Drilling and Completion Fluids Market, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share and Forecast, 2020 - 2026
Report ID: GMI3485
Growing investment toward exploration & production activities along with the rising demand for the oil & gas will drive the drilling and completion fluids market growth Increasing research & development efforts to optimize the efficiency and drilling capabilities will complement the industry landscape. The selection of the fluids is a critical process and requires the assessment of certain parameters which includes rig modification and the cost of fluid system.
The drilling and completion fluids market will grow owing to rising concerns toward high inventory cost associated which results in increasing the operational cost of the project. The companies are implementing effective inventory planning systems to reduce the material holding cost parameter that will augment the industry landscape.
Rising demand for non-synthetic fluids on the account of deteriorating environment conditions will foster the drilling and completion fluids market. It consists of a wide array of systems including water-based, oil-based, and synthetic based mud system. These fluids provide cooling & lubrication to the drilling bits, corrosion control and transmits the hydraulic horsepower to the drill bits.
Growing exploration activities for the unconventional resources including coal bed methane will foster the drilling and completion fluids market share. Furthermore, strict operational norms related to the hydro fracking primarily across the Europe will augment the industry landscape. For instance in 2014, the European Commission introduced the recommendation (2014/70/EU), stating the necessary principles to be followed while carrying E&P and high volume of hydraulic fracturing.
Increasing number of the production facilities along with rising upstream investment will propel the drilling and completion fluids market. For instance, as reported by Baker Hughes, the total rig count estimated over 2,231 in 2019 from 2,221 in 2018.
Europe drilling and completion fluids market is set to grow on account of substantial capital expenditure on existing and upcoming upstream projects by 2025. Stringent government regulations and norms will act as a barrier in the business growth. However, new formulation of the fluids is implemented to reduce the environmental impact. In addition, ongoing technological advancements to make use of the age-old drilling fluids will further enhance the industry outlook.
North America drilling and completion fluids market will witness substantial growth owing to the growing field redevelopment and well intervention operations across the ageing oil and gas fields. Moreover, robust shale gas and oil developments will further augment the industry outlook.
Major players operating in the drilling and completion fluids market include Schlumberger, BHGE, Halliburton, Tetra Technologies, Newpark Resources, National Oilwell Varco, Hitech Fluid Systems and Canadian Energy Services.
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