The global market of digital oilfield is anticipated to cross $17.8 Billion by 2022.
Digital oilfield is a solution that integrates various processes within the oilfield, starting from initial exploration to production optimization. It integrates the myriad amount of real time data gathered from various sensors installed at different processes in the oilfield through secure network solutions to remote field operators and higher management through interactive user interface consoles. In the present times, digital oilfields are increasingly becoming important for upstream companies owing to fluctuating crude oil prices.
Companies are required to reduce their operational expenditure, and ensure proper utilization of available resources in an economical way to bring down the cost of exploration & production activities, and digital oilfield is the answer to the challenges being faced by operators around the world. Increase in demand for oil & gas is motivating companies to move towards offshore locations in the search of hydrocarbon due to maturing onshore wells.
With the development of new offshore fields, an increase in demand for digital oilfield technologies is expected in coming years, as these technologies help in optimizing exploration & drilling process, thereby reducing the unproductive time and rig downtime.
On the basis of process, global digital oilfield market has been broadly segmented into drilling optimization, production optimization, reservoir optimization, & others. Among these categories, drilling optimization dominated global digital oilfield market in 2016 due to high operational costs involved in drilling process.
However, the scenario is expected to change during forecast period, and production optimization segment is expected to dominate global digital oilfield market in 2022, on account of increasing demand from filed operators, as oil production is dwindling and hydrocarbon recovery rates are to be improved. North America is the largest consumer of digital oilfield across the globe owing to increasing offshore field development activities being undertaken in the Gulf of Mexico.
Global Digital Oilfield Market report discusses the following aspects of global digital oilfield market:
Global Digital Oilfield Market Size, Share & Forecast
Segmental Analysis - By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, & Others), By Solution (Instrumentation & Automation Vs. IT Services)
Regional Analysis - North America, Europe, Asia-Pacific, Middle East & Africa, and South America
Changing Market Trends & Emerging Opportunities
Competitive Landscape & Strategic Recommendations
Market Trends & Developments
Growing Investments in Offshore Exploration & Production
Increasing Partnerships and Joint Ventures
Growing Consolidation in Digital Oilfield Industry
Rising Production from Offshore Fields
Revenue Generation through Aftermarket Services
Rising Investments in Research & Development
Downturn in Oil & Gas Industry
Implementation of Stringent Regulations for Offshore E&P Activities