Northbrook, IL -- (SBWire) -- 11/22/2021 --The global Intelligent Completion Market is expected to grow from an estimated USD 1.61 billion in 2018 to USD 2.16 billion by 2023, at a CAGR of 6.05%, from 2018 to 2023. The market in Europe is estimated to be the largest for intelligent completion followed by the North American market in 2017. This trend is expected to continue till 2023. The growth of the intelligent completion market is driven by the increase in production of oil & gas from wells.
The onshore segment is expected to lead the intelligent completion market. The growth of the onshore segment is primarily driven by the maximization of oilfield recovery, elimination of non-productive time, and increasing profitability through the design of integrated workflows. The cost incurred in the oil & gas activities such as drilling and well completion are less for onshore when compared to offshore applications. These factors drive the growth of the onshore segment of the intelligent completion market.
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The intelligent completion market has been segmented into complex intelligent well completion and simple intelligent well completion. The simple intelligent well completion segment is expected to hold the largest market share in 2018. The simple intelligent well completion is used to control and monitor the wells. It provides downhole monitoring system to facilitate reservoir monitoring. This type of intelligent completion includes pressure and temperature sensors, distributed & temperature profiling, and downhole flow meters. The adoption of simple intelligent well completion will drive the simple intelligent well completion segment. Simple intelligent well completion helps to enhance the performance of the wells and finds its application in horizontal and multilateral wells.
The intelligent completion market has been analyzed with respect to 6 regions, namely, the Asia Pacific, Europe, North America, South America, the Middle East, and Africa. The market in Europe is expected to lead the global intelligent completion market in 2018 and is projected to have the largest market share by 2023. Europe is one of the oldest oil-producing regions in the world. There are several mature oilfields in the North Sea that demand sophisticated oilfield services to produce oil. Russia, the UK, and Norway have the maximum number of reserves in the region. The region has numerous oil & gas fields that require intelligent completion system to provide operational efficiency while producing oil. Norway is expected to hold the largest share of the intelligent completion market in Europe in 2018. Increase in oil & gas activities is one of the major factors driving the growth of intelligent completion market in the region.
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The intelligent completion market is dominated by a few major players that have a wide global presence and are established industry players. The leading players of the Intelligent Completion Market include Baker Hughes (US), Halliburton (US), Schlumberger (US), New Park Resources (US), and Weatherford (US).
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Intelligent Completion Market to Cross $2.16 Billion by 2023
The intelligent completion market is expected to grow from an estimated USD 1.61 billion in 2018 to USD 2.16 billion by 2023, at a CAGR of 6.05% during the forecast period.