The global digital oilfield technology market was valued at $25,093.5 million in 2015, and it is expected to grow at a CAGR of 4.4% during 2016 - 2022. The factors driving the growth of the global market include growing volume of data generated and big data analytics, rise of shale gas and growing key application area in the oilfield.
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The key trend witnessed in the global digital oilfield technology market includes growing technological advancement and huge investment by major players. The software, information technology and engineering advancements have led to adoption of digital oilfield by the industry. DOF technologies are readily available and have proved their value in the form of reduced operating cost, increased efficiency, and revenue generation. Digital oilfield technologies such as fiber-optic pressure and temperature gauges allow sustained down-hole profiling, which offers managers more robust information resulting in more comprehensive asset awareness. Sophisticated digital optimization technology has also been used to overcome common industry problems, which include unstable flow in pipelines and risers, known as slugging, which can cause platforms to be temporarily shut down. British Petroleum (BP) invested heavily in fiber communications and established advanced collaborative environments, monitoring centers based onshore, which enable experts to work directly with offshore operators using real-time information.
Kuwait Oil Company (KOC) launched the Kuwait Integrated Digital Field Jurassic (KwIDF-Jurassic) project as a cross-domain solution consisting of a fully integrated infrastructure, supporting field instrumentation, automated workflows and ergonomic collaboration. This project is the first in Kuwait that encompasses all components of a digital oilfield solution, such as surface instrumentation (SCADA system), comprehensive IT infrastructure (communication, application servers, storage), data cleansing and management, intelligent workflows, function-relevant visualization, ergonomic collaboration, and change management, to automate the evolution of data to knowledge and establish a new standard of asset awareness.
In 2015, Europe held the largest share (30.4%) in the global digital oilfield technology market. Europe is expected to be the largest market because of the investments and future plans for digitalizing the oilfields. This region has aimed at producing oil from some of the oilfields instead of investing in digital oilfield technology solutions.
The information and data in the publication “Global Digital Oilfield Technology Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Some of the major companies operating in the global digital oilfield technology market include Schlumberger Limited, Halliburton Company, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm and Petrolink.
GLOBAL DIGITAL OILFIELD TECHNOLOGY MARKET SEGMENTATION
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