According to Stratistics MRC, the Global Digital Oil Field Market Outlook (2015-2022) is accounted for $23.76 billion in 2015 and is expected to reach $34.72 billion by 2022 growing at a CAGR of 5.6%. The digital oilfield solutions support the Exploration & Production (E&P) activities of a company, providing optimum reservoir management. Digital Oil-Field technology helps Exploration & Production companies to overcome with their difficult explorations easily and thereby meeting the global demand of crude oil. The global crude oil demand, decrease in number of employees and safety reasons in the oil & gas are the reasons behind the favorable growth of Digital Oil-Field market. Declining oil prices have impacted the profits of the oil & gas companies. From drilling operators to oilfield service companies, the slump has reduced profits of every player in the industry, thereby restricting them from investing in the R&D activities and new optimized solutions. One of the key constraints is the digital oilfield solutions market is the unwillingness to adapt the change from conventional to a digital oilfield. Volatility of oil prices is a challenge for the market.
Global Digital Oil-Field Market, By Service is segmented into IT Services and Instrumentation & Automation. Automation & Instrumentation service is accounted as the fastest growing segment during forecast period. The growth is attributed to the inclination of the operators to implementing automated solutions and reducing the human capital which in turn helps to reduce the CAPEX associated with exploration & production activities. But rise in oil prices is expected, which will make way for investment in this technology at a larger scale, and thus boost market growth. The DSC & SCADA system accounted for a leading market share due to growing concerns over safety, the safety systems are expected to register substantial growth in the global digital oilfield solutions market. Manufacturers plan to apply digital field oil solution in high-production fields. The adoption of the technology has been growing in the oil& gas sector, also concerning the higher levels of safety it yields, which is another advantage of opting technology. The technology results in the creation of data centers for analyzing the data acquired across various processes and creating a collaborative environment for smart decision making. Advanced software and data analysis techniques are being employed in this market to maximize the profits from various oil & gas operations.
Global Digital Oil-Field Market, By Process is segmented into Reservoir Optimization, Production Optimization, Drilling Optimization and Others Processes. Production optimization is expected to lead the market as it utilizes specialized sensors to monitor equipment and data analytics to identify improvements in complex operations. Operators have plans to implement these solutions in some of the highest producing fields. Thus, these factors are expected to drive the market of production optimization followed by reservoir optimization. Key leading players of the market invest huge capital in R&D activities for further development of the technology and thus large number of patents related to this technology is being registered.
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Global Digital Oil-Field Market, By Geography is categorised into such as North America, Europe, Asia Pacific and Rest of the World. Middle East is witnessed to be the fastest growing market. As it has production costs far below the current prevailing oil prices which is able to invest in Digital Oil-Field solutions and improve their crude recovery rate. Increasing E & P activities in regions such as Eastern Siberian region, where extreme weather condition possess a challenge to work, is also expected to contribute towards the digital oilfield solutions market. Europe and North America regions commanded the market, due to the presence of a large proportion of key players and the availability of crude reserves. Asia-pacific is expected to account for a significant growth in the global digital oilfield market during the forecast period. China is the main country accounting for the major shares in the Digital Oil-Field market.
Some of the major players in the global Digital Oil-Field market include Rockwell Automation, Inc., Katalyst Data Management, Halliburton Company, CGG S.A., Honeywell International Inc., Weatherford International PLC, Baker Hughes Incorporated, Kongsberg Gruppen Asa, Paradigm Limited, Schlumberger Limited, Ovation Data Services, Inc., DIGI International Inc, National Oilwell Varco, Inc., Siemens AG, Redline Communications Group Inc., IHS Inc., EDG, Inc., Oleumtech Corporation, Istore, Pointcross Inc. , Pason Systems Inc. and Petrolink.
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