Smart Well Market

The global smart well market is expected to grow at 6.09% CAGR during the forecast period, 2017–2023. The major factor that drives the smart well market is the drilling and completion activities in offshore platforms. Most of the oil & gas companies use smart well technology such as permanent downhole measurement equipment and in-well reservoir monitoring systems, which include mechanical and electronic devices, such as pressure transmitter, sensors and monitoring systems. These devices are used to control the pressure and temperature in the downhole of drilling in order to optimize production performance and improve oil reservoir recovery. A fundamental type of equipment used in smart wells is the down-hole mechanical valve called an interval control valve (ICV), which is present with orifices with different hole sizes. The ICV is used to control the flow of oil from the well and to stop unwanted fluids from entering the wellbore.

The global smart well market is segmented based on technology, component, application, and region. On the basis of technology, the market is further classified as flow control equipment, monitoring systems, and data transmission system. On the basis of component, the market is segmented into hardware and software whereas on the basis of application, global smart well market is segmented into onshore and offshore

· Middle East & Africa: 5.11%

· South America: 10.08%

Key Leading Countries

· US

· Norway

· Indonesia

· China

· Saudi Arabia

Key Market Drivers

· Rising deep water and ultra-deep-water exploration and drilling operations

· Increasing Adoption of IoT in Oil & Gas Industry

Key Vendors

· Schlumberger Ltd

· Halliburton

· Weatherford International

· Emerson Electric Co.