The global intelligent completion market is projected to reach a market size of USD 2.16 billion in 2023, at a CAGR of 6.05%. The market in Europe is estimated to be the largest for intelligent completion followed by the North American market in 2017. This trend is expected to continue till 2023. The growth of the intelligent completion market is driven by the increase in production of oil & gas from wells.
The intelligent completion market is dominated by a few major players that have a wide global presence and are established industry players. The leading players of intelligent completion market include BHGE (US), Halliburton (US), Schlumberger (US), New Park Resources (US), and Weatherford (US).
The major strategies adopted by the players include mergers & acquisitions, new product launches, and contracts & agreements. Contracts & agreements were the most commonly adopted strategy from January 2014 to June 2018.
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Baker Hughes was formed as a corporation through a merger of Baker International Corporation and Hughes Tool Company. Baker Hughes operates through 3 segments completion and production, drilling and evaluation, and industrial services. The company offers its products and services under segments which include oilfield operations that provide drilling and evaluation and completion & production products; and industrial services that provide downstream chemicals, process, and pipeline services. The company offers services to customers for finding, evaluating, drilling, and producing hydrocarbons. In October 2017, BHGE launched FASTrak Prism fluid analysis and sampling while drilling service. The service uses advanced sensors and technology to collect and deliver reliable, high-quality fluid samples and real-time reservoir characterization for overall well completion and production strategies. In November 2017, Baker Hughes collaborated with Sonatrach to form a new company named Arzew Industrial Zone to strengthen Algeria’s position in the upstream oil & gas market.
Halliburton is one of the largest providers of products and services in the energy industry. The company helps its customers to enhance the value throughout the lifecycle of a reservoir by offering products and services such as locating hydrocarbons and managing local data, drilling & formation evaluation, well construction & completion, and optimization of production throughout the life of a field. It operates through two business segments completion & production and drilling & evaluation. The drilling fluids business is carried out under its Baroid Industrial Drilling Products business unit that provides a wide range of drilling fluid solutions. To support both the business divisions, the company also offers consulting & project management services. In November 2017, Halliburton launched the JetPulse high-speed telemetry service to enhance reservoir understanding and faster decision making. In August 2017, Halliburton entered into a strategic alliance with Microsoft to drive digital transformation across the oil & gas industry. This collaboration focuses on delivering intelligent cloud solutions to drive efficiency in the oil & gas industry.
Intelligent Completion Market by Application (Onshore & Offshore), Component (Hardware & Software), Type (Complex & Simple), Function (Downhole Monitoring & Control System, Surface Control System, and Communication), and Region - Global Forecast to 2023
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