Global Water-based Drilling and Completion Fluids Market 2019-2023
About this market
The liquid fuel consumption will increase steadily globally during the forecast period, owing to the increase in industrialization and urbanization in developing countries. To meet the fuel demand major oil and gas companies have resorted to E&P projects. The demand for fuel from countries like China and India, which are the largest consumers of fuel in the world, is increasing. Urbanization and increase in disposable income in developing countries are driving the demand for fuel. To meet the ever-increasing demand for oil and natural gas, oil and gas companies are increasing their E&P activities and focusing on areas where oil and gas production can be maximized. The increase in upstream investments which is expected to continue in coming years and this will drive the growth of the global water-based drilling and completion fluids market during the forecast period. Technavio’s analysts have predicted that the water-based drilling and completion fluids market will register a CAGR of close to 6% by 2023.
Rise in unconventional oil and gas E&P activities
The rising investment in unconventional E&P projects will increase the need for drilling equipment during unconventional well drilling, thereby driving the global water-based drilling and completion fluids market during the forecast period.
Growing adoption of renewable sources of energy
Renewable energy sources have gained importance as a clean energy fuel source, thereby supporting global initiatives to reduce the greenhouse gas (GHG) emissions leading to climatic changes across the world. Increase in renewable energy sources will impact the adoption of conventional fuels in the market. This will have a negative impact on the growth of the global conventional fuels market.
For the detailed list of factors that will drive and challenge the growth of the water-based drilling and completion fluids market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Water-based Drilling and Completion Fluids Market 2019-2023
Technavio recognizes the following companies as the key players in the global water-based drilling and completion fluids market: Baker Hughes, Halliburton, National Oilwell Varco, Newpark Resources, Schlumberger, Weatherford.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the nanotechnology for oilfield applications.”
According to the report, one of the major drivers for this market is the rise in collaborations among the major suppliers in the oil and gas market will drive the oil and gas drilling and further drive the global water-based drilling and completion fluids market during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is the accidents leading to discharge of drilling and completion fluids.
National Oilwell Varco
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