Market Overview, The increasing drilling and completion activities in offshore platforms is one of the primary factors driving the global smart well market. Most of the oil & gas companies use smart well technologies such as permanent downhole measurement equipment and in-well reservoir monitoring systems, which include mechanical and electronic devices, such as pressure transmitter, sensors, and monitoring systems. These devices are used to control the pressure and temperature while drilling in the downhole to optimize production and improve oil recovery. A fundamental type of equipment used in smart wells is the down-hole mechanical valve, known as interval control valve (ICV), which is available with orifices featuring different hole sizes. The ICV is used to control the flow of oil from the well and to stop unwanted fluids from entering the wellbore. The global smart well market is expected to grow at a CAGR of 6.09% CAGR during the forecast period (2018–2023). During that time, its valuation is expected to grow from USD 1,536.6 million in 2017 to USD 2,178.7 million by 2023. Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and enable market players in having strategies planned accordingly., The global smart well market is expected to witness substantial growth during the forecast period with the changing trends of the oil & gas industry. There is a continuous rise in offshore drilling activities, the oil & gas players in the upstream sector are focusing on incorporating automation and internet of things (IoT) to upgrade their industrial processes and system for improving the operational efficiency of the smart wells. Furthermore, the continuous developments in the smart well technologies are expected to create opportunities for the global market. , On the downside, cybersecurity is a major concern for oil and gas companies as the risk of data theft and cyber intrusion is rapidly growing. Additionally, investments in the renewable energy sector is growing because of rising environmental concerns. This will decrease the market share of the oil & gas industry. , Regional

Market Overview

The increasing drilling and completion activities in offshore platforms is one of the primary factors driving the global smart well market. Most of the oil & gas companies use smart well technologies such as permanent downhole measurement equipment and in-well reservoir monitoring systems, which include mechanical and electronic devices, such as pressure transmitter, sensors, and monitoring systems. These devices are used to control the pressure and temperature while drilling in the downhole to optimize production and improve oil recovery. A fundamental type of equipment used in smart wells is the down-hole mechanical valve, known as interval control valve (ICV), which is available with orifices featuring different hole sizes. The ICV is used to control the flow of oil from the well and to stop unwanted fluids from entering the wellbore. The global smart well market is expected to grow at a CAGR of 6.09% CAGR during the forecast period (2018–2023). During that time, its valuation is expected to grow from USD 1,536.6 million in 2017 to USD 2,178.7 million by 2023. Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and enable market players in having strategies planned accordingly.

The global smart well market is expected to witness substantial growth during the forecast period with the changing trends of the oil & gas industry. There is a continuous rise in offshore drilling activities, the oil & gas players in the upstream sector are focusing on incorporating automation and internet of things (IoT) to upgrade their industrial processes and system for improving the operational efficiency of the smart wells. Furthermore, the continuous developments in the smart well technologies are expected to create opportunities for the global market.

On the downside, cybersecurity is a major concern for oil and gas companies as the risk of data theft and cyber intrusion is rapidly growing. Additionally, investments in the renewable energy sector is growing because of rising environmental concerns. This will decrease the market share of the oil & gas industry.

Regional Analysis

On the basis of region, the global smart well market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is the present frontrunner. However, APAC is expected to grow rapidly during the forecast period. North America’s dominance can be attributed to its superior infrastructure, whereas, APAC is mostly relying on the emerging industries, which can help the market progress.

The increasing deep-water exploration is expected to drive the global smart well market.

Source: MRFR Analysis

Segment Analysis

The global smart well market is segmented based on technology, component, application, and region. On the basis of technology, the market is further classified into flow control equipment, monitoring systems, and data transmission system. On the basis of component, the market is divided into hardware and software whereas, on the basis of application, the global smart well market is divided into onshore and offshore.

Companies Covered

The key players of global smart well market are Weatherford (US), Halliburton (US), Schlumberger Limited (US), Nabors Industries Ltd (Bermuda), Salym Petroleum Development N.V. (Netherlands), Novomet (Russia), L&T Technology Services Limited (India), INTECH Process Automation (US), Rockwell Automation Inc (US), Emerson Electric Co (US), ABB (Switzerland), and Baker Hughes, a GE company (BHGE) (US).

Key Developments



On October 2018, Weatherford (US) announced the availability of its production software platforms on Google’s cloud platform. The collaboration with Google will allow operators to access and use the platforms to improve production easily.



In October 2018, Salym Petroleum Development N.V. (Netherlands) successfully tested an ASP technology at a depleted section of West Salym oil field and made it possible to enhance oil recovery at a pilot section of a depleted field by 17%, which was approximately twice as high as Russian petroleum industry’s average indicator.



In September 2018, Novomet (Russia) introduced its 3rd generation of gas separators – centrifugal vortex. The centrifugal vortex increases smart well pump efficiency.



In March 2018, Schlumberger Limited (US) introduced its Tempo perforating gun system. This unique design includes real-time advanced downhole measurements and monitors the well’s dynamic to create clean perforation to boost reservoir This Tempo system is deployed in fields trials in Oman, Kuwait, Algeria, Egypt, and Ecuador.



Analysis Period



Base Year - 2017



Projection Period - From 2018 to 2023



Market Valuation - USD Million



Component



Hardware



Software



Application



Onshore



Offshore



Region

North America



US



Canada



Mexico



Europe



UK



Russia



Norway



Germany



Rest of Europe



Asia-Pacific



China



Japan



India



Indonesia



Rest of Asia-Pacific



Middle East & Africa



Saudi Arabia



UAE



Oman



Egypt



Rest of Middle East & Africa



South America



Brazil



Argentina



Rest of South America



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