Smart Drilling Solutions Market: Introduction
- A smart drilling solution is a modular software package that provides comprehensive engineering support for directional and horizontal well drilling activities. The software helps to analyze a well’s stratigraphic position while drilling and makes changes in the structure formation as required.
Smart Drilling Solutions Market: Dynamics
Increasing well drilling activities accelerating the market
- The increasing oil well drilling activities at the global level is one of the key factors accelerating the growth of the market. According to World Oil, in the year 2017, 58,294 oil well drilling activities took place, globally up from 52,086 in 2016. Hence, increasing well drilling activity has accelerated the demand for advanced technology at the initial state because most of the oil and gas reservoirs are in developed phase and now it requires smart technologies to access unconventional reservoirs, driving the demand for smart drilling solutions globally.
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North America to hold major share of the global smart drilling solutions market
- Based on region, the smart drilling solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held a dominant position in the global smart Drilling Solutions market in 2018, followed by Europe. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the smart drilling solutions market in the region. Continuously increasing oil well drilling activities especially in the U.S. is a key factor impacting the demand for smart drilling solutions. Countries in North America are among the earliest adopters of emerging technologies, that help to retain the dominating position of the region in the market.
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Solutions segment set to hold the dominating position in the market by 2027
- Based on component, the smart drilling solutions market can be bifurcated into solutions and services. The solutions segment is expected to hold a dominant position in the market by 2019 and maintain its dominance during the forecast period 2019 – 2027. Increasing environmental regulations and demand for reduction of operation cost has increased the adoption of smart drilling solutions by various global companies. Moreover, various advantages of solutions such as realtime data acquisition and drilling analyzation have given a dominant position to the solutions segment in the global smart drilling solutions market.
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Key players operating in the global smart drilling solutions market
- Key players in the global smart drilling solutions market are listed below:
- Geosteering Technologies
- TIBCO Software Inc
- Schlumberger Software
- Pegasus Vertex, Inc.
- Compliance Technology Group, LLC