North America Digital Oilfield Market to Cross $ 6 Billion by 2022
Growing demand for digital technologies, stringent
regulations framed for offshore exploration coupled with improvement in the safety
standards are expected to drive North America digital oilfield market through
2022
According to a recently published TechSci Research
report, “North America Digital Oilfield Market By
Process, By Solution, By Region, Competition Forecast & Opportunities,
2012–2022”, digital oilfield market in North America is projected to cross
$ 6 billion by 2022 on account of exploration and production activities taking place in offshore fields in
the region. Moreover, requirement of
advanced digital technologies that provide remote controlling of production
equipment on the seabed under harsh environmental conditions and innovations in
digital oilfield technologies are further predicted to propel the market. On
31st October 2014, Paradigm announced that it has been selected
by COMESA for providing imaging, subsurface modeling and reservoir
characterization for COMESA clients in Mexico and South America. Chevron is
investing around $ 1 billion in Tahiti Deepwater Project in the Gulf of Mexico.
All these developments are anticipated
to create huge demand for digital oilfield technologies, software, and
associated services in North America during the forecast period.
Browse 5 market data Tables and 14 Figures
spread through 66 Pages and an in-depth TOC on "North America
Digital Oilfield Market"
https://www.techsciresearch.com/report/north-america-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/987.html
North America digital oilfield
market was led by drilling optimization process in 2016 on the back of oilfield
operators continuously looking for solutions to reduce their operational costs
and significantly improve efficiency of overall operations. However, a slight
decline in share of the process is predicted, which can be
attributed to completion of exploration phase in most of the major oil &
gas fields across the region. Instrumentation & automation solution dominated the market in the
same year due to increasing focus of operators on automation of repetitive and
hazardous operations and remote monitoring of the offshore fields. United
States control the largest share in the market owing to increasing offshore
field development activities being undertaken in Gulf of Mexico. Some of the prominent
players operating in
the market include Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Honeywell
International Inc, National Oilwell Varco, Inc., Cisco Systems, Inc., Emerson Electric
Co., General Electric
Company, Rockwell
Automation, and Pason Systems Corp.
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“Surging energy demand
coupled with decreasing mature fields production are expected to push upstream
companies to improve recovery rates by the use of digital oilfield technologies,
consequently driving the market through 2022. Besides that, the companies focus
on exploration and production in challenging geographic terrains is also likely
to contribute to the market growth in the course of next five years”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“North America Digital Oilfield Market By Process, By Solution, By
Region, Competition Forecast & Opportunities, 2012–2022” has
evaluated the future growth potential of North America 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 North America digital oilfield market.
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