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.

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