Smart wells are wells which have equipment which can be controlled automatically or manually. Intelligent well completions or ‘smart’ wells enable operators to acquire data, monitor and remotely control well operations for maximum productivity. Moreover, smart well technology plays a crucial role in maintaining financial stability and drilling activity by providing details regarding reservoirs characteristics. It is equipped with downhole sensors, which monitor well and reservoir conditions as well as it monitors valves to control the inflow of fluids from the reservoir. Additionally, the smart well technology allows measuring flows from each producing formation in real time and regulating water injection rates in injection wells.
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The report has been analyzed the market based on the two segments, namely well type and end-use in the regions of North America, Europe, APAC and Rest of the World.
On the basis of well sites, the market includes the segments of onshore and offshore. The onshore well type is expected to be higher than the offshore segment in terms of market share during the forecast period.
The factors such as increasing drilling activities in oil fields and rising trend to focus on unconventional reserves such as shale gas and tar sand reserves are driving the onshore well type. Moreover, the cost incurred in oil & gas activities such as drilling, and completion is less in onshore when compared to offshore applications.
North America region shows the highest growth in smart well due number of investments as well as high exploration and production activities and Asia-Pacific expected a potential growth for the market.
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The key players of global smart well market are Baker Hughes, Halliburton, Schlumberger, Weatherford International, National Oilwell Varco, Superior Energy Services, Inc. Trican Well Service Ltd., RPC Inc., Nabors Industries Ltd, Salym Petroleum Development N. V. and others.
- Raw Materials Suppliers
- Aftermarket suppliers
- Research Institute / Education Institute
- Potential Investors
- Key executive (CEO and COO) and strategy growth manager
Regional Analysis of Global Smart Well Market
Currently, North America dominates the global smart well market share. Major value generation activities of the market are recorded in North America and the other regions are growing at a higher growth rate with the exploration of new reserves, creating growth prospects for the exploration and production (E&P) activities due to technological developments.
Asia-Pacific is expected to grow significantly in the forecast period. The growth is primarily due to shale activity in China and increasing offshore oil and gas exploration in countries such as India and Indonesia. Moreover, rise in offshore oil and gas exploration and enhanced oil recovery techniques will make APAC the fastest growing region in the global market