Intelligent Completion Market Size to Grow by USD 769.34 Mn| 37% of the growth to originate from the Middle East and Africa| Technavio – QNT Press Release

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NEW YORK , March 23, 2022 /PRNewswire/ — The “Intelligent Completion Market by Application (Onshore and Offshore) and Geography (Middle East and Africa, North America, EuropeAPAC, Saudi Arabia, Russia, Canadaand China) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the intelligent completion market from 2021 to 2026 is USD 769.34 million. To get the exact yearly growth variance and the YOY growth rate, Request a free Sample now!.

Key Market Dynamics:

  • Market Driver
    • One of the primary forces supporting the intelligent completion market’s growth is the benefits associated with intelligent completions. Because minimizing reservoir uncertainty in carbonate rock formations is a huge concern, intelligent completion technology allows well operators to monitor and regulate particular zones inside the wells. This optimizes the production or injection plans, which not only enhances reservoir performance by reaching high extraction rates, but also reduces field development and, as a result, lowers intervention costs. The benefits of intelligent completion for improved oil recovery will propel the global intelligent completion market forward throughout the forecast period.
  • Market Trend
    • One of the important factors driving the intelligent completion market growth is the increase in deep-water and ultra-deep-water E and P activities. Companies are focusing on efficient production from offshore reservoirs as a result of increased E and P activity in offshore areas, for which they are using innovative technology such as intelligent completion systems. Though intelligent completion systems have high installation costs, the reduction in overall completion time provided by these technologies improves well management and boosts competitive construction times.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!

Key Segment Analysis

During the projected period, the onshore segment’s intelligent completion market share will expand significantly. One of the key reasons for the onshore segment’s domination over offshore E and P projects is the lower costs associated with onshore E and P activities. A wireless system is built on cloud-based wireless technology that can decode and transmit data to any location on the planet. In addition, the Middle East countries’ abundance of mature fields, carbonate reservoirs, and multilateral wells encourage oil and gas corporations to adopt intelligent completion technologies, which are more useful in such reservoirs. During the projection period, such variables will boost segment expansion.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Some Companies Mentioned with their Offerings

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Baker Hughes Co.
  • CISCON Nigeria Ltd.
  • Halliburton Co.
  • NOV Inc.
  • Omega Well Intervention Ltd.
  • ouronova
  • Packers Plus Energy Services Inc.Â
  • Praxis Completion Technology
  • SAZ Oilfield Services Pte. Ltd.
  • Schlumberger Ltd.
  • Schoeller-Bleckmann Oilfield Equipment AG
  • Superior Energy Services Inc.
  • Tendeka
  • The Weir Group Plc
  • The WellBoss Co.
  • Trican Well Service Ltd.
  • Vantage Energy Group
  • Weatherford International Plc
  • Welltec AS
  • Zamam Offshore Services Ltd.

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Intelligent Completion Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 6.02%

Full story available on Benzinga.com

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