Smart Well Market will Accelerate Rapidly with Excellent CAGR | Qiagen NV, Agilent Technologies, PerkinElmer, ABM, Dassault Systemes

In a recent published report, Kenneth Research has updated the market report for Smart Well Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Well Market  products.

Smart Well is a non-conventional advanced well with sensors, valves, and inflow control devices installed on the production tubing, which helps evaluate, and actively manage production in real-time without any well intervention. It allows continuous monitoring of fluid flow rates, pressure, and regular adjustments of down-hole valves to gather and transmit information to the surface on production or fluid injection profiles. The market growth is driven by the increasing offshore drilling activities, globally. The Smart Well technology is being adopted due to increased demand from the emerging economies around the world. Moreover, the extended oil drilling activities of Organization of the Petroleum Exporting Countries (OPEC) has provided an opportunity to the national oil companies and independent players to enhance upstream operations.

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The global demand for smart well is driven by the increasing deep-water exploration and drilling operations and the rising adoption of IoT in oil & gas industry. Moreover, increasing ultra-deep-water discoveries, across the globe, have provided an opportunity for the market growth. However, growing concerns of data privacy and cybersecurity risks and rising investments in the renewable sector might restrain the growth of smart well market. The oil & gas companies operate in a geopolitically sensitive environment, which has always been vulnerable to cybersecurity risks. As the oil & gas companies are currently deploying IoT aggressively in the energy value chain ranging from exploration to the retail; there has been a growth in the risk of data theft and cyber intrusion. The Industrial Internet of Things (IIoT) in the oil & gas industry involves the use of big data to improve operational efficiencies across the oil & gas value chain. With IIoT, costs can be slashed to some extent, and machines become loaded with sensors and are connected to one network for easy accessibility. In addition to this, renewable energy sources such as solar and wind are the most rapidly growing in terms of technology in the renewable sector, as there are technological advancements related to the improvement of energy efficiency from these sources.

For the purpose of study, the global smart well market has been segmented based on technology, component, and application. On the basis of technology, the market has further been segmented as flow control equipment, monitoring system, and data transmission system. The flow control equipment segment had the largest market size in 2018, mainly owing to its applications in regulating pressure, temperature, flow, and liquid level in the pipe. On the basis of component, the market is segmented as software and hardware. The hardware segment held the larger share of the market in 2018, mainly due to wide range of variables including pressure, temperature, and flow, in the oil well. On the basis of application, the market is segmented as onshore and offshore. The onshore segment held the larger share of the market in 2018, mainly due to the larger number of oilfields located onshore. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

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Table of Content for This Research Report:

  • Executive Summary
  • Market Introduction
  • Research Methodology
  • Market Insights
  • Market Dynamics
  • Market Factor Analysis
  • by Product Type
  • by Sensor Type
  • by Application
  • by Region
  • Competitive Landscape
  • Company Profiles
  • Appendix
  • Industry Insights

Note: This table of content is tentative and subject to change as the research progresses.

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