Smart Well Market to Reach $12.9 Billion, Globally, by 2031 at 6.6% CAGR: Allied Market Research
PORTLAND, Ore., Jan. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Well Market by Component (Hardware, Software), by Technology (Hydraulics Based System, Electric Based Systems), by Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global smart well industry generated $7.0 billion in 2021, and is estimated to reach $12.9 billion by 2031, witnessing a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
- According to the report, the global smart well industry generated $7.0 billion in 2021, and is estimated to reach $12.9 billion by 2031, witnessing a CAGR of 6.6% from 2022 to 2031.
- The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
- However, due to the cost factor, manufacturers are unable to switch to smart oil wells and continue using conventional oil wells.
- The smart well market was impacted by the disruption in drilling activity and software development which created challenges for the market during the pandemic.