Asia-Pacific Digital Oilfield Market to Cross $2.5 Billion by 2022
Anticipated revival of crude oil prices, and increasing
oil & gas exploration & production activities to drive Asia-Pacific
digital oilfield market through 2022
According to a recently published TechSci Research
report, “Asia-Pacific Digital Oilfield Market By
Process, By Solution, Competition Forecast & Opportunities, 2012 – 2022”, the market of digital oilfield in Asia-Pacific is anticipated to cross $2.5
billion by 2022. Growth in the market is expected on account of high
capital expenditure planned by National Oil Companies (NOCs) in countries such
as China and India for embracing digital oilfield technologies and solutions to
cut costs and optimize business operations. Both countries are the major demand
centers for oil & gas, and importing a lot of hydrocarbon to fuel their
growing economy. Both countries have huge coastlines which presents
opportunities for offshore exploration, thereby aiding the region’s digital
oilfield market.
Browse 5 market data Tables and 20
Figures spread through 63 Pages and an in-depth TOC on "Asia-Pacific
Digital Oilfield Market"
https://www.techsciresearch.com/report/asia-pacific-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/981.html
Drilling optimization process dominated Asia-Pacific digital
oilfield market in 2016, and the segment’s share is expected to maintain its
dominance through 2022. Drilling optimization processes are gaining prominence
in Asia-Pacific region as operators looking for ways to cut operational costs
incurred by while drilling. Moreover, rig downtime cost millions to operators,
and drilling optimization process reduces the unplanned rig downtime coupled
with optimizing drilling process, thus bringing down the overall operational
costs.
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“During the forecast period, growth in Asia-Pacific
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.
“Asia-Pacific Digital Oilfield Market By Process, By Solution,
Competition Forecast & Opportunities, 2012–2022” has
evaluated the future growth potential of Asia-Pacific 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 Asia-Pacific digital oilfield market.
About TechSci Research
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