Dublin, Aug. 20, 2018 (GLOBE NEWSWIRE) -- The "Intelligent Completion Market by Application, Component, Type, Function, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global intelligent completion market is estimated to be USD 1.61 billion in 2018 and is projected to reach USD 2.16 billion by 2023, at a CAGR of 6.05%.
Increase in production of oil & gas wells and improved economical and operational benefits are the major drivers of the intelligent completion market.
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. However, concerns regarding data privacy and high cybersecurity risks could restrain the growth of the intelligent completion market, leading to declining profits.
The report segments the intelligent completion market, by application, into onshore and offshore. The onshore application segment is expected to dominate the market in 2018 owing to the rise in deepwater and ultra-deepwater drilling activities. Moreover, the cost incurred in the oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications. Based on type, the intelligent completion market 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. Based on component, the intelligent completion market has been segmented into hardware and software. The hardware segment is estimated to lead the market in 2018 and is expected to grow at the fastest rate during the forecast period, as it consists of various components such as control devices, monitoring devices, and others. (progressing units and communication network). 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. Some of the leading players in the intelligent completion market are Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (US), and National Oilwell Varco (US). Contracts & agreements and new product launches were the most widely adopted strategies by players to ensure their dominance in the market.
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.3.1 Markets Covered 1.3.2 Regional Scope 1.3.3 Years Considered for the Study 1.4 Currency 1.5 Stakeholders 2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.1.1 Key Secondary Sources 2.1.2 Primary Data 2.1.2.1 Key Data From Primary Sources 2.1.2.2 Key Industry Insights 2.1.2.3 Breakdown of Primaries 2.2 Market Size Estimation 2.2.1 Bottom-Up Approach 2.2.2 Market Size Estimation Methodology: Top-Down Approach 2.3 Market Breakdown & Data Triangulation 2.4 Research Limitations 2.5 Research Assumptions 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in the Intelligent Completion Market, 2018-2023 4.2 Intelligent Completion Market, By Countries, 2018 & 2023 4.3 Intelligent Completion Market, By Application, 2018 & 2023 4.4 Intelligent Completion Market, By Component, 2018 & 2023 4.5 Intelligent Completion Market, By Type, 2018 & 2023 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Focus on the Increasing Production From Oil & Gas Wells 5.2.1.2 Improved Economic and Operational Benefits 5.2.2 Restraints 5.2.2.1 High Initial Cost Coupled With Lack of Data Processing Infrastructure in the Oil & Gas Rigs 5.2.3 Opportunities 5.2.3.1 Exploration Activities in Offshore and Arctic Regions 5.2.3.2 Increased Adoption of Data-Driven Technologies for Real-Time Monitoring in the Oil & Gas Industry 5.2.4 Challenges 5.2.4.1 Concerns Regarding Data Privacy and Increased Cybersecurity Risks 6 Intelligent Completion Market, By Application 6.1 Introduction 6.2 Onshore 6.3 Offshore 7 Intelligent Completion Market, By Component 7.1 Introduction 7.2 Hardware 7.3 Software 8 Intelligent Completion Market, By Type 8.1 Introduction 8.2 Simple Intelligent Well Completion 8.3 Complex Intelligent Well Completion 9 Intelligent Completion Market, By Function 9.1 Introduction 9.2 Downhole Monitoring System 9.3 Downhole Control System 9.4 Surface Control System 9.5 Communication System 10 Intelligent Completion Market, By Region 10.1 Introduction 10.2 Asia Pacific 10.2.1 By Application 10.2.2 By Component 10.2.3 By Type 10.2.4 By Country 10.2.4.1 China 10.2.4.2 Malaysia 10.2.4.3 Indonesia 10.2.4.4 Rest of Asia Pacific 10.3 North America 10.3.1 By Application 10.3.2 By Component 10.3.3 By Type 10.3.4 By Country 10.3.4.1 US 10.3.4.2 Canada 10.3.4.3 Mexico 10.4 Europe 10.4.1 By Application 10.4.2 By Component 10.4.3 By Type 10.4.4 By Country 10.4.4.1 Norway 10.4.4.2 Russia 10.4.4.3 UK 10.4.4.4 Rest of Europe 10.5 Middle East 10.5.1 By Component 10.5.2 By Application 10.5.3 By Type 10.5.4 By Country 10.5.4.1 Saudi Arabia 10.5.4.2 UAE 10.5.4.3 Kuwait 10.5.4.4 Oman 10.5.4.5 Rest of the Middle East 10.6 Africa 10.6.1 By Application 10.6.2 By Component 10.6.3 By Type 10.6.4 By Country 10.6.4.1 Angola 10.6.4.2 Nigeria 10.6.4.3 Rest of Africa 10.7 South America 10.7.1 By Application 10.7.2 By Component 10.7.3 By Type 10.7.4 By Country 10.7.4.1 Brazil 10.7.4.2 Argentina 10.7.4.3 Rest of South America 11 Competitive Landscape 11.1 Overview 11.2 Market Ranking of Players and Industry Concentration, 2017 11.3 Competitive Scenario 11.3.1 Contracts & Agreements 11.3.2 New Product Launches 11.3.3 Mergers & Acquisitions 11.3.4 Expansion 11.3.5 Partnership & Collaboration 12 Company Profiles 12.1 Benchmarking 12.2 Schlumberger 12.3 Weatherford 12.4 Bhge 12.5 Halliburton 12.6 National Oilwell Varco 12.7 Ouro Negro 12.8 Packers Plus Energy Services 12.9 Omega Well Intervention Ltd. 12.10 Ciscon Nigeria 12.11 Praxis 12.12 Vantage Energy 12.13 Tendeka
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