With the emergence and long-term Impact of COVID-19, Global Intelligent Completion Market to reach USD XX Billion by 2028
Bizwit Research & Consulting LLP’s Recent Analysis on Global Intelligent Completion Market is poised to raise up to USD XX Billion by 2028. Intelligent Completions incorporate permanent downhole sensors and surface-controlled downhole flow control valves, enabling you to monitor, evaluate, and actively manage the production (or injection) in real-time without any well interventions. The increasing production from oil & gas wells, improved economic and operational benefits has led to the adoption of Intelligent Completion across the forecast period. For Instance: 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. Also, with the exploration activities in offshore and arctic regions, the adoption & demand for Intelligent Completion is likely to increase the market growth during the forecast period.
Geographically, the global Intelligent Completion market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is the leading region across the world in terms of market share owing to the rapid digitalization in the oil & gas industry that has taken place by transforming traditional processes with innovative technology. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as increase in production of oil & gas wells and improved economical and operational benefits would create lucrative growth prospects for the Intelligent Completion Market across Asia-Pacific region.
The global Intelligent Completion market is highly competitive owing to the presence of several key manufacturers such as Praxis, Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (US), National Oilwell Varco (US), Ouro Negro, Packers Plus Energy Services, Omega Well Intervention Ltd., Ciscon Nigeria and others.
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Global Intelligent Completion Market Size study, by Function (Downhole Control System, Downhole Monitoring System, Surface Control System, Communication Technology), by Application (Onshore Intelligent Completions Well, Offshore Intelligent Completions Well) and Regional Forecasts 2022-2028
Key findings of the study suggest:
- Global Intelligent Completion Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028.
- In the Function segment, Downhole Monitoring System emerged out as the leading market segment in 2021.
- In the Application segment, Onshore Intelligent Completions Well emerged as the leading market segment in 2021.
- North America is anticipated to drive regional growth owing to the rapid digitalization in the oil & gas industry that has taken place by transforming traditional processes with innovative technology.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2022-2028.
Bizwit Research & Consulting has considered following segments for the study:
- Downhole Control System
- Downhole Monitoring System
- Surface Control System
- Communication Technology
- Onshore Intelligent Completions Well
- Offshore Intelligent Completions Well
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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