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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, 2012–2022has 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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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Relevant Reports

North America Digital Oilfield Market By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, & Others), By Solution (Instrumentation & Automation Vs. IT Services), Competition Forecast & Opportunities, 2012–2022

Oil and Gas | May, 2017

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

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