Smart Well Market Trends, Growth, Opportunities and Emerging Technologies 2023

Global Non-Volatile Memory Market Research Report: Forecast to 2023

Global Smart Well Market Research Report: Forecast to 2023

Page |1

Copyright Š 2017 Market Research Future.

Global Non-Volatile Memory Market Research Report: Forecast to 2023

VIEW REPORT PRESS RELEASE

SAMPLE REPORT

Page |2

Copyright © 2017 Market Research Future.

Global Non-Volatile Memory Market Research Report: Forecast to 2023

Summary 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.

However, the smart well market can go through marshes during the forecast period due to the increasing demand for renewable energy sources. Additionally, the oil and gas companies operate in geopolitically sensitive environments, which are vulnerable to cybersecurity risks. Oil and gas companies are currently deploying IoT aggressively in their energy value chain starting from its exploration process to the retail process. Thus, growing concerns about data privacy and cybersecurity risks can act as a restraint for the global smart wells market.

A smart well refers to an advanced well that uses sensors and valves to enable control on pressure and rates downhole, to optimize the production performance and enhance oil reservoir recovery. Smart wells are installed with downhole equipment that allows operators to control the well remotely, meaning, without intervention with the use of rigs or coiled tubing.

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.

Competitive Landscape Some of the prominent players of the 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).

Page |3

Copyright Š 2017 Market Research Future.

Global Non-Volatile Memory Market Research Report: Forecast to 2023

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 nonproductive 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.

Industry/ Innovations/ Related News In November 2018, Schlumberger Limited introduced Concert well testing live performance technology. This technology uses data analysis, real-time surface & downhole measurements, and collaboration capabilities to test the well. All the data extracted would be integrated into wireless sensors, wearable technology, and video cameras.

This technology will help increase the operational control and collaboration of the well, which ultimately accelerates the testing operations in the well.

In September 2018, INTECH Process Automation received a contract to provide Plant Historian engineering services for a major utility services company in the UAE. 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.

Page |4

Copyright Š 2017 Market Research Future.

Global Non-Volatile Memory Market Research Report: Forecast to 2023

owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.

Page |5

Copyright Š 2017 Market Research Future.