Pune, India, April, 2019 /MRFR Press Release/- Market Research Future published a half-cooked research report on global Smart Well Market. The Smart Well Market is expected to expand at ~ 7.28% CAGR during the period 2018 to 2023.
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.
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).
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.
The smart well market has been segmented based on technology, component, and application.
On the basis of technology, the smart well market is segmented into flow control equipment, monitoring system, and data transmission system. The flow control equipment segment dominated the market with a valuation of USD 600.1 million in 2017 and can reach USD 854.9 million by 2023. Meanwhile, the monitoring system segment is quickly gaining popularity and can attain a CAGR of 6.22% during the forecast period.
On the basis of component, the global smart well market is divided into hardware and software. The hardware segment is in the leading position and is valued at USD 984.3 million in 2017, which could reach USD 1,396.5 million by 2023. The hardware segment is expected to grow at a CAGR of 6.10% during the forecast period.
On the basis of application, the global smart well market is divided into onshore and offshore. The onshore segment held a larger market share and enjoyed a valuation of USD 1,244.7 million in 2018. It can rise to USD 1,762.7 million by 2023. The offshore segment is expected to grow with the CAGR of 6.18% during the forecast period.
Geographically, the global smart well market is segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa, and South America.
North America is leading the market with its market valuation pinned at USD 693.8 million in 2017. The regional market value can go up to USD 986.5 million by 2023 with an impressive 6.14% CAGR during the forecast period. Upstream activities might continue to increase in this region due to an increase in the demand for oilfield services. According to the World Oil Outlook report, in 2018, drilling activities in the US increased by 12%.
APAC has the second largest market share and exhibits features similar to that of North America. It was valued at USD 324.6 million in 2017, which is expected to reach USD 461.1 million by 2023 at a 6.12% CAGR during the forecast period.
Europe has a growing demand for oil & gas products. The regional smart well market is eyeing a valuation of USD 402.4 million by 2023 at a CAGR of 6.03% during the forecast period.