스마트 갱정 시장 평가 : 시스템 유형별 (유압 베이스 시스템, 전기 베이스 시스템), 컴포넌트별 (하드웨어, 소프트웨어), 용도별 (오프쇼어웰, 온쇼어웰), 지역별 기회 및 예측(2018-2032년)

Global smart well market is projected to witness a CAGR of 5.68% during the forecast period 2025-2032, growing from USD 2.26 billion in 2024 to USD 3.51 billion in 2032.

Smart wells are advanced oil and gas wells equipped with high-tech devices such as sensors, valves, and actuators. These smart well technologies enable real-time monitoring and control of fluid flow within the wellbore, significantly enhancing the efficiency of well production.

The increasing demand for smart well technology is driven by a combination of global energy needs, technological advancements, enhanced recovery capabilities, cost efficiencies, regulatory pressures, remote operational capabilities, and more. Smart wells offer several features that enable operators to optimize production and manage reservoirs effectively, thereby boosting the demand for this technology in the market.

Smart well technologies minimize the need for manual interventions and reduce maintenance frequency which results in lower operational costs. Smart wells employ sophisticated techniques such as downhole sensors and automated control systems to optimize reservoir performance which leading to higher recovery of oil from well. The extraction of unconventional resources such as shale gas and tight oil significantly benefits from smart well technologies which drive its demand in the market.

Furthermore, stringent environmental regulations require oil and gas companies to adopt technologies that minimize their environmental impact. Smart wells assist companies in complying with these regulations by optimizing resource usage and reducing waste, thereby supporting sustainable practices within the industry. In addition, the upcoming launches of smart well technology are significantly boosting the market share of this technology.

For instance, in August 2024, Schlumberger NV (SLB) has introduced a new well integrity assessment solution aimed at enhancing carbon storage site selection and evaluation by quantifying the risks associated with existing wells. This innovative methodology is crucial for carbon capture, utilization, and storage (CCUS) initiatives, as it helps developers identify potential leakage risks and informs remediation strategies, thereby supporting the long-term viability of carbon storage projects. By addressing well integrity issues early in the development process, SLB aims to prevent costly delays and assist companies in achieving their net-zero goals.

Adoption of Enhanced Oil Recovery (EOR) Techniques Propelling Market Growth

As the oil and gas industry develops towards finding the extraction of oil from unconventional resources and mature oil wells, the need for advanced technologies comes of necessity. Smart well technologies have become inevitable in order to properly manage complex reservoirs and ensure the success of EOR techniques applied in the field.

ERO technology aimed at enhancing the recovery factor of crude oil. Technology is used in those formations which yield very low recovery rates by conventional means of production, mainly in production wells that for several years since the start of production have been losing their efficiency. EOR techniques refer to the general techniques applied in extracting crude oil from developed reservoirs in various locations. These techniques increase the extracted amount by about 30% to 60% from single well. Smart well includes several EOR technologies which contribute to increase the oil extraction while maintaining the real time data for oil extraction. Management of different processes in extraction is feasible through smart well technologies by collecting real-time information regarding the condition of the reservoir. Thus, the adoption of EOR technologies drives the growth of smart well market.

In addition, smart well technologies assist operators in cutting down on the operational costs associated with inefficient recovery practices. Real-time monitoring and adjustment of operations minimize unnecessary interventions and maximize production output, thus making EOR projects more economically viable. Furthermore, efficient EOR practices facilitated by smart wells help in reducing environmental impacts by minimizing flaring and emissions associated with traditional extraction methods thereby driving the smart well market size in coming years.

In October 2024, Japan Petroleum Exploration Co., Ltd. (JAPEX), with PT Pertamina EP, PT Pertamina, and Japan Organization for Metals and Energy Security (JOGMEC) collaborated to conduct an inter-well CO2 injection test in the Sukowati oil field of east java province, Indonesia. This initiative aims to assess the effectiveness of CO2-enhanced oil recovery (EOR) and carbon sequestration, following a Joint Study Agreement signed earlier. The test is part of JAPEX's broader strategy to advance carbon neutralization technologies and contribute to achieving net-zero emissions as outlined in their "JAPEX2050" plan.

Penetration of Digital Transformation Within the Oil and Gas Sector Driving Market Growth

The digital transformation encompasses the integration of advanced digital tools and technologies such as smart well which helps to improve productivity and enhance operational efficiency. Digital transformation enables the analysis and automation of various processes related to oil well. Smart wells equipped with IoT sensors provide real-time data on reservoir conditions which allow for immediate adjustments to optimize production. Digital transformation facilitates the use of emerging technologies to interpret the well information effectively.

Moreover, smart well technologies leverage the data to predict equipment failures, optimize drilling techniques, and enhance recovery strategies thereby improving overall performance of the well. Digital transformation enhances safety protocols by providing real-time monitoring of operational conditions. Smart wells services intimate about the hazardous situations prior which allow for timely interventions and protect personnel oil well equipment from any damage which foster the demand for digital technologies in the oil and gas sector.

The integration of artificial intelligence (AI) and machine learning in well technologies enables analysis of real time data. The data supports better decision-making regarding EOR operations with cost effectiveness. IoT-based smart oil and gas wells could help to enhance production and safety at operational costs. Smart well technologies facilitate better resource management and reduce waste through optimized operations which drive its demand in the market.

In December 2024, Chevron corporation operations in the Permian Basin are experiencing significant profitability boosts through the integration of artificial intelligence (AI). Since 2012, oil production in the region has surged from approximately 1 million barrels of oil-equivalent per day to over 6 million. AI is enhancing productivity by optimizing drilling processes, reducing cycle times, and improving decision-making through real-time data analysis. Additionally, these advancements have contributed to a 60% reduction in methane emission intensity, showcasing AI's role in promoting both efficiency and environmental responsibility within the oil industry.

Rapid Technological Advancement Creates Opportunity for Market

The upcoming technological innovations enhance the capabilities of smart wells which enable the technology to be more efficient and effective in oil and gas extraction processes. New sensor technologies, such as fiber optic sensors and downhole gauges, allow for continuous monitoring of critical parameters in the well which create opportunity for the market. The smart well technology enables operators to make informed decisions quickly, optimizing production and enhancing recovery rates.

The upcoming innovations in control valve technology, particularly in electric and hydraulically actuated valves, enable precise control over fluid flow within the well. The new innovative valves could be remotely operated which allow for quick adjustments during the process. The smart well technologies utilize advanced control valves to selectively manage production from different zones within a reservoir. IoT-enabled smart wells allow for remote monitoring and control from centralized locations improving safety in challenging environments such as offshore drilling sites.

The modern technologies enhance operational efficiency, improve recovery rates, reduce costs, and support sustainable practices within the oil and gas industry. Thus, the advancements in sensors, valves, and software are pivotal creating the opportunity for smart well market.

For instance, in March 2024, Abu Dhabi National Energy Company PJSC (TAQA) has advanced its well-production testing capabilities by developing innovative technologies, including a smart well test unit that automates operations and minimizes human intervention. The company also introduced the Multi-Phase Flow Dynamic Simulator, which enhances traditional testing methods through digitalization and accurate simulations. Additionally, TAQA's upgraded auto-choke manifold improves efficiency in descaling operations, allowing for proactive management of production wells while maintaining safety and operational reliability.

Electric Based System to Dominate the Global Market

The oil and gas industry are increasingly moving towards the implementation of electrified extraction processes, which is creating a significant market share for electric based systems. This trend is driving demand for electric-based systems to modernize the operations of oil wells across various regions. Electric-based systems are highly efficient, especially in subsea applications, ultra-deepwater fields, and long-distance operations. They dominate the smart well market due to their enhanced operational efficiency, particularly in subsea and remote applications. Moreover, they are more environmentally friendly as they eliminate the use of hydraulic fluids and easily integrate with advanced digital technologies like IoT and AI. While initial costs may be higher, these systems often lead to lower long-term operational expenses and help companies comply with increasingly stringent environmental regulations. Additionally, electric-based systems can be seamlessly integrated with advanced digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics, presenting opportunities for growth in this segment during the forecast period.

North America Leads the Smart Well Market Share

The North America region includes several oil and gas companies that are adopting advanced technologies, such as smart well systems for on-site wells. The established infrastructure and investment in research and development in the United States facilitate the integration of these technologies into operations.

The region boasts a robust technological infrastructure which supports the deployment of smart well technologies. The region adopting the advanced data analytics solution and technologies such as IoT integration, and automation systems which enhance the operational efficiency and decision-making processes. The extraction of unconventional resources, such as shale gas and tight oil, is a significant driver for smart well technology in North America. The complex reservoirs require advanced monitoring and control systems to optimize recovery rates which driving the demand for smart wells technologies in the region.

For instance, in August 2024, WellDynamics and Halliburton Energy Services, Inc. have successfully installed the first intelligent well completion for Shell's Mars Project in the Gulf of Mexico, utilizing advanced technologies such as Smart Well equipment and a multi-position interval control valve. The Mars A-16 injection well, completed at a depth of 2,940 feet, features a unique open-hole gravel pack and a specialized flow control system to optimize water injection efficiency. This innovative approach not only enhances reservoir management but also incorporates corrosion-resistant materials to ensure equipment longevity. The project marks a significant milestone in intelligent completion technology, demonstrating Halliburton's commitment to advancing oil and gas operations. This development reflects the growth of smart wells in North America.

Future Market Scenario (2025 - 2032F)

Ongoing improvement in technology and design of smart well improve efficiency, which will enhance the productivity of well.

The push for sustainability will drive the adoption of smart well technologies which minimize environmental impact which drive the demand for smart well.

The large-scale oil producers are heavily investing in smart well to boosts the production of oil in long term.

Support from government policies and financial incentives for deploying smart well, in the Middle East countries will continue to play a significant role in driving smart well market growth.

Key Players Landscape and Outlook

Continuous innovation characterizes the landscape of smart well globally, as the companies compete in terms of services, technology, and unique features. The market outlook remains positive, owing to increased demand for oil and gas. Smart well companies are focused on technological development and drilling activities, which will drive market growth. Product and service launches, agreements, business expansion, joint venture, collaborations, and developing technologies are projected to increase competition in the fast-paced market.

For instance, in September 2024, Schlumberger announced an agreement with ADNOC Drilling Company and Patterson-UTI to create Turnwell Industries LLC OPC (Turnwell) company. ADNOC Drilling, through its wholly owned subsidiary ADH RSC LTD, will possess a 55% majority equity stake, while SLB will hold a 30% equity stake, and Patterson-UTI will retain the remaining 15% equity stake. The joint venture will enable the three companies to capitalize on advanced innovations in AI, smart drilling design, completion engineering, and production solutions. The joint venture will focus on the acceleration of oil from UAE's unconventional oil and gas well, with an initial 144 wells scheduled for completion by the end of 2025. Schlumberger will provide integrated drilling, stimulation and completion services, alongside project management and digital capabilities which will drive the demand for smart well technologies in the market.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Factors Considered in Adopting Technology
  • 4.1.1. Technological Compatibility
  • 4.1.2. Cost-Benefit Analysis
  • 4.1.3. Technical Support
  • 4.1.4. Operational Efficiency
  • 4.1.5. Regulatory Environment

5. Global Smart Well Market Outlook, 2018-2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By System Type
    • 5.2.1.1. Hydraulic Based System
    • 5.2.1.2. Electric Based System
  • 5.2.2. By Component
    • 5.2.2.1. Hardware
    • 5.2.2.2. Software
  • 5.2.3. By Application
    • 5.2.3.1. Offshore Wells
    • 5.2.3.2. Onshore Wells
  • 5.2.4. By Region
    • 5.2.4.1. North America
    • 5.2.4.2. Europe
    • 5.2.4.3. Asia-Pacific
    • 5.2.4.4. South America
    • 5.2.4.5. Middle East and Africa
  • 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2024)
• 5.3. Market Map Analysis, 2024
  • 5.3.1. By System Type
  • 5.3.2. By Component
  • 5.3.3. By Application
  • 5.3.4. By Region

6. North America Smart Well Market Outlook, 2018-2032F*

• 6.1. Market Size Analysis & Forecast
  • 6.1.1. By Value
• 6.2. Market Share Analysis & Forecast
  • 6.2.1. By System Type
    • 6.2.1.1. Hydraulic Based System
    • 6.2.1.2. Electric Based System
  • 6.2.2. By Component
    • 6.2.2.1. Hardware
    • 6.2.2.2. Software
  • 6.2.3. By Application
    • 6.2.3.1. Offshore Wells
    • 6.2.3.2. Onshore Wells
  • 6.2.4. By Country Share
    • 6.2.4.1. United States
    • 6.2.4.2. Canada
    • 6.2.4.3. Mexico
• 6.3. Country Market Assessment
  • 6.3.1. United States Smart Well Market Outlook, 2018-2032F*
    • 6.3.1.1. Market Size Analysis & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share Analysis & Forecast
  • 6.3.2. By System Type
    • 6.3.2.1. Hydraulic Based System
    • 6.3.2.2. Electric Based System
  • 6.3.3. By Component
    • 6.3.3.1. Hardware
    • 6.3.3.2. Software
  • 6.3.4. By Application
    • 6.3.4.1. Offshore Wells
    • 6.3.4.2. Onshore Wells
  • 6.3.5. Canada
  • 6.3.6. Mexico

All segments will be provided for all regions and countries covered

7. Europe Smart Well Market Outlook, 2018-2032F

• 7.1. Germany
• 7.2. France
• 7.3. Italy
• 7.4. United Kingdom
• 7.5. Russia
• 7.6. Spain

8. Asia-Pacific Smart Well Market Outlook, 2018-2032F

• 8.1. India
• 8.2. China
• 8.3. Japan
• 8.4. Australia
• 8.5. South Korea

9. South America Smart Well Market Outlook, 2018-2032F

• 9.1. Brazil
• 9.2. Argentina

10. Middle East and Africa Smart Well Market Outlook, 2018-2032F

• 10.1. Saudi Arabia
• 10.2. UAE
• 10.3. South Africa

11. Porter's Five Forces Analysis

12. PESTLE Analysis

13. Market Dynamics

• 13.1. Market Drivers
• 13.2. Market Challenges

14. Market Trends and Developments

15. Competitive Landscape

• 15.1. Competition Matrix of Top 5 Market Leaders
• 15.2. SWOT Analysis for Top 5 Players
• 15.3. Key Players Landscape for Top 10 Market Players
  • 15.3.1. Halliburton Energy Services, Inc.
    • 15.3.1.1. Company Details
    • 15.3.1.2. Key Management Personnel
    • 15.3.1.3. Products and Services
    • 15.3.1.4. Financials (As Reported)
    • 15.3.1.5. Key Market Focus and Geographical Presence
    • 15.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 15.3.2. Nakasawa Resources
  • 15.3.3. Schlumberger N.V.
  • 15.3.4. ABB Ltd
  • 15.3.5. Baker Hughes Company
  • 15.3.6. INTECH Automation & Intelligence
  • 15.3.7. NOV Inc.
  • 15.3.8. Emerson Electric Co.
  • 15.3.9. Weatherford International plc
  • 15.3.10. Siemens Energy AG

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

16. Strategic Recommendations

17. About Us and Disclaimer