Intelligent Completion Market by Application and Geography - Forecast and Analysis 2022-2026

The intelligent completion market share is expected to increase by USD 769.34 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.02%.

This intelligent completion market research report extensively covers intelligent completion market segmentation by application (onshore and offshore) and geography (the Middle East and Africa, North America, Europe, APAC, Saudi Arabia, Russia, Canada, and China). The intelligent completion market report also offers information on several market vendors, including Baker Hughes Co., CISCON Nigeria Ltd., Halliburton Co., NOV Inc., Omega Well Intervention Ltd., ouronova, Packers Plus Energy Services Inc. , Praxis Completion Technology, SAZ Oilfield Services Pte. Ltd., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tendeka, The Weir Group Plc, The WellBoss Co., Trican Well Service Ltd., Vantage Energy Group, Weatherford International Plc, Welltec AS, and Zamam Offshore Services Ltd. among others. Furthermore, this report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

What will the Intelligent Completion Market Size be During the Forecast Period?

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Intelligent Completion Market: Key Drivers, Trends, and Challenges

The advantages associated with intelligent completion tools is notably driving the intelligent completion market growth, although factors such as fluctuations in global crude oil prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the intelligent completion industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Intelligent Completion Market Driver

The advantages associated with intelligent completion tools is one of the key drivers supporting the intelligent completion market growth. As managing reservoir uncertainty is a major challenge in carbonate rock formations, intelligent completion technology provides the ability to monitor and control individual zones within the wells. This optimizes the production or injection programs, which, in turn, not only improves reservoir performance by achieving high rates of extraction but also reduces field development and thus lowers the associated intervention costs. Further, the integration of intelligent completion provides a cost-effective solution for maximizing hydrocarbon recovery, reducing NPT, and increasing the capacity of production from the reserve. Such advantages provided by intelligent completion for enhanced oil recovery will drive the growth of the global intelligent completion market during the forecast period

Key Intelligent Completion Market Trend

The increase in deep-water and ultra-deep-water E&P activities is one of the key trends contributing to the intelligent completion market growth. Due to the increasing E&P activities in offshore areas, companies are focusing on efficient production from offshore reservoirs, for which they are adopting advanced equipment such as intelligent completion systems. Though the installation costs of intelligent completion systems are high, the reduction in the overall completion time that these systems provide improves well management and increases competitive construction times. The development of intelligent completion systems for deep-water and ultra-deep-water explorations supports optimum oil production and recovery from harsh and challenging environments. Thus, an increase in deep-water and ultra-deep-water E and P projects will drive the growth of intelligent completion systems during the forecast period

Key Intelligent Completion Market Challenge

Fluctuations in global crude oil prices is one of the factors hindering the intelligent completion market growth. According to the IEA, the global crude oil price was USD 71.34 per barrel in 2018, while it was $70.4 per barrel in 2020. The rapid decline in global crude oil prices during 2019-2020 affected the profitability of many upstream companies and impacted their revenue. Thus, the low profitability scenario made it difficult for several oil and gas companies to sustain in the market and compelled them to halt or postpone their E&P projects. Thus, various oil and gas projects drilling and production projects that were planned were kept on hold until global oil prices stabilized. However, several exploration and drilling projects across the world were canceled due to the fluctuations in global crude oil prices. Thus, any uncertainties or fluctuations in global crude oil prices will affect the investments in oil and gas drilling projects, which, in turn, will affect the growth of the global intelligent completion market.

This intelligent completion market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global intelligent completion market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the intelligent completion market during the forecast period.

Who are the Major Intelligent Completion Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Baker Hughes Co.
• CISCON Nigeria Ltd.
• Halliburton Co.
• NOV Inc.
• Omega Well Intervention Ltd.
• ouronova
• Packers Plus Energy Services Inc. 
• Praxis Completion Technology
• SAZ Oilfield Services Pte. Ltd.
• Schlumberger Ltd.
• Schoeller-Bleckmann Oilfield Equipment AG
• Superior Energy Services Inc.
• Tendeka
• The Weir Group Plc
• The WellBoss Co.
• Trican Well Service Ltd.
• Vantage Energy Group
• Weatherford International Plc
• Welltec AS
• Zamam Offshore Services Ltd.

 

This statistical study of the intelligent completion market encompasses successful business strategies deployed by the key vendors. The intelligent completion market is fragmented and the vendors are deploying growth strategies such as strategic acquisitions, agreements, and collaborations, as well as engaging in new product launches and R&D to compete in the market.

Product Insights and News

• Baker Hughes Co. - The company offers solutions for intelligent completion that helps to optimize production and limit downtime in wells, under the brand name of Baker Hughes. 
• Baker Hughes Co. - The oilfield services segment includes advanced drilling and evaluation technologies to drill and place wells in productive zones to ensure well integrity and reservoir connectivity. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The intelligent completion market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Intelligent Completion Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the intelligent completion market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Intelligent Completion Market?

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37% of the market's growth will originate from Middle East and Africa during the forecast period. Saudi Arabia is the key market for intelligent completion market in MEA. Market growth in this region will be slower than the growth of the market in North America.

The presence of carbonate reservoirs will facilitate the intelligent completion market growth in Middle East and Africa over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic led to large fluctuations in the prices of all refined petroleum products during the first half of 2020. However, the initiation of mass COVID-19 vaccination drives from Q4 2020 has led to the lifting of lockdown and travel restrictions and led to the resumption of and rise in supply chain activities for intelligent completion products in oil and gas wells such as downhole sensors and surface-controlled downhole flow control valves. Such factors are expected to increase the demand for intelligent completion solutions, which, in turn, will drive the growth of the market during the forecast period.

What are the Revenue-generating Application Segments in the Intelligent Completion Market?

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The intelligent completion market share growth by the onshore segment will be significant during the forecast period. Onshore E&P activities involve lower costs than offshore projects, which is one of the main reasons for the dominance of the onshore segment over offshore E&P projects. Also, the existence of many mature fields, carbonate reservoirs, and the use of multilateral wells in the Middle East countries are encouraging oil and gas companies to opt for intelligent completion systems as these are more useful in such reservoirs. Such factors will drive the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the intelligent completion market size and actionable market insights on post COVID-19 impact on each segment.

 

Intelligent Completion Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.02%
Market growth 2022-2026	$ 769.34 million
Market structure	Fragmented
YoY growth (%)	5.52
Regional analysis	Middle East and Africa, North America, Europe, APAC, Saudi Arabia, Russia, Canada, and China
Performing market contribution	Middle East and Africa at 37%
Key consumer countries	US, Canada, Saudi Arabia, China, and Russia
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Baker Hughes Co., CISCON Nigeria Ltd., Halliburton Co., NOV Inc., Omega Well Intervention Ltd., ouronova, Packers Plus Energy Services Inc. , Praxis Completion Technology, SAZ Oilfield Services Pte. Ltd., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tendeka, The Weir Group Plc, The WellBoss Co., Trican Well Service Ltd., Vantage Energy Group, Weatherford International Plc, Welltec AS, and Zamam Offshore Services Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Intelligent Completion Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive intelligent completion market growth during the next five years
• Precise estimation of the intelligent completion market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the intelligent completion industry across Middle East and Africa, North America, Europe, APAC, Saudi Arabia, Russia, Canada, and China
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of intelligent completion market vendors

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