According to a new market research report "Intelligent Completion Market by Application (Onshore & Offshore), Component (Hardware & Software), Type (Complex & Simple), Function (Downhole Monitoring & Control System, Surface Control System, and Communication), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 1.61 billion in 2018 to USD 2.16 billion by 2023, at a CAGR of 6.05%. This growth can be attributed to the rising demand for production from oil & gas wells and improved economical and operational benefits.
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Onshore segment is expected to hold the largest share of the Intelligent Completion Market, by application, during the forecast period.
The onshore segment is expected to lead the Intelligent Completion Market in 2018 and is projected to have the largest market share during the forecast period. The growth of the onshore segment is primarily driven by the maximization of oilfield recovery, elimination of non-productive time, and increasing profitability through the design of integrated workflows. The cost incurred in the oil & gas activities such as drilling and well completion are less for onshore when compared to offshore applications. These factors drive the growth of the onshore segment of the Intelligent Completion Market.
Hardware segment is expected to hold the largest share of the Intelligent Completion Market, by component, during the forecast period.
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.
Simple intelligent well completion is expected to hold the largest share of the Intelligent Completion Market, by type, during the forecast period.
The simple intelligent well completion segment is expected to lead the Intelligent Completion Market in 2018 and is projected to have the largest market share during the forecast period. The simple intelligent well completion is used to control and monitor the 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.
Europe: the leading 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. The market in Europe is expected to lead the global Intelligent Completion Market in 2018 and is projected to have the largest market share by 2023. Europe is one of the oldest oil-producing regions in the world. There are several mature oilfields in the North Sea that demand sophisticated oilfield services to produce oil. Russia, the UK, and Norway have the maximum number of reserves in the region. The region has numerous oil & gas fields that require intelligent completion system to provide operational efficiency while producing oil. Norway is expected to hold the largest share of the Intelligent Completion Market in Europe in 2018. Increase in oil & gas activities is one of the major factor driving the growth of Intelligent Completion Market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Intelligent Completion Market. The key players in the market are Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (US), and National Oilwell Varco (US). These leading players are trying to expand in developing economies and are adopting various strategies to increase their market shares.
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