- The onshore segment is expected to be the largest growing segment in the intelligent completion market.
- Europe is the fastest growing market for intelligent completion.
- Simple Intelligent Well Completion Segment is expected to lead the Intelligent Completion.
The intelligent completion market is projected to reach $2.16 billion by 2023, from an estimated $1.61 billion in 2018, at a CAGR of 6.05% from 2018 to 2023. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.
The onshore segment is expected to be the largest growing segment in the intelligent completion market
The onshore segment accounted for the fastest growing segment by application in intelligent completion during the forecasted period. The cost incurred in the oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications. The increasing production activities from onshore are likely to boost the intelligent completion market during the forecast period. The countries which have no offshore reserves are conducting enhanced oil recovery that has increased the demand for intelligent completion for the onshore segment.
Europe: the fastest growing market for intelligent completion
In this report, the intelligent completion market has been analyzed with respect to 6 regions, namely, the Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to hold the largest market share in 2018 and the Middle East is the fastest growing market during the forecast period. Factors such as increase in oil & gas activities and availability of several mature oilfields in the North Sea are driving the intelligent completion market in the European region. Exploration activities in offshore and arctic regions and increased adoption of data driven technologies for real-time monitoring in the oil & gas industry can create opportunities in the intelligent completion market.
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Major players operating in the intelligent completion market include Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (Switzerland), and National Oilwell Varco (US).
Simple Intelligent Well Completion Segment is expected to lead the Intelligent Completion
The intelligent completion has been segmented into complex intelligent well completion and simple intelligent well completion. The simple intelligent well completion segment is expected to hold the largest market share in 2018. Simple intelligent well completion helps to enhance the performance of the wells and finds its application in horizontal and multilateral wells. It provides downhole monitoring system to facilitate reservoir monitoring. This type of intelligent completion includes pressure and temperature sensors, distributed & temperature profiling, and downhole flow meters. The adoption of simple intelligent well completion will drive the simple intelligent well completion segment.
Hardware segment is expected to hold the largest share of the intelligent completion
The hardware segment is expected to dominate the intelligent completion market in 2018 and is projected to hold the largest market share during the forecast period. The hardware segment consists of special equipment that provides real-time monitoring of wellbore and analyzes the data from different parts of the well for efficient production. The hardware component includes 3 major categories, namely, control devices, monitoring devices, and others (progressing units and communication network). These components consist of electrical sensors, optical sensors, inflow control valves, isolation devices, temperature gauges, downhole sensors, inflow control devices, and control lines & cables, among others. All these are the major factors driving the end-to-end solution segment during the forecast period.