According to the new
market research report "Drilling and Completion Fluids Market by
Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based
System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region
- Global Forecast to 2023", published by MarketsandMarkets™, the drilling & completion fluids market is
expected to grow from an estimated USD 9.62 Billion in 2018 to USD 12.76
Billion by 2023, registering a CAGR of 5.82% during the forecast period. This
growth can be attributed to the increased drilling activities for oil and gas
production and rise in the exploration of shale gas.
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The onshore
segment is expected to hold the largest share of the drilling & completion
fluids market, by application, during the forecast period
The onshore application segment led the drilling &
completion fluids market in 2017 and is projected to dominate the market during
the forecast period. As the majority of global oil and gas reserves are present
onshore, it accounts for larger share of the total market. Drilling activities
are on the rise in more challenging onshore regions, owing to an increase in
the demand for oil & gas globally. The number of wells drilled onshore is
drastically large than wells drilled offshore in 2017.
Browse and in-depth TOC on "Drilling and Completion Fluids Market"
79 - Tables
36 - Figures
135 - Pages
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TOC @
Water-based fluid
system is expected to be the fastest-growing segment of the drilling &
completion fluids market
The
water-based fluid system is the largest segment of drilling and completion
fluids market and is suitable for all applications including onshore and
offshore. Water-based fluids are cost-effective and eco-friendly as compared to
non-aqueous based fluids. Technological advancements have resulted in the use
of water-based fluids in challenging high-pressure high-temperature conditions
in deep and ultra-deepwater drilling activities. The discharge policies for
water-based fluids are also not very stringent across the world due to the
presence of less toxic chemicals. Thus, water-based fluid is the fastest
growing segment due to cost effectiveness, less toxicity, and easy
availability.
North America: The
leading market for drilling & completion fluids
The
North America drilling and completion fluids market is driven by the increase
in oilfield discoveries and drilling activities across the region. The rise in
the exploration of shale gas, tight oil, and other unconventional resources has
increased the demand for drilling and completion fluids. The presence of vast
shale gas reserves in the North American region has resulted in improved
offshore activities in this region. The offshore exploration activities in the
Gulf of Mexico are on the rise, which has led the companies to expand within
the region. North America is also at the forefront of forming policies and
regulations for the prevention of the degradation of the environment.
To enable an
in-depth understanding of the competitive landscape, the report includes the
profiles of some of the top players in the drilling
& completion fluids market. These players include BHGE (US),
Halliburton (US), Schlumberger (US), Canada Energy Services (Canada), and
Newpark Resources (US). The leading players are trying to make inroads in the
market in the developed economies and are adopting various strategies to
increase their market shares.
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