Smart Well Market Analysis 2020 Emerging Technologies and Trends 2023

Posted by Anvi on February 26th, 2020

Smart Well Market Analysis

The global smart well market is eyeing an unprecedented value of USD 2,178.7 million by 2023 with a CAGR of 6.09%% during the forecast period (2018–2023). Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. Smart well is a non-conventional advanced well with sensors, valves, and inflow control devices installed on the production tubing, which helps evaluate, and actively manage production in real-time without any well intervention. It allows continuous monitoring of fluid flow rates, pressure, and regular adjustments of downhole valves to gather and transmit information to the surface on production or fluid injection profiles.

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.

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.

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 Analysis 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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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.