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 Size 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.
Smart Well Industry 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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