(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 13, 2021, 04:23 /Comserve / -- The intelligent completion market is projected to reach USD 2.16 billion by 2023, from an estimated USD 1.61 billion in 2018, at a CAGR of 6.05%.
COVID-19 has reformed the way we work and has impacted various aspects of the businesses worldwide. Keeping in mind the multi-faceted challenges and the impact on economies post pandemic, companies are focusing on the risks and probabilities for sustainability, growth, and development from this transition.
The intelligent completion market is projected to reach USD 2.16 billion by 2023, from an estimated USD 1.61 billion in 2018, at a CAGR of 6.05%. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.
The onshore segment accounted for the fastest growing segment by application in intelligent completion during the forecasted period. The cost incurred in the oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications. The increasing production activities from onshore are likely to boost the intelligent completion market during the forecast period. The countries which have no offshore reserves are conducting enhanced oil recovery that has increased the demand for intelligent completion for the onshore segment.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Intelligent Completion Market Insights by Latest Trends, Global Leading Key Players, Future Growth, Revenue Analysis, Demand Forecast to 2023
The Middle East is projected to grow at the highest CAGR during the forecast period. Saudi Arabia accounted for the largest share of the intelligent completion market in the Middle East in 2017. The market growth in this region is driven by investments in the power generation and the oil & gas sector. The region has abundant reserves of hydrocarbons and is one of the leading petroleum-producing regions in the world. It is the primary exporter of oil & gas globally, primarily to Asian countries such as China and India.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 36%, Tier 2- 40%, and Tier 3- 24%
By Designation: C-Level- 25%, Managers- 35%, and Others- 40%
By Region: North America- 25%, Europe- 15%, Asia Pacific- 20%, Middle East- 30%, and RoW- 10%
Fill This Form and get the Sample Copy of This Report:
The Final Report will cover the impact analysis of COVID-19 on this industry: Intelligent Completion Market Insights by Latest Trends, Global Leading Key Players, Future Growth, Revenue Analysis, Demand Forecast to 2023
Research Coverage:
The report defines, describes, and forecasts the global intelligent completion market by type, component, function, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the intelligent completion market.
TABLE OF CONTENTS
1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 REGIONAL SCOPE 15
1.3.3 YEARS CONSIDERED FOR THE STUDY 15
1.4 CURRENCY 16
1.5 STAKEHOLDERS 16
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