Digital Oilfield Market to Cross $17 Billion by 2022
Anticipated
revival of crude oil prices, increasing oil & gas exploration &
production activities, and growing need to reduce downtime and non-productive
time by real time monitoring of operations to drive global digital oilfield market
through 2022
According to a recently published TechSci Research
report, “Global
Digital Oilfield Market By
Process, By Solution, By Region, Competition Forecast & Opportunities,
2012–2022”, the
global market of digital
oilfield is anticipated to cross
$17.8 Billion by 2022. As the era of easy oil comes to an end, operators
are going into ultradeep water to cater growing oil & gas demand. These
offshore field development programs require huge investments and highly trained
workforce. However, owing to fluctuating crude oil prices, companies across the
world are looking for ways to cut costs, reduce headcount, improve operational
efficiency, cut downtime during drilling, reduce time to produce first oil,
automate hazardous and repetitive operations and optimize the processes across
the upstream oil & gas value chain. Digital oilfield is coming to the
rescue for these oil & gas companies as this new technology is capable of reducing
their production costs, optimizing drilling and production processes and
mitigating the challenges being faced by them in harsh offshore terrains,
keeping in mind the safety of workers.
Browse 9 market data Tables and 93
Figures spread through 168 Pages and an in-depth TOC on "Global
Digital Oilfield Market"
https://www.techsciresearch.com/report/global-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-by-region-competition-forecast-opportunities/946.html
Field exploration and production,
especially in ultradeep water, requires skilled workforce and advanced digital
technologies. Digital oilfield technologies are used to provide remote
controlling of production equipment on the seabed under harsh environmental
conditions. Innovations in digital oilfield technologies requires huge
investments in R&D, and thus companies are jointly undertaking research for
the benefit of global oil & gas industry. Also, digital oilfield is not a
standalone technology or service, it is the integration of hardware, software,
information technology and service which requires companies of different
disciplines to collaborate and innovate digital oilfield solutions.
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In 2015, global deepwater oil production having water of
depths greater than 125 meters, has reached 9.93 million barrels per day and
increased 25.05% from nearly 7 million barrels per day in 2005. North
America dominated global digital oilfield market in 2016, and the region is
projected to maintain its dominance over the next five years as well, on
account of increasing offshore field development activities being undertaken in
Gulf of Mexico. Oil & Gas companies across the world are flocking towards
the Gulf of Mexico.
“During the forecast period, growth in global digital
oilfield market can be attributed to surging energy demand coupled with
decreasing mature fields production, which is expected to push upstream
companies to improve recovery rates by the use of digital oilfield
technologies. In addition, firming crude oil prices is expected to compel
companies to start their CAPEX cycle again resulting in increased demand for
digital oilfield solutions.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Digital Oilfield Market By Process, By Solution, By Region,
Competition Forecast & Opportunities, 2012–2022” has
evaluated the future growth potential of global digital oilfield market and provides statistics and
information on market structure and trends. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in global digital oilfield market.
About TechSci Research
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is a leading global market research firm publishing
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