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 system 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.
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.
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.
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