Blockchain in Energy Market Growing at Highest CAGR of 78.32% from 2018 to 2023

According to the new market research report "Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.                             

The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems. 

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The blockchain in energy market, by end-user, is segmented into power and oil & gas. The power segment is estimated to be the fastest growing segment during the forecast period as it has the largest number of implemented blockchains in energy projects and R&D investments. Whereas for the oil & gas sector, the use of blockchain technology is still emerging.

Europe: The leading market for blockchain in energy market

In this report, the blockchain in energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.

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The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).

Intelligent Completion Market Trends and Opportunities for Oil and Gas Industry by 2023

According to the new market research report published by MarketsandMarkets™ "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", The intelligent completion market is projected to reach USD 2.16 billion by 2023, from an estimated USD 1.61 billion in 2018, at a CAGR of 6.05%. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.

The onshore segment is expected to be the largest growing market in the intelligent completion market during the forecast period

The onshore segment accounted for the fastest growing segment by application in intelligent completion during the forecasted period. The cost incurred in the oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications. The increasing production activities from onshore are likely to boost the intelligent completion market during the forecast period. The countries which have no offshore reserves are conducting enhanced oil recovery that has increased the demand for intelligent completion for the onshore segment.

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The intelligent completion market has been segmented into complex intelligent well completion and simple intelligent well completion. The simple intelligent well completion segment is expected to hold the largest market share in 2018. Simple intelligent well completion helps to enhance the performance of the wells and finds its application in horizontal and multilateral wells. It provides downhole monitoring system to facilitate reservoir monitoring. This type of intelligent completion includes pressure and temperature sensors, distributed & temperature profiling, and downhole flow meters. The adoption of simple intelligent well completion will drive the simple intelligent well completion segment.

Europe: the fastest growing market for intelligent completion

In this report, the intelligent completion market has been analyzed with respect to 6 regions, namely, the Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to hold the largest market share in 2018 and the Middle East is the fastest growing market during the forecast period. Factors such as increase in oil & gas activities and availability of several mature oilfields in the North Sea are driving the intelligent completion market in the European region. Exploration activities in offshore and arctic regions and increased adoption of data driven technologies for real-time monitoring in the oil & gas industry can create opportunities in the intelligent completion market.

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Some of the leading players in the intelligent completion market are Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (US), and National Oilwell Varco (US).

Perforating Gun Market has been Growing in accordance with the Global Oil & Gas Industry

According to the new market research report  "Perforating Gun Market by Gun Type (Wireline Conveyed, Tubing Hollow Carrier, Tubing Strip, Tubing Conveyed), Depth (Up to 3000ft, 3000–8000ft, Above 8000ft), Well Type (Horizontal, Vertical), Well Pressure (High, Low), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The global perforating gun market was valued at USD 724.3 Million in 2016 and is expected to reach USD 898.7 Million by 2022 at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. Rising oil and gas production, increase in the average well depth over the years, growing complexity of reservoir conditions, and increased shale gas exploration are the major factors driving the perforating gun market. 

The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

The report segments the perforating gun market, by well type, into horizontal wells and vertical wells. The horizontal well segment is expected to be the fastest-growing market. The segment is mainly driven by factors such as growing complexity of reservoir conditions over the years, environmental reforms, and technological advances. Horizontal wells require multiple perforations, thus, driving the market for perforating guns.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

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The key players operating in Perforating Gun Market market include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US).