Drilling and Completion Fluids Market – Overview
Increased successful explorations of the oil fields around the world are having a positive influence on the drilling and completion fluids market. Market reports associated with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is estimated to achieve a CAGR of 7.5% in the course of the forecast period.
The benefits provided by drilling and controlling fluids such as controlling pressure and transmittal of data are the key drivers of the demand for the market. The increased discovery activities globally have spurred the expansion of the drilling and controlling fluids market. Moreover, the escalated need for a strategic and a well-maintained drilling fluid system is projected to provide significant opportunities for the market for drilling and completion fluids in the upcoming years.
Industry Updates
Jan 2019 BHGE’s OFS segment has recently signed a four-year contract to offer drill bits, drilling services, drilling and completion fluids, completion and cementing solutions to an important customer in Colombia. BHGE will support major drilling campaigns through this deal while developing new technology in partnership with the customer and support conventional operations.
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Competitive Landscape
The fundamental competitors functioning in the drilling and completion fluids market are Schlumberger (U.S.), Halliburton (U.S.), China oilfield services Ltd. (China), Newpark Resources Inc. (U.S.), Weatherford International Plc. (U.S.), M-I Swaco (U.S.). National Oilwell Varco (U.S.), BASF SE (Germany), DuPont (U.S.), Chevron Phillips Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), Stellar Drilling Fluids LLC (U.S.), The Dow Chemical Company (U.S.) and, Scomi Group (Malaysia) are among others.
Segmental Analysis
The segmentation of the drilling and completion fluids market has been carried out on the basis of well type, type and region Based on well type, the market of drilling and completion fluids is segmented into offshore and land. On the basis of type, the drilling and completion fluids market has been segmented into water-based systems, oil-based systems, synthetic-based systems, foams, and other fluids. The region-based segmentation of the industry comprises of regions such as Asia Pacific, Europe, North America, and the rest of the world.
Detailed Regional Analysis
The analysis based on regions in the drilling and completion fluids market consists of Asia Pacific, North America, Europe and the rest of the world. The drilling and completion fluids market are anticipated to perceive exceptional progress throughout the forecast period globally. The European and Africa regions which are near the North Sea control the significant market share, owing to the new oil detections from these regions. In 2018, the sources noted in Egypt, Nigeria, Norwegian Sea and deep-water of U.K. sector of the North Sea are encouragingly adding to the expansion of the drilling and completion fluids market in the region. Additionally, the Middle East and the Asia Pacific region is trailing the development in the drilling and completion fluids market due to increased exploration activities in these regions and massive potential resources in the areas such as South China Sea, Bahrain, Kuwait, and Russia. Furthermore, the discovery of about significant oil fields in Bahrain is projected to additionally inspire the advance of the drilling and completion fluids market in the region. The growing demand for oil globally is projected to drive the expansion of the market in the forthcoming years.
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