The smart well technology allows measuring flows from each producing formation in real time, regulating water injection rates in injection wells. Additionally, smart well technology creates additional economic and environmental benefits, since it allows a reduction in the number of well pads and associated field infrastructure, and also helps meet the requirements of environmental regulations. A recent trend is that of IT integration and digitization of oil fields. The recent fall in oil prices has reduced oilfield services companies’ profit margins, leading to the use of IT to improve efficiencies and reduce operational losses. Factors such as increasing drilling activities in oil fields and rising focus on shale gas and tar sand reserves are driving the onshore well type. Moreover, North America is leading the market for smart well. The exploration of new reserves, and creation of growth prospects for the exploration and production activities in the U.S., Canada and Mexico are expected to trigger the demand for smart well market.
However, decreasing investment in oil and gas industry and Cyber security concern are some of the factors projected to limit the industry growth opportunities.
The key players of global smart well market are
- Baker Hughes,
- Weatherford International,
- National Oilwell Varco,
- Superior Energy Services, Inc.
- Trican Well Service Ltd.,
- RPC Inc.,
- Nabors Industries Ltd,
- Salym Petroleum Development N. V.
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Market Research Future Analysis:
Market Research Future analysis shows that the global market of smart well market is estimated to grow at USD XX billion by the end of year 2022. North America is currently the largest market for smart well followed by Europe and Asia-Pacific. In North America, the growth of the smart well market is attributed to factors such as shale revolution and presence of large drilled wells in the U.S. which drives the market for smart well
Smart wells are wells which have equipment which can be controlled automatically or manually. Intelligent well completions or ‘smart’ wells enable operators to acquire data, monitor and remotely control well operations for maximum productivity. Moreover, smart well technology plays a crucial role in maintaining financial stability and drilling activity by providing details regarding reservoirs characteristics. It is equipped with downhole sensors, which monitor well and reservoir conditions as well as it monitors valves to control the inflow of fluids from the reservoir. Additionally, the smart well technology allows measuring flows from each producing formation in real time and regulating water injection rates in injection wells.
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Market Research Future Analysis:
Market Research Future analysis shows that the global market of smart well market is estimated to grow at USD XX billion by the end of year 2022. North America is currently the largest market for smart well followed by Europe and Asia-Pacific. In North America, the growth of the smart well market is attributed to factors such as shale revolution and presence of large drilled wells in the U.S. which drives the market for smart well. A recent trend is that of IT integration and digitization of oil fields. Integrating IT with software allowed the continuous monitoring of performance of equipment that can be fixed immediately. This tracking method has substantially reduced maintenance time and devices failures, which resulted in monitory losses and delay in the completion of projects. Digital oilfield technologies are gaining importance, as they allow decision making and remote executions with the objective to maximize production, improve capital efficiency, and minimize safety hazards.
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