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. Adapting to the
recent novel COVID-19 pandemic, the impact of the COVID-19 on Smart Well Market is included in
the present report.
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.
Smart Well 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.
Detailed 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.
Industry Update
March 2019: Russia launched
their first two smart oil wells on 26th March 2019, in the fields of Perm Krai.
It is noted that it the first project of its kind that is fully operating in
the country.
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NOTE: Our team of researchers are studying
Covid19 and its impact on various industry verticals and wherever required we
will be considering covid19 footprints for a better analysis of markets and
industries. Cordially get in touch for more details.
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