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Intelligent Well Completion Market: Overview

Several types of processes are employed to produce oil from reservoirs after drilling. Demand for processes that maximize recoverable reserves, while reducing costs of intervention is increasing. Intelligent well completion is a new well completion technology utilized to reduce capex and opex and increase production rates. This completion system is capable of collecting, analyzing, and transmitting wellbore production and reservoir and completion-integrity data. It also enables remote action to improve reservoir and well production performance.

Rising demand for oil and gas due to industrialization, urbanization, and population growth is a key driver of the intelligent well completion market. Increase in exploration and new discovery of oil and gas deposits is fueling the the intelligent well completion market. Additionally, intelligent well completion increases the overall recovery and facilitates production from unconventional resources such as shale gas and tar sands reserves. This, in turn, boosts the intelligent well completion market. Furthermore, increase in investments in the oil and gas sector by market vendors is also driving the market. For instance, in April 2018, U.S. Oil & Gas Plc (USOIL) has started the new exploration drilling at the Hot Creek Valley project in Nevada.

Intelligent Well Completion Market: Key Segments

The global intelligent well completion market can be segmented based on function, application, and region. In terms of function, the intelligent well completion market can be divided into downhole control system, downhole monitoring system, surface control system, and communication technology. Downhole control system and downhole monitoring system segments are expected expand at a significant pace during the forecast period mainly due to growing preference for deep and ultra-deep water drilling.

Based on application, the intelligent well completion market can be classified into onshore and offshore.. The onshore dominates the application segment of the intelligent well completion market. Expansion of the onshore segment is driven by the rise in oilfield recovery, elimination of non-productive time, and increase in profitability through the design of integrated workflows. Costs incurred for oil & gas activities, such as drilling and well completion, are lesser for onshore than those of offshore applications. These factors drive the onshore segment of the intelligent well completion market.

Intelligent Well Completion Market: Regional Outlook

In terms of region, the global intelligent well completion market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe is projected to dominate the global intelligent well completion market during the forecast period.  The region is a major producer of oil in the world. In the North Sea, there are various mature oilfields that require sophisticated oilfield services to produce oil. Russia, Norway, and the U.K have a large number of reserves. Norway is expected to hold a major share of the intelligent well completion market in Europe.

North America is another major region for the intelligent well completion market owing to the discovery of shale reserves in the U.S. and presence of a large number of private oil companies. According to General Electric Company’s Baker Hughes Inc., the U.S. oil rig count increased by approximate 42% in 2017 as compared to that in 2016 owing to the recovery in crude oil prices. Latin America is expected to hold a significant share of the global intelligent well completion market during the forecast period due to discoveries of substantial shale and oil reserves in the Amazon basin and Venezuela. Venezuela, Brazil, and Mexico are lucrative countries for the market in this region. The intelligent well completion market in Mexico is expected to expand at a considerable pace due to development of a large number of oil wells in the Gulf of Mexico.

Intelligent Well Completion Market: Key Players

Major companies operating in the global intelligent well completion market include Schlumberger Ltd., Halliburton Inc., Baker Hughes a GE Company, Weatherford International, Frontender, National Oilwell Varco, Vantage Energy Group, Tendeka, and PRAXIS. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Intelligent Well Completion Market

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