Global digital oilfield market is expected to grow at a CAGR of 4.0% over the forecast period 2017 to 2023. It was worth USD 24.60 billion in 2015. Digital oilfields refer to the digital platform used for connection and collaboration of on and offshore operation in oil and gas sector. The digital oilfield helps improve the production and maximizes Oilfield recovery, limiting non-productive time thereby increasing profitability of the firm. Automation and instrumentation accounted for the largest market size in 2016 and it is expected to dominate the revenues in the digital oilfield market over the forecast period. The global digital oilfield market is expected to be primarily driven by factors such as growing demand for crude oil, need of integrated operations to increase efficient and optimal E & P and producing oil from mature oilfield. However, the growth in the global digital oilfield market is likely to be restrained by factors such as high investment costs and longer duration of implementation, and volatile crude oil prices.
The digital oilfield market is segmented on the basis of services, processes, and region. The segmentation on the basis of services covers automation and instrumentation, and IT services. The automation and instrumentation segment further includes DSC, SCADA, smart well, safety systems, wireless sensor, PLC, CPM and others. The IT Services segment is further divided into IT outsourcing, software, IT services and commissioning and computer equipment/hardware. On the basis of processes the market is segmented as reservoir, production optimization, drilling optimizations and others. Among the processes the production optimization segment accounted for the largest market size in 2015.
Figure: Global Digital Oilfield Market Regional Analysis
The regions covered in the report include Americas, Europe, Asia-Pacific, and Middle East and Africa. The Americas region covers the markets such as North America, and South America. Furthermore Europe includes the country markets such as Russia, U.K., and Rest of Europe. The Asia-Pacific region covers the analysis of countries such as China Malaysia India Australia and Rest of APAC. Among the geographies Europe is expected to be the largest market for digital oilfield market closely followed by Americas over the forecast period 2016 to 2022. Furthermore Asia-Pacific is expected to grow at the highest CAGR over the forecast period
The companies covered in the report include Baker Hughes Incorporated, Schlumberger Limited, National Oilwell Varco, Inc., Halliburton Company, Honeywell International Inc., Weatherford International PLC, Paradigm Limited, Pason Systems Inc., and ABB Limited.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand globally as well as regionally. Moreover, IGR- Growth Matrix Analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of digital oilfield market. Further, the study highlights current market trends and provides forecast from 2017 to 2023.
We also have highlighted future trends in the digital oilfield market that will impact the demand during the forecast period. The IGR- Growth Matrix Analysis provided in this report highlights key investing markets in the world. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. The report also provides in depth analysis of regulatory framework pertaining to digital oilfield market. This will help the companies to understand the regulatory compliances, supports, barriers in the digital oilfield market. This section highlights key amendments and their implication on digital oilfield market in the short run as well as in the long run. This report will help manufacturers, suppliers and distributors to understand the present and future trends in this market and formulate their strategies accordingly.
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