Global Smart Well Market 2017-2021 with Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger & Weatherford International Dominating - Research and Markets
Research and Markets has announced the addition of the "Global
Smart Well Market 2017-2021" report to their offering.
The global smart well market to grow at a CAGR of 4.48% during the
period 2017-2021.
The global smart well market is expected to witness significant growth
during the forecast period. The growth of the market is mainly
attributed to the increasing demand for oil and gas across the globe.
The development of this market is dependent on the efficiency of the
smart well, advancement in equipment technology and the increase in
investments by market vendors. The growth of smart well market is
directly linked to the growth in drilling and completion activities
across the globe.
One trend in market is IT integration and digitization of oil fields.
The recent fall in oil prices has reduced oilfield services companies'
profit margins. This has led to companies leveraging the use of IT to
improve efficiencies and reduce operational losses. Oilfield services
companies have billions of dollars invested in assets. Integrating IT
with software such as total asset managers and DrillNet has allowed for
continuous monitoring to find any irregularities in the performance of
equipment that can be fixed immediately. This helps reduce not only
maintenance time, but also failure of devices that could result in the
loss of millions of dollars due to downtime and delay in the completion
of a project.
According to the report, one driver in market is migration of drilling
into unconventional areas. Oil companies are managing unconventional oil
and gas resources like tight oil, shale gas, shale oil, and coal bed
methane. Oil industry requires advanced on-site processing equipment so
that it can enhance overall oil recovery and increase ROI. The smart
well technologies play a crucial role in maintaining the financial
stability as well as improving the drilling activity by providing
necessary details and readings regarding the reservoirs characteristics.
The added advantage of smart well technologies is that they provide
real-time information which prevents accidents and uncertainties while
drilling.
Further, the report states that one challenge in market is decreasing
investment in oil and gas industry. Investments in oil and gas industry
declined in 2015 due to plunging oil and gas prices. Total, a leading
oil and gas product company announced a reduction in its upstream
expenditure in 2016. The company declared plans to reduce the CAPEX from
$28 billion in 2013 to $21 billion in 2016. REPSOL (a global energy
company) declared a 40% reduction in its upstream expenditure in 2016 as
compared to 2014. In its latest Strategic Plan, the firm readjusted its
upstream focus on only three regions till 2020- North America, Latin
America, and Southeast Asia. The company also aims to sell off $7
billion worth of upstream and downstream assets by 2020. Deepwater
projects normally require big investments, hence most of the deep-water
projects have either been deferred or shelved.
Key Vendors:
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Baker Hughes
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Halliburton
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National Oilwell Varco
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Schlumberger
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Weatherford International
Other Prominent Vendors:
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Statoil
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Salym Petroleum
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Woodside Energy
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Emerson process management
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INTECH process automation
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Nabors Completion & Production Services
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RPC Inc.
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Superior Energy Services
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Trican Well Services
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Welltec International AS
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by application
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Impact of drivers
Part 10: Market challenges
Part 11: Impact of drivers and challenges
Part 12: Market trends
Part 13: Vendor landscape
Part 14: Key vendor analysis
Part 15: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/clmgrb/global_smart_well
View source version on businesswire.com: http://www.businesswire.com/news/home/20170120005553/en/
Copyright Business Wire 2017
Source: Business Wire
(January 20, 2017 - 2:14 PM EST)
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