Technavio, a tech-focused market research firm, has published a new report on the global smart well market, which is expected to grow at a CAGR of more than 4% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global smart well market into the following key regions: the Americas, APAC, and EMEA.
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Global smart well market in the Americas: The use of advanced technologies to increase the production quantities of oil and gas from alternative sources will lead to the growth of the smart well market in the Americas. The US is the highest revenue generator in this region. Furthermore, the market is estimated to grow in the Americas due to growing deepwater production activities over the next four years.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on oil and gas, “The high production of shale oil and gas in the American market is attributing to the development of smart well in the region. The growing demand for energy is initiating deep and ultra-deepwater exploration activities. The developments in countries like the US, Canada, Brazil, and Mexico will increase the demand for smart well in this region.”
Global smart well market in EMEA: EMEA is the global hotspot for crude and natural gas production and will help the region to grow during the forecast period. Countries like Saudi Arabia, Iran, UAE, and Kuwait will emerge as the key revenue generators in the region. The growing exploration activities in the North Sea will also contribute to the development of the smart well market in EMEA.
Global smart well market in APAC: The rise in offshore oil and gas exploration and enhanced oil recovery techniques will make APAC the fastest growing region in the global market. China, Indonesia, Malaysia, and India will attribute the highest revenues in the region. The growing demand for petroleum products will initiate the development of smart well technologies in the APAC market.
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The top vendors operating in the global smart well market are:
- Baker Hughes
- Halliburton
- National Oilwell Varco
- Schlumberger
- Weatherford International.
Other prominent vendors in the market include 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.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Well Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Water Meter Market 2017-2021
- Global Smart Shade Devices Market 2017-2021
- Global Smart Energy Market 2016-2020
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