Intelligent Completion Market Insights
The demand for intelligent completion is projected to grow at a high CAGR over the forecast period on account of rising exploration activities across the world. Intelligent completion helps reduce a cost associated with exploration by providing important real-time details regarding the oilfield which can be accessed remotely.
Intelligent completion is projected to grow at a high CAGR in the Asia Pacific and North American region. Smart well completions are preferred over traditional wirelines as it makes it easier to maintain deepwater platforms remotely. Intelligent completion systems use electrical and hydraulic power to adjust valves which can otherwise be risky.
Intelligent Completion Market: Type Insights
On the basis of the component, the intelligent completion market is segmented into digital infrastructure, control & communication, monitoring, and flow control devices. One of the most critical steps in intelligent good completion is designing an efficient digital infrastructure that can be manual, automated, or integrated. Monitoring equipments are also expected to hold an important place throughout the life of the reserve. Some of the components used in monitoring include gauges, fiber optics, sensors, and flow meters.
Intelligent Completion Market: Application Insights
On the basis of application, the intelligent completion market is segmented into onshore and offshore exploration. The onshore market is expected to hold a higher share in the market on account of the increasing need to cut down cost due to a fall in oil prices. The increasing exploration of shale gas reserves is projected to boost the demand for intelligent well completion systems.
Intelligent Completion Market: Regional Insights
The demand for intelligent good completion is projected to occupy a large share in the North America region. Currently, shale gas has become a major source of natural gas for the region with an increase of 40% in natural gas supplies in the U.S. from 511 Million cubic meters in 2005 to 717 Million cubic meters in 2012. Increase in natural gas production & exploration is expected to increase the demand for intelligent completion systems in the North American region.
Asia Pacific is projected to grow at the highest CAGR over the coming years. Growing exploration in China, India, Indonesia, Malaysia, and Thailand is projected to boost the demand for intelligent completion.
Intelligent Completion Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase intelligent completion over the coming years. Some leading consumers of this market are Saudi Aramco, Sinopec, China National Petroleum Corporation, and Exxon Mobil among others.
Intelligent Completion Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Intelligent Completion Market Share & Competitor Analysis
Prominent companies in the intelligent completion market are Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, Weatherford International, Welltec International, RPC Inc., Superior Energy Services, Woodside Energ, and Salym Petroleum among others.
In July 2017, GE’s oil and gas business merged with Baker Hughes. Baker Hughes is now a part of GE, and combines digital solutions and technology to ensure development in the oil & gas. In November 2017, D&L Oil Tools registered a new patent pending design for hydraulically & mechanically operated tubing anchors which will be used in smart well systems.