The Global Smart Drilling Solutions Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of XX% during the forecast period.
Global Smart Drilling Solutions Market Dynamics
Oil well drilling activities to drive the market
The demand for crude oil has been increasing due to the increasing number of vehicles, which led countries to increase oil well drilling activities is the major growth driver of the smart drilling solutions market. The growing demand for crude oil is closely associated with the increase in drilling and workover costs while drilling in deep waters, horizontal, and directional drilling. According to the MMR report, global energy demand is estimated to increase 1.4 times and oil & gas contribution is expected to be 55% by 2030. However, with the increasing demand to reduce the drilling cost, many companies are adopting smart drilling solutions. Other factors like collecting real-time data, analyzing stratigraphic positions are expected to boost the market during the forecast period. The use of vertical, horizontal, and directional drilling technologies is expected to create many lucrative opportunities for smart drilling solutions. This technology is highly used to exploit deep geothermal energy and geo-resources and conduct international continental drilling programs.
Focus on renewable energy to restrain the market
The price of fossil fuel has been increasing day by day due to the scarce availability worldwide. Many countries have started to utilize renewable energies due to the unlimited availability and low cost, which is expected to restrain the smart drilling solutions market throughout the forecast period.
Global Smart Drilling Solutions Market Segment Analysis
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The on-premises solution is expected to witness the highest growth at a CAGR of XX% during the forecast period. The on-premises type is widely adopted by medium to large enterprises as they can modify the system as per the requirement of the business. The biggest reason behind the adoption of on-premises is the user can completely control the whole system and software and the privacy concern, which is expected to increase the demand for on-premises smart drilling solutions.
However, the cloud solution is also expected to hold a significant market share due to the increasing adoption of cloud computing by various industries. It allows users to access the software anytime anywhere through digital devices such as laptops, tablets, smartphones, etc. with internet connectivity. The installation cost and maintenance of software are very low, the SMEs are prominent adopters of cloud-based solutions.
Global Smart Drilling Solutions Regional Insights
North America is expected to witness highest growth during forecast period
North America is expected to dominate the market throughout the forecast period due to the increasing oil well drilling activities in countries like the US. The region is known as a prompt adopter of advanced technologies. The oil & gas industries are widely adopting IoT, AI, and other innovative technologies for various applications. However, the global key players such as smart drilling solutions, TIBCO software, Schlumberger Software, etc. are based in the US, which is expected to boost the market in North America.
The Asia Pacific is expected to hold a large market share of XX% by 2026. The increasing demand for crude oil has increased the oil well drilling activities in the region. According to the MMR report smart drilling tech is estimated to boost India’s well productivity by 30% and reduce the construction time by half. Further, the increasing investment of global key players in countries like India and China is expected to create many lucrative opportunities for the market in the Asia Pacific. For instance, a Russian company ZYFRA decided to enhance its presence in India to achieve the target of US$ 50 Million in deals.
The objective of the report is to present a comprehensive analysis of the global Smart Drilling Solutions market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global Smart Drilling Solutions market dynamic, structure by analyzing the market segments and project global Smart Drilling Solutions market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global Smart Drilling Solutions market make the report investor’s guide.
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Global Smart Drilling Solutions Market scope: Inquire before buying
Global Smart Drilling Solutions Market, by region:
• North America
• South America
• Middle East & Africa
Global Smart Drilling Solutions Market Key Players
• Geosteering Technologies
• TIBCO Software Inc
• Schlumberger Software
• Pegasus Vertex, Inc.
• Compliance Technology Group, LLC
• Promine Inc.
• Frontline Systems
• Cessac Welding Service, Inc
• Well Smart Drilling
• Smart Drilling Solutions
• National Oilwell Varco
• Dynamic Materials Corporation
• AVAX Technologies, Inc.
• Cephalon, Inc.
• Biosyn, Inc.
• Bachem Bioscience Inc.
• Aker Solutions
• Acteon Group
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