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.
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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.
Browse Full Report at: https://www.marketresearchfuture.com/reports/smart-well-market-2623
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.
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
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More:
https://issuu.com/marketresearchfuture18/docs/oilfield_equipment_rental_services__1bcc60d000cbbf
https://view.joomag.com/oilfield-equipment-rental-services-market-size/0865013001603965441
https://issuu.com/marketresearchfuture18/docs/hydraulic_fracturing_market_share_91eb5e8183e766
https://view.joomag.com/hydraulic-fracturing-market-share/0802150001603965631
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