Key Players - Schlumberger Ltd (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Kongsberg Oil and Gas Technologies AS (Norway) Honeywell International Inc. (U.S.), iStore (U.S.), National Oilwell Varco, Inc. (U.S.).
(PRWEB) September 22, 2014
The report "Digital Oil Field Market by Services (Automation & Instrumentation: DCS, SCADA, PLC, Smart Well & CPM; IT Services: Outsourcing, Equipment & Software) & by Processes (Reservoir, Production & Drilling Optimizations) – Global Trends & Forecasts to 2024", defines and segments the global digital oilfield market for services and processes with an analysis and forecast of the revenue.
The digital oilfield services and processes market will grow from an estimated $24.60 Billion in 2014 to $38.49 billion by 2024 with a CAGR of 4.6% from 2014 to 2024.
Browse 74 market data tables and 41 figures spread through 217 pages and in-depth TOC on “Digital Oil Field Market - Global Trends & Forecasts to 2024”.
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Digital Oil Field is well known drive in the industry with various names like Integrated Operations, Smart Field, iField etc. The Digital Oil Field is an ideology in transformation that is widespread in the oil & gas industry. It is an enhancement process for conventional methods that have been practiced in the E&P sector for decades. This technology helps the E&P companies in handling complex explorations easily and therefore escalating the production; thereby meeting the global demand of crude oil. The smart field technology is accepted in the industry and is growing in the oil & gas sector, also pertaining to the higher levels of safety it yields, which is another advantage of selecting this technology.
Digital oilfield solutions are the techniques to improve and optimize the processes in the exploration and production activities. These provide access to the real time data from the field from remote locations facilitating the control and management processes.
The DOF market scenario is competitive with various companies covering one or more applications. Western Europe is the most active market for implementation of digital oilfield solutions. However, the important challenges for some players in the market are in terms of customized solutions to be employed at specific oilfield locations and the acceptance level of the technology over the traditional methods. This industry is expected to see rapid growth in the next few years; due to increase in the tapping resources located in high risk regions.
Digital oil field technology is an improvement of the conventional IT and automation technology that have been used in the oil & gas industry since decades. The recent developments in the DOF market are very encouraging. New product developments have been a key strategy for market capture which is a result of vast R&D activities. The market has also seen expansion of facilities so as to increase the global footprint, by major service providers.
Adoption Rate of DOF to Rise with Increasing Demands from End-Use Industries
The rise in the demand of crude oil globally, safety measures, and the receding number of employees in the oil & gas drive the growth of Digital Oil Field market. Adoption of Digital Oil Field by a single E&P player has influenced the other players in the industry to implement technology based E&P processes.
Western Europe to Dominate DOF Technology Demands
The global market for Digital Oil Field in terms of revenue was worth $20.98 billion in 2012 and is projected to reach to reach $38.49 billion by 2024, growing at a CAGR of 4.6% from 2014 to 2024. Western Europe dominated the global DOF market, accounting for 26.6% of the global Digital Oil Field market revenue in 2012. Western Europe is projected to generate the highest market revenue in 2024. Asia-Pacific region is expected to have the highest growth of 4.9% from 2014 to 2024.
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