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Increasing oil production to push intelligent completion market to $2.16b

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There are indications that the global intelligent completion market, currently standing at about $1.61billion, will hit $2.16billion by 2023, at an annual growth rate of 6.05 per cent.

Intelligent completion is a process where permanent downhole sensors and surface-controlled downhole flow control valves are integrated to enable users monitor, evaluate, and actively manage production (or injection) in real time without any well interventions.

With the process, data is transmitted to surface for local or remote monitoring thereby helping to manage uncertainties in reservoirs, particularly in carbonate rocks.

A new report by a leading research firm, Research and Markets, indicated that increase in production of oil and gas wells and improved economical and operational benefits are responsible for the surge in intelligent completion market.

According to the report, exploration activities in offshore and arctic regions and increased adoption of data driven technologies for real-time monitoring in the oil and gas industry can create opportunities in the intelligent completion market.

But the firm raises an alarm that the development could be jeopardised in the face of growing data privacy and cybersecurity risks, thereby leading to declining profits.

The report segments the intelligent completion market by application into onshore and offshore.

The onshore application segment is expected to dominate the market in 2018, owing to the rise in deepwater and ultra-deepwater drilling activities.

Moreover, the cost incurred in oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications.

According to the report, the intelligent completion market has been segmented into complex intelligent well completion and simple intelligent well completion.

“The simple intelligent well completion segment is expected to hold the largest market share in 2018.

Simple intelligent well completion helps to enhance the performance of the wells and finds its application in horizontal and multilateral wells.


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