Smart Drilling Solutions Market: Introduction
- A smart drilling solution is a modular software package that provides comprehensive engineering support for directional and horizontal well drilling activities. The software helps to analyze a well’s stratigraphic position while drilling and makes changes in the structure formation as required.
Smart Drilling Solutions Market: Dynamics
Increasing well drilling activities accelerating the market
- The increasing oil well drilling activities at the global level is one of the key factors accelerating the growth of the market. According to World Oil, in the year 2017, 58,294 oil well drilling activities took place, globally up from 52,086 in 2016. Hence, increasing well drilling activity has accelerated the demand for advanced technology at the initial state because most of the oil and gas reservoirs are in developed phase and now it requires smart technologies to access unconventional reservoirs, driving the demand for smart drilling solutions globally.
North America to hold major share of the global smart drilling solutions market
- Based on region, the smart drilling solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held a dominant position in the global smart Drilling Solutions market in 2018, followed by Europe. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the smart drilling solutions market in the region. Continuously increasing oil well drilling activities especially in the U.S. is a key factor impacting the demand for smart drilling solutions. Countries in North America are among the earliest adopters of emerging technologies, that help to retain the dominating position of the region in the market.
- The smart drilling solutions market in asia pacific is estimated to expand at a high cagr during the forecast period. india, china, japan, and australia are key countries that drive the smart drilling solutions market in the region. according to world oil data, in china, 17,000 oil well drilling activities were conducted in 2017 up from 15,800 drilling activities in 2016. Similarly in India, 624 oil well drilling activities were conducted in 2017 up from 585 drilling activities in 2016. Hence, increasing drilling activities in Asia Pacific countries increases the demand for advanced technology for drilling, which consequently accelerates the smart drilling solutions market in Asia Pacific.
Solutions segment set to hold the dominating position in the market by 2027
- Based on component, the smart drilling solutions market can be bifurcated into solutions and services. The solutions segment is expected to hold a dominant position in the market by 2019 and maintain its dominance during the forecast period 2019 - 2027. Increasing environmental regulations and demand for reduction of operation cost has increased the adoption of smart drilling solutions by various global companies. Moreover, various advantages of solutions such as realtime data acquisition and drilling analyzation have given a dominant position to the solutions segment in the global smart drilling solutions market.
- Based on deployment, the market can be split into on-premise and cloud-based. The on-premise segment is projected to account for notable share of the market by the end of 2019. The cloud-based segment is estimated to further expand at a prominent CAGR during the forecast period.
Key players operating in the global smart drilling solutions market
- Key players in the global smart drilling solutions market are listed below:
- Geosteering Technologies
- TIBCO Software Inc
- Schlumberger Software
- Pegasus Vertex, Inc.
- Compliance Technology Group, LLC
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Global Smart Drilling Solutions Market: Research Scope
Global Smart Drilling Solutions Market, by Component
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Global Smart Drilling Solutions Market, by Deployment
Global Smart Drilling Solutions Market, by End-User
- Oil & Gas
Global Smart Drilling Solutions Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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
- 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?
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.