North America Completion Equipment and Services Market Report and Forecast 2024-2032

North America Completion Equipment and Services Market Outlook

The North America completion equipment and services market size was valued at USD 2.40 billion in 2023. The market is further projected to grow at a CAGR of 3.8% between 2024 and 2032, reaching a value of USD 3.39 billion by 2032.

Key Takeaways

• Crude oil is produced in 32 states across the United States and its coastal waters. In 2022, five states, namely, Texas, New Mexico, North Dakota, Colorado, and Alaska, together contributed approximately 72% to the nation's overall crude oil output.

• In 2022, the United States and Canada accounted for 14.7% and 5.6% share, respectively, in the global crude oil production.

• In 2022, the dry natural gas production in United States was around 36.35 trillion cubic feet, an average of approximately 96.6 billion cubic feet per day.

Strong oil and gas industry in the United States

While the majority of the United States oil and natural gas wells are situated on land, a number of wells tap into reserves beneath the ocean floor along the United States coastlines. In 2022, offshore dry natural gas output reached approximately 0.80 trillion cubic feet (Tcf), accounting for roughly 2.3% of the nation's total dry natural gas production. Of this, 87.6% was produced from federal waters in the Gulf of Mexico. The offshore areas managed by Alabama, Alaska, California, Louisiana, and Texas contributed about 0.3% to the total U.S. dry natural gas output in 2022.

In 2022, around 14.5% of the United States crude oil was produced from wells situated in the Federal Offshore Gulf of Mexico and approximately 0.1% was produced in Federal Offshore Pacific (California).

Rising demand for advanced completions systems and technologically advanced products is boosting the North America completion equipment and services market growth

Advanced completions systems eliminate the need for multiple oilfield-service providers and manages everything from wireline to rigless restorations to production optimisation. Furthermore, digitalised downhole-sensor intelligence can enhance production efficiency by remotely analysing and controlling reservoir functionality for unprecedented asset optimisation.

The productivity and decline of a well are significantly influenced by the effectiveness of its completion and workover operations. Due to substantial initial capital expenditure, extended preparation periods, and fluctuating oil prices, companies are driven to adopt innovative approaches to preserve operational efficiency, enhance safety, and minimise expenses. For instance, advancements in riserless light well intervention systems have heightened both efficiency and safety, by reducing the number of personnel needed for offshore operations onboard.

Market Segmentation

North America Completion Equipment and Services Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.

Market Breakup by Location

• Onshore

• Offshore

Market Breakup by Country

• United States of America

• Canada

Competitive Landscape

Market players are increasingly investment in this sector and are using advanced technology to maintain a competitive edge in the market.

• Schlumberger Limited

• Baker Hughes Company

• Weatherford International plc

• NOV Inc.

• Welltec A/S

• Halliburton Energy Services, Inc.

• Trican Well Service Ltd

• Superior Energy Services.

• The Weir Group PLC

• Schoeller-Bleckmann Oilfield Equipment AG

• Others

Key Highlights of the Report