Smart Well Market to Reach $12.9 Billion, Globally, by 2031 at 6.6% CAGR: Allied Market Research

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Jan 11, 2023, 10:19 ET

Rise in adoption of digitalization across several industries, the surge in demand for oil and oil derivatives across industries, a surge in oil exploration activities, and higher spending on offshore oil exploration activities drive the global smart well market growth.

PORTLAND, Ore., Jan. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Well Market by Component (Hardware, Software), by Technology (Hydraulics Based System, Electric Based Systems), by Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global smart well industry generated $7.0 billion in 2021, and is estimated to reach $12.9 billion by 2031, witnessing a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers, Restraints, and Opportunities

Rise in adoption of digitalization across several industries, including oil and gas, the surge in demand for oil and oil derivatives across industries, need to improve the potentially hazardous working conditions present in the oil & gas sector, a surge in exploration activities related to finding new oilfields, rise in usage of real-time operation monitoring processes to cut out inefficient processes and losses, ability of smart wells to offer more effective plant management with precise and reliable administration than manually overseen fields and related activities, improvements in wireless technology, data collection & analysis services, and higher spending on offshore oil exploration activities drive the growth of the global smart well market. However, due to the cost factor, manufacturers are unable to switch to smart oil wells and continue using conventional oil wells. This factor hampers the global market growth. On the other hand, the advancement of the oilfield's digitalization and increase in contract agreements by smart well equipment manufacturers and software companies with exploration companies presents new growth opportunities for the global smart well market in the coming years.

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Covid-19 Scenario

The COVID-19 pandemic had an adverse effect on the smart well market. This is due to the global lockdown and imposition of stringent rules by government across nations. The smart well market was impacted by the disruption in drilling activity and software development which created challenges for the market during the pandemic.
The price of crude reduced sharply which resulted in the suspension of drilling smart wells in Saudi Arabia and Russia which slowed down the smart well market growth during the pandemic.
With the rising demand for gas and oil in 2022, manufacturers considered investing in smart well technology to enhance the well's performance, which assists in driving the global smart well market growth in the future.

The hardware segment to maintain its leadership during the forecast period

Based on component, the hardware segment was the largest market in 2021, contributing to nearly two-thirds of the global smart well market, and is expected to maintain its leadership status during the forecast period. This is owing to the high adoption of hardware at the production site as they allow all functions to be performed in a desired way. As a result, industry participants are spending more on research and development of new hardware, such as highly customized data collecting systems for digitizing the oilfield. The software segment, however, is projected to witness the fastest CAGR of 6.8% from 2022 to 2031. This is because software assists manufacturing units in effectively identifying project risks.

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The hydraulics based system segment to maintain its dominance during the forecast period

Based on technology, the hydraulics based system segment held the largest market share nearly three-fifths of the global smart well market in 2021 and is expected to maintain its dominance during the forecast period. This is because the acceptance of hydraulic systems is more in the oil and gas industry as they are more comfortable to use and have fewer moving parts. Moreover, hydraulic systems are less expensive and their track record shows proven reliability in the industry. The electric based systems segment, on the other hand, is projected to witness the largest CAGR of 6.8% from 2022 to 2031, owing to the high demand for electric-based systems from the oilfield industry as they are highly capable of controlling and monitoring multiple zones for workflow automation and fieldwide insights.

The offshore segment to maintain its dominance during the forecast period

Based on application, the offshore segment held the largest market share of nearly four-fifths of the global smart well market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 6.6% from 2022 to 2031. This is attributed to rise in deep water drilling and increase in production activities globally.

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Asia-Pacific to maintain its dominance by 2031

Based on region, the Asia-Pacific market was the largest in 2021, capturing nearly two-fifths of the global smart well market and is expected to maintain its leadership in terms of revenue during the forecast period. The same market is expected to manifest the fastest CAGR of 7.6% during the forecast period, due to the increase in focus toward enhanced operational management and the adoption of latest digital solutions in the region.

Leading Market Players

Baker Hughes Inc.
ABB Ltd.
NOV INC.
Equinor
Siemens Ltd.
Intech
Weatherford International Ltd.
Halliburton Company
General Electric
Emerson Electric Co.
Schlumberger Limited

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