Global
Smart Well Market Overview
A
smart well refers to an advanced well that uses sensors and valves to enable control
on pressure and rates down-hole, to optimize the production performance and
enhance oil reservoir recovery. Smart wells are installed with down-hole
equipment that allows operators to control the well remotely, meaning, without
intervention with the use of rigs or coiled tubing. The Global
Smart Well Market is estimated to garner a staggering CAGR during the
forecast period according to the latest research study conducted by Market
Research Future (MRFR).
An
upsurge in demand for oil and gas is fueling the market growth for smart wells.
Numerous technological advancements are likely to improve the efficiency,
control, and monitoring, boosting demand for smart well installations in the
market. Also, the overall recovery is enhanced, along with the facilitation of
production from unconventional resources such as sands reserves and shale gas.
Further, rapidly ascending investments by industry enterprises is also pushing
the market growth for smart wells. Growth in the drilling and completion
activities worldwide is directly influencing the augmentation of the global
smart well market. Furthermore, increased use of horizontal and multilateral
wells is also likely to pose as a significant market driver for smart wells.
However, uncertainties with low crude oil prices are predicted to act like a key
market restraint for the smart wells market.
Market Segmentation
The
global smart wells market has been segmented on the basis of well-type and
region to derive insightful and accurate analysis.
Based
on well-type, the global smart wells market is segmented into on-shore and
off-shore smart wells. The onshore segment is likely to capture the largest
market share during the forecast period, owing to the elimination of
non-productive tie, increased productivity, and maximization of oilfield
recovery.
Regional Analysis
The
smart well market has been regionally segmented by Market Research Future
(MRFR) into North America, Europe, Asia-Pacific, and Rest of the World.
The
global smart well market is led by North America, due to significant value
generation activities in the market recorded in the region. Further, North
America is predicted to grow at a higher rate due to the exploration of new
reserves, creation of new growth avenues for the exploration & production
activities due to numerous technological developments.
The
APAC is estimated to register a robust CAGR in the forecast period. The growth
in Asia Pacific is primarily attributed to the shale activity in China and the
increasing oil and gas exploration in the emerging economies such as India and
Indonesia. Furthermore, a rise in the offshore oil and gas exploration
activities coupled with enhanced oil recovery techniques are likely to push the
Asia Pacific market. Market Research Future (MRFR) has asserted in its latest
report on the global smart well market that Asia Pacific is estimated to emerge
as the fastest growing region in the global market.
Key Players
In
its latest report, Market Research Future (MRFR) has profiled some of the elite
players in the global smart well market. The prominent players mentioned in the
report include Baker Hughes,
Halliburton, Schlumberger, Weatherford International, National Oilwell Varco, Superior
Energy Services, Inc. Trican Well Service Ltd., RPC Inc., Nabors Industries
Ltd, and Salym Petroleum Development N. V.
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