Press Release

South America Digital Oilfield Market to Cross $1.2 Billion by 2022

Increasing subsea exploration & production activities coupled with expected revival of oil prices to aid South America digital oilfield market during forecast period

According to a recently published TechSci Research report, South America Digital Oilfield Market By Process, By Solution, Competition Forecast & Opportunities, 2012–2022, the market of digital oilfield in South America is anticipated to cross $1.2 billion by 2022. Growth in the market is anticipated on account of increasing subsea exploration and production taking place in offshore Venezuela, which would generate demand for digital oilfield solutions owing to challenging environment conditions. Moreover, surge in oil prices in complement to the recovery in Brazilian economy would fuel the region’s digital oilfield market during forecast period.

Browse 5 market data Tables and 20 Figures spread through 61 Pages and an in-depth TOC on "South America Digital Oilfield Market"

https://www.techsciresearch.com/report/south-america-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/991.html

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.

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“On the basis of process, South America digital oilfield market has been broadly segmented into drilling optimization, production optimization, reservoir optimization, & others. Among these categories, drilling optimization dominated South America digital oilfield market in 2016 due to high operational costs involved in drilling process. However, the scenario is expected to change during forecast period, and production optimization segment is expected to dominate South America digital oilfield market in 2022, on account of increasing demand from filed operators, as oil production is dwindling and hydrocarbon recovery rates are to be improved.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

South America Digital Oilfield Market By Process, By Solution, By Region, Competition Forecast & Opportunities, 2012–2022has evaluated the future growth potential of South 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 South America digital oilfield market.

About TechSci Research

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

South 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

Increasing subsea exploration & production activities coupled with expected revival of oil prices to aid South America digital oilfield market during forecast period

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