Sarasota, FL -- (SBWIRE) -- 02/06/2019 -- Global Intelligent Completion Market: Overview

Intelligent completions incorporate permanent down hole sensors and surface-controlled down hole flow control valves, enabling an individual to monitor, evaluate, and actively manage production or injection in real-time without any well interventions. Data is transmitted to surface for local or remote monitoring after intelligent completion process.

Global Intelligent Completion Market: Growth Factors

With higher the number of wells that are integrated with intelligent field systems, the greater economic efficiency would be achieved. The adoption of intelligent well technology helps oil & gas wells with monitoring systems enabling them to operate at diminishing costs, optimize production, and manage the entire field. This, in turn, will drive intelligent completion market trends. Furthermore, the productivity enhancement is of significant importance as it delivers financial advantage and increased ROIs. The oil & gas operators can introduce additional capabilities for evaluating productive formation, thereby allowing the optimization of production and waterflood systems, thereby further proliferating the intelligent completion market demand in the years ahead.

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Moreover, intelligent completions provide other important advantages such as production from several formations, zonal isolation, control of production rate from different intervals, and enhancement of artificial lift efficiency. However, mounting costs witnessed in initial designing, components, installation, and maintenance of intelligent completions will hinder the expansion of intelligent completion market in the years ahead. In addition, concerns regarding data privacy and high Cybersecurity risks could restrain the growth of the intelligent completion market, leading to declining profits.

Nevertheless, the industry players are predicted to diversify product & system portfolios for addressing the requirements of myriad industries through the launching of new technologies and this, in turn, will reduce the costs. These initiatives will result in nullifying the negative impact of hindrances on the intelligent completion market in the next decade.

Global Intelligent Completion Market: Segmentation

The global intelligent completion market can be classified based on type, application, function, component, and services. On the basis of type, the market is segmented into Simple Intelligent Well Completion and Complex Intelligent Well Completion. On the basis of application, the market is sectored into onshore and offshore applications. Based on the function, the intelligent completion market is divided into the downhole monitoring system, communication system, surface control system, and downhole control system. On the basis of component, the market is sectored into software and hardware. Based on the services, the market is sectored into end-to-end solution and point solution

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Global Intelligent Completion Market: Regional Analysis

Based on regions, the global intelligent completion market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Middle East is the fastest growing market during the forecast period. The regional market development is driven by increased demand in oil and gas segment and energy production. The region is rich in hydrocarbon reservoirs and is one of the main oil producing areas all over the globe. It is a key exporter of oil and gas worldwide, mainly to Asian nations, for example, India and China.

Factors such as an increase in oil & gas activities and the availability of several mature oilfields in the North Sea are driving the intelligent completion market in the European region. Furthermore, growing 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 massive growth opportunities for the intelligent completion business in Europe. APAC, LATAM, and North American markets have huge growth potential.

Global Intelligent Completion Market: Competitive Players

The key players in the global intelligent completion market include Schlumberger, Weatherford, Praxis, Tendeka, Ciscon Nigeria, Bhge, Vantage Energy, Halliburton, National Oilwell Varco, and Omega Well Intervention Ltd.

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Global Intelligent Completion Market: Regional Segment Analysis

North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America