Research and Markets - Europe $5 Billion Digital Oilfield Market Competition Forecast & Opportunities, 2012-2022: Leading Players Iinclude Siemens AG, ABB, Kongsberg Gruppen, Weatherford International and Accenture
Europe digital oilfield market is expected to register a CAGR of more than 4%, in value terms, to surpass $ 5 billion by 2022
In Europe, digital oilfield technologies were first adopted by Norway and United Kingdom for exploiting offshore fields in North Sea. Oil & gas majors in Western Europe such as British Petroleum and Shell were the early adopter of digital oilfield technologies for optimizing their global upstream operations.
Exploration & production investments will start to pour in once companies are confident that crude prices will stabilize in the near future. Once the CAPEX cycle picks up for E&P, the demand for digital oilfield solutions and technologies in Europe is expected to increase during forecast period.
Few of the leading players in Europe digital oilfield market include Siemens AG, ABB Ltd, Kongsberg Gruppen, Weatherford International plc, and Accenture PLC.
The study is useful in providing answers to past, current and future adoption of digital oilfield technologies and solutions in Europe. This study helps in analysing specific country adoption trend of digital oilfield solutions, which are useful for industry stakeholders such as oilfield service providers, IT companies, network & electronic hardware manufacturers, communication service providers, automation solution providers, resellers and channel partners, EPC contractors and sub-contractors, regulatory bodies, and customers.
Market Trends & Developments
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