Intelligent Completion Market to Show Robust Growth in Near Future

The adoption of intelligent well technology equips oil & gas wells with monitoring systems enabling the operator to decrease operational costs, optimize production, and manage the entire field. The oil & gas operators can introduce additional capabilities for evaluating productive formation, thereby allowing the optimization of production and waterflood systems.

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%. 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.

According to IEA, the demand for oil will continue to grow until 2040, and the use of natural gas is expected to increase by 45% by 2040, with industries expecting to be the largest demand generating sector. The oil & gas operators are looking forward to better and more efficient ways to exploit these resources. To maximize the production and improve the economics of reservoirs, oil & gas operators are looking for a wide range of sophisticated completion strategies that utilize real-time data monitoring with remote-controlled sliding sleeves or variable chokes. With the use of intelligent completions, oil & gas operators can manage the production in a better way and eliminate or reduce interventions and associated production downtime, well costs, and risks.

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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.

Key Market Players:

The leading players of the Intelligent Completion Market include Baker Hughes (US), Halliburton (US), Schlumberger (US), New Park Resources (US), and Weatherford (US).