boost oil and gas production to meet the increasing demand. Such factors will drive the growth of the market in focus during the forecast period.

Key Completion Equipment and Services Market Trend in APAC

Another key factor driving the completion equipment and services market growth in APAC is the rise in deepwater and ultradeep water well exploration. In offshore E&P, oil and gas companies have shifted their focus from shallow waters to deep-water and ultra-deepwater resources due to the presence of large untapped reserves. Moreover, the depletion of easy-to-extract oil has increased the cost of hydrocarbon acquisition and the displacement of drilling operations. Thus, E&P companies are looking for less explored areas, such as deep-water and ultra-deepwater. For instance, in 2021, Malaysia Petroleum Management launched the Malaysia bid round. The bid round covered a total of 13 offshore exploration projects in the pipeline, including four deep-water projects. Therefore, the rise in E&P activities in offshore deep-water and ultra-deep-water oil and gas wells will stimulate the demand for completion equipment and services in APAC during the forecast period, which will positively impact the market growth during the forecast period.

Key Completion Equipment and Services Market Challenge in APAC

One of the key challenges to the completion equipment and services market growth in APAC is the environmental concerns associated with well completion services. The exploration process uses fluids to cool and lubricate the drill bits and pipes. These fluids release toxic chemicals into the water, which can have an adverse impact on the surrounding environment. Furthermore, fracking also produces large amounts of wastewater containing dissolved chemicals and contaminants such as methane that leads to global warming. In addition, deep-water oil and gas exploration involves firing air guns that generate strong shocks across the seabed, which can damage the hearing capabilities of various marine species. Such factors could lead to the enforcement of stringent regulations, which can affect exploration projects and hamper the growth of the market in focus during the forecast period.

This completion equipment and services market in APAC analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the completion equipment and services market in APAC as a part of the global oil field equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the completion equipment and services market in APAC during the forecast period.

Who are the Major Completion Equipment and Services Market Vendors in APAC?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Baker Hughes Co.
• China Oilfield Services Ltd.
• China Petroleum and Chemical Corp.
• Completion Oil Tools Pvt. Ltd.
• Destini Bhd
• Forum Energy Technologies Inc.
• Halliburton Co.
• NOV Inc.
• Schlumberger Ltd.
• Weatherford International Plc

This statistical study of the completion equipment and services market in APAC encompasses successful business strategies deployed by the key vendors. The completion equipment and services market in APAC is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.

Product Insights and News

• Baker Hughes Co. - The company offers completions that rely on experienced teams and proven technology in critical operations.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The completion equipment and services market in APAC forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Completion Equipment and Services Market in APAC Value Chain Analysis

Our report provides extensive information on the value chain analysis for the completion equipment and services market in APAC, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global oil field equipment and services market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Distribution and logistics
• Marketing and sales
• Aftermarket and services
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Completion Equipment and Services Market in APAC?

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48% of the market's growth will originate from China during the forecast period. India, Malaysia, and the Rest of APAC are the other key markets for completion equipment and services in APAC. Market growth in China will be faster than the growth of the market in Malaysia and the Rest of APAC.

The significant increase in oil and gas demand will facilitate the completion equipment and services market growth in China over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic had a negative impact on many oil and gas companies due to reduced demand, which affected the demand for completion equipment and services in China. For instance, the CNOOC group, one of the major oil companies in China, trimmed its investment by up to 15% in 2020. However, the Chinese oil and gas industry started to recover from H1 2021 owing to factors such as the resumption of operations in production facilities and the large-scale initiation of COVID-19 vaccination drives. Therefore, it has increased the demand for completion equipment and services in various well exploration projects. This demand is expected to remain the same during the forecast period.

What are the Revenue-generating Deployment Segments in the Completion Equipment and Services Market in APAC?

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The completion equipment and services market share growth in APAC by the offshore segment will be significant during the forecast period. Factors such as the discoveries of new fields and the redevelopment of activities in offshore oilfields will drive the growth in this segment in the coming years. For instance, the offshore rig counts of Baker Hughes increased by 33% during February 2018- February 2019.

This report provides an accurate prediction of the contribution of all the segments to the growth of the completion equipment and services market size in APAC and actionable market insights on post COVID-19 impact on each segment.

Completion Equipment and Services Market Scope in APAC
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 1.40%
Market growth 2022-2026	$ 95.74 million
Market structure	Fragmented
YoY growth (%)	1.50
Regional analysis	APAC
Performing market contribution	China at 48%
Key consumer countries	China, India, Malaysia, and Rest of APAC
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Baker Hughes Co., China Oilfield Services Ltd., China Petroleum and Chemical Corp., Completion Oil Tools Pvt. Ltd., Destini Bhd, Forum Energy Technologies Inc., Halliburton Co., NOV Inc., Schlumberger Ltd., and Weatherford International Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Completion Equipment and Services Market in APAC Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive completion equipment and services market growth in APAC during the next five years
• Precise estimation of the completion equipment and services market size in APAC and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the completion equipment and services industry in APAC 
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of completion equipment and services market vendors in APAC 

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