Global Smart Well Market 2017-2021
About Smart Well
The global smart well market is expected to witness significant growth during the forecast period. The growth of the market is mainly attributed to the increasing demand for oil and gas across the globe. The development of this market is dependent on the efficiency of the smart well, advancement in equipment technology and the increase in investments by market vendors. The growth of smart well market is directly linked to the growth in drilling and completion activities across the globe.
Technavio’s analysts forecast the global smart well market to grow at a CAGR of 4.48% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart well market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of haircare products to individual consumers and salons.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Well Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart well market: Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford International.
Other Prominent Vendors in the market are: Statoil, Salym Petroleum, Woodside Energy, Emerson process management, INTECH process automation, Nabors Completion & Production Services, RPC Inc., Superior Energy Services, Trican Well Services, and Welltec International AS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is IT integration and digitization of oil fields. The recent fall in oil prices has reduced oilfield services companies' profit margins. This has led to companies leveraging the use of IT to improve efficiencies and reduce operational losses. Oilfield services companies have billions of dollars invested in assets. Integrating IT with software such as total asset managers and DrillNet has allowed for continuous monitoring to find any irregularities in the performance of equipment that can be fixed immediately. This helps reduce not only maintenance time, but also failure of devices that could result in the loss of millions of dollars due to downtime and delay in the completion of a project.”
According to the report, one driver in market is migration of drilling into unconventional areas. Oil companies are managing unconventional oil and gas resources like tight oil, shale gas, shale oil, and coal bed methane. Oil industry requires advanced on-site processing equipment so that it can enhance overall oil recovery and increase ROI. The smart well technologies play a crucial role in maintaining the financial stability as well as improving the drilling activity by providing necessary details and readings regarding the reservoirs characteristics. The added advantage of smart well technologies is that they provide real-time information which prevents accidents and uncertainties while drilling.
Further, the report states that one challenge in market is decreasing investment in oil and gas industry. Investments in oil and gas industry declined in 2015 due to plunging oil and gas prices. Total, a leading oil and gas product company announced a reduction in its upstream expenditure in 2016. The company declared plans to reduce the CAPEX from $28 billion in 2013 to $21 billion in 2016. REPSOL (a global energy company) declared a 40% reduction in its upstream expenditure in 2016 as compared to 2014. In its latest Strategic Plan, the firm readjusted its upstream focus on only three regions till 2020- North America, Latin America, and Southeast Asia. The company also aims to sell off $7 billion worth of upstream and downstream assets by 2020. Deepwater projects normally require big investments, hence most of the deep-water projects have either been deferred or shelved.
Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, Weatherford International, Statoil, Salym Petroleum, Woodside Energy, Emerson process management, INTECH process automation, Nabors Completion & Production Services, RPC Inc., Superior Energy Services, Trican Well Services, Welltec International AS.