DUBLIN, Mar. 24, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Digital Oilfield Market 2017-2021" report to their offering.

Global digital oilfield market to grow at a CAGR of 4.68% during the period 2017-2021.

The report covers the present scenario and the growth prospects of the global digital oilfield market for 2017-2021. To calculate the market size, the report covers the present scenario and the growth prospects of the global digital oilfield market for the period 2017-2021.  The report also includes a discussion of the Key vendors operating in this market.

According to the report, one driver in the market is the migration of drilling into unconventional areas. One of the most striking outcomes of the current generation of oil and gas exploration is the reaffirmation of the fact that the era of easy oil is coming to an end. This has resulted not only in inflated costs of hydrocarbon acquisition but also displaced the operations geographically. Much of the past century reported drilling operations at established locations in the world. The major hydrocarbon-rich regions around the globe were identified in the early 20th century, and most operations were based out of these areas for the next century or so. However, things have started to change significantly now, and the E&P companies have started to look at unconventional avenues for exploration.

One trend in the market is the growth of unconventional resources. The growing demand from India, China, and the countries in the Middle East are pushing the oil and gas industry to explore the various unconventional forms of energy such as shale gas. According to the World Energy Outlook of the International Energy Agency (IEA), the demand for energy may rise by more than a third by 2035 owing to a 60% growth in standards of living in India, China, and the Middle Eastern countries. The IEA predicted that the US will likely overtake Russia and Saudi Arabia by 2017 and aims at becoming a net explorer of oil by 2030.

Further, the report states that one challenge in the market is the cyber security concerns. Cyber-attacks are one of the main concerns in the global oil and gas industry. The growing adoption of smart oilfield technologies has made oil and gas companies dependent on data generation and analysis to sustain their production. With advances in technology, the risks associated with cyber thefts have also increased.

Market Dynamics

Market Drivers

• Migration of drilling into unconventional areas
• Constant demand for oil and gas
• Reduction in production costs
• Increase in E&P activities post seismic survey implementation
• Demand for real-time information

Market challenges

• Cyber security concerns
• Decreasing oil rig counts
• Focus on reduction of NPT

Market trends

• Growth of unconventional resources
• Development of 4D seismic survey technology
• Growing use of big data analytics and IoT
• Seismic integration to reduce exploration risk

Key vendors

• Baker Hughes
• Halliburton
• Honeywell International
• Schlumberger
• Weatherford International

Other prominent vendors

• ABB
• Accenture
• China National Petroleum Corporation
• eLynx Technologies
• Emerson Electric
• Enbase Energy Technology
• ExxonMobil
• GlobaLogix
• Kongsberg Gruppen
• MicroSeismic
• Moxa
• Paradigm
• Pason Systems
• Petrolink
• Redline Communications
• Rockwell Automation
• Schneider Electric
• Shell
• Siemens
• Sinopec

For more information about this report visit http://www.researchandmarkets.com/research/r8c4bl/global_digital

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SOURCE Research and Markets