Market Research Future (MRFR) reveals that the smart well market 2020 can continue to advance at a decent rate of 6.09% between 2018 and 2023 (appraisal period). MRFR also anticipates that the market can reach a valuation of USD 2,178.7 million by 2023. We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
COVID-19 impact on the world economy has been quite severe, with almost every industry forced to bear the brunt, with respect to finance. Be it the government, manpower, healthcare, scientific developments or technology, the COVID-19 outbreak has led to significant economic crisis across developed as well as developing nations. However, since the lockdowns imposed by governments to curb the spread of the pandemic, the use of smart technologies and sensors to track the movement of people or monitor those affected by the novel coronavirus has soared massively across the globe.
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Despite the reduced production in oil and gas industry following the SARS-CoV-2 outbreak, companies are now making higher demand for smart well technologies such as in-well reservoir monitoring systems and downhole measurement equipment, which include electronic devices like sensors, monitoring systems and pressure transmitter. There is now even more focus on the use of automation as well as IoT to upgrade various industrial processes to boost the overall operational efficiency of smart wells. Keeping in mind these factors, it is safe to assume that the smart well market can expect to sustain a somewhat decent growth during the assessment period.
Key Boosters and Main Restraints
The surge in drilling activities across the world has boosted the need for advanced technologies, especially in the initial stage as a majority of the oil and gas reservoirs are not yet fully developed. This gives rise to the need for smart technologies that can easily access the unconventional reservoirs, which in turn induces the growth of the smart well market in the years ahead.
A number of smart well companies are working on incorporating internet of things (IoT) and automation to advance their processes and systems, in order to boost the overall efficiency and productivity of the smart wells. Moreover, the continuous innovations in smart well technologies can result in the emergence of lucrative opportunities for the worldwide market over the next couple of years.
The smart well market has been considered for technology, component as well as application.
The smart well technologies studied in the report are monitoring systems, data transmission system and flow control equipment.
Components covered in the market study are hardware as well as software.
Application areas of smart well technologies are offshore and onshore.
The regional study of the smart well market covers Europe, South America, APAC/Asia Pacific, MEA/the Middle East & Africa and North America.
North America is the most bankable market, backed by developed economies like Canada and the US and the frequent technological innovations in the oil and gas industry. Some of the world’s biggest drilling and mining companies are present in the region, who work hard on cutting costs and are constantly engaged in R&D activities, which benefits the smart well market in the region.
The sharp rise in drilling activities in APAC has boosted the demand for advanced technologies for drilling, leading to higher growth of the smart well market. Additionally, the increasing prominence of IoT and Big Data in the oil and gas sector also favors the regional market to a large extent.
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