San Francisco, California, Nov 06, 2018 – The global intelligent completion market is foretold to gather pace with rising awareness about operational and economic benefits of the technique. On the other hand, rise in the production of oil and gas wells could raise more demand in the global intelligent completion market. In a report by TMR Research, the global intelligent completion market is broadly explained on the basis of different aspects and factors. It carries the title “Intelligent Completion Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028.” The hardware market is expected to massively increase the demand for intelligent completion as it grows at a quicker pace in the next few years.
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There are different types of intelligent completion solutions offered in the global market. However, simple intelligent completion is foreseen to account for a larger share of the market in the coming years. It finds application in multilateral and horizontal wells and also helps to improve the performance of wells. It facilitates reservoir monitoring by providing a downhole monitoring system.
The global intelligent completion market could face the brunt of high cybersecurity risks and data privacy concerns during the course of the forecast period. However, the oil and gas industry witnessing an increase in the adoption of data-driven technologies for real-time monitoring is projected to create lucrative opportunities in the global intelligent completion market. Among key regions, the MEA could post a higher CAGR in the global intelligent completion market. Saudi Arabia is expected to take hold of a stronger share of the MEA intelligent completion market. High demand for intelligent completion in energy production and oil and gas sectors could support this growth in the coming years.
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Some of the leading companies operating in the global intelligent completion market are National Oilwell Varco, Ciscon Nigeria, Praxis, Weatherford, and Schlumberger.