LONDON--(BUSINESS WIRE)--The global intelligent completion market research report by Technavio predicts the market to post a CAGR of more than 5% during the period 2019-2023.
A key driver for the global intelligent completion market is the advantages associated with intelligent completions. The oil and gas E&P activities generate large volumes of data during the well drilling and completion process. The tools such as sensors and wireless communication for real-time data acquisition from drilling and completion activities are being integrated with various drilling and completion equipment to enhance the efficiency of these processes. The automation of drilling and completion processes is driven by safety and economic benefits.
This global intelligent completion market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in the use of unconventional E&P techniques as one of the key trends in the global intelligent completion market:
Global intelligent completion market: Increase in use of unconventional E&P techniques
According to the lEA, in 2017, a 4% increase in upstream investments was witnessed and this is expected to increase to 5% by the end of 2018. Additionally, as per the lEA, the investments in the US shale oil and gas industry is expected to grow by 19% in 2018 when compared with 2017.
“The unconventional oil and gas E&P activities are growing as an alternative to conventional production after the discovery of major unconventional oil and gas reserves in the US, Canada, China, and Argentina. These countries are increasingly adopting shale oil and gas production as an alternative to conventional drilling due to the increase in the global crude oil price. THUS, oilfield service companies are introducing intelligent completion techniques for use in such unconventional oil and gas E&P sites,” says a senior analyst at Technavio for research on oil and gas.
Global intelligent completion market: Segmentation analysis
This intelligent completion market analysis report segments the market by application (onshore and offshore) and geography (the Americas, APAC, and EMEA).
The onshore segment held the largest intelligent completion market share in 2018, accounting for nearly 69% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with around 45% of the market share, followed by the Americas and APAC respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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