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Global Water-based Drilling and Completion Fluids Market 2019-2023 | 6% CAGR Projection of the Next Five Years | Technavio

October 30, 2019
Global Water-based Drilling and Completion Fluids Market 2019-2023 | 6% CAGR Projection of the Next Five Years | Technavio
Global Water-based Drilling and Completion Fluids Market 2019-2023 | 6% CAGR Projection of the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Oct 30, 2019--

The water-based drilling and completion fluids market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has announced its latest market research report titled global water-based drilling and completion fluids market 2019-2023. (Graphic: Business Wire)

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The increasing global oil rig activity is one of the major reasons for the water-based drilling and completion fluids market growth. Over the years, there has been a significant increase in drilling projects, owing to factors such as rising investments in oil and gas projects and the recovery of global crude oil prices. This is increasing the demand for water-based drilling and completion fluids as they form a crucial component for the drilling of oil and gas wells. Moreover, collaborations among the major oil and gas suppliers have increased the number of active rigs for both onshore and offshore oil and gas drilling, which will further stimulate the demand for water-based drilling and completion fluids.

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As per Technavio, the emergence of nanoparticles for oilfield applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Water-Based Drilling And Completion Fluids Market: Emergence of Nanoparticles for Oilfield Applications

The emergence of nanotechnology for oilfield applications is identified as one of the key trends expected to gain traction in the market. Nanoparticles are increasingly being used as a component of drilling and completion fluids to enhance and stabilize well drilling through unstable zones. They increase the rate of penetration, reduce the cost of drilling, and minimize the environmental impact of the drilling process. The unique properties of nanoparticles for improving the efficiency of drilling, mining, and other industrial operations will increase their adoption during the forecast period.

“Apart from the emergence of nanoparticles for oilfield applications, other factors such as the increase in deepwater and ultra-deepwater upstream projects, and Qatar’s exit from OPEC will have a significant impact on the growth of the water-based drilling and completion fluids market value during the forecast period,” says a senior analyst at Technavio.

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Water-Based Drilling and Completion Fluids Market: Segmentation Analysis

This market research report segments the water-based drilling and completion fluids market by application (onshore and offshore) and geography (APAC, Europe, Middle East and Africa, North America, and South America).

The North American region led the water-based drilling and completion fluids market in 2018, followed by MEA, APAC, Europe, and South America respectively. The growth of the water-based drilling and completion fluids market share is attributed to the rise in the number of active rigs, resulting from the increase in oil gas consumption in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005585/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com 

KEYWORD:

INDUSTRY KEYWORD: ENERGY ENVIRONMENT OIL/GAS

SOURCE: Technavio Research

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PUB: 10/30/2019 11:30 AM/DISC: 10/30/2019 11:30 AM

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