Global digital oilfield technology market is projected to reach $34,8716 million by 2023 the market growth is mainly driven by the growing big data analytics and volume of data generated in. Global digital oilfield market: overview in order to optimize the recovery of the hydrocarbons and to improve the safety in the operations an advanced application in the information technology is used which is termed as digital oilfield. Digital oil field technology market: growth trends and challenges the global digital oil field technology market has been showing an improved rate of growth in the recent years, owing to multiple factors that have called on for significantly improving the efficiency of the crude extraction industries. Global digital oilfield technology market is driven by the emergence of shale gas the rising shale gas market is generating massive digital field data for analysis. With an emphasis on fleet management and field productivity solutions, the second digital oilfield report provides recommendations that could accelerate technology adoption and enhance industry competitiveness.
Lack of awareness regarding benefits and adoption of digital technology may hamper the digital oilfield market size the technology is in nascent stage since, it was developed in 2000, so its price is one of the major concerns for small firms. Digital oilfield blackline launches multi-gas pump cartridge for confined spaces, invests in new manufacturing line july 6, 2018 digital oilfield wave power deployed to monitor decommissioning project in industry first. Digital oil field technology is the use of automation, instrumentation and it technologies together in order to improve our existing oil and gas industry technologies this integration with the help of software makes the analysis much easier and faster. Digital oilfield services market after the oil price crisis in 2014, the majority of e&p companies, who had invested heavily in exploration and production activity, suffered severe losses as the oil prices dropped well below the breakeven oil prices.
Digital oil field (dof) concept – lack of industry definition diverse asset portfolios, business context, operating models and technology competencies broad, cross-functional concept with the complex implementation individual companies randomly implemented different choices, innovations and proprietary in-house developments different. Digital oil-field technology uses advanced it technology to enhance crude oil production and increase profitability in the oil & gas industry it consists of sets of workflows that allow fast execution of collaborative tasks midst distributed teams to give more optimal and profitable results. The digital oil field is a needed catalyst for the industry without these advances, oil and gas companies will find themselves caught between the conflicting pressures of a shrinking labor force and a growing demand for oil. Cost reduction is a major growth driver for the digital oilfield market, according to a research report on the global digital oil field that states that the entire oil and gas industry needs to optimize operations, increase efficiency and reduce operational costs.
The global digital oilfield technology market was valued at $25,0935 million in 2015, and it is expected to grow at a cagr of 44% during 2016 - 2022 cost reduction by oil and gas companies to survive drastically falling prices of oil since june 2014 is one of the growth driver for the digital oilfield technology market. The global digital oil field market in terms of revenue was estimated to be worth $187 billion in 2011 and is expected to reach $333 billion by 2022, growing at a cagr of 48% from 2012 to 2022. The oil and gas industry has been mesmerized for over a decade by the vision of the digital oil field (dof), which holds the promise of enabling operators to integrate, interpret and act on production-related information in real time to optimize field operation and development.
Despite some industry resistance, the digital oil field concept is helping oil and gas companies drive offshore innovation and optimisation now that data analysis and wireless technologies are readily available to the industry, companies must ask themselves how they can make the most of the new information age. Industry has converged in the last decade on a common digital oilfield definition: enhanced asset management supported by a modern decision-making system designed to increase reserves, optimise increases that are regularly realised through digital oilfield technology implementation. Digital oilfield workflows combine business process management with advanced information technology and engineering expertise to streamline and, in many cases, automate the execution of tasks performed by cross-functional teams. Global digital oilfield technology market is projected to reach $34,8716 million by 2023, according to p&s market research the market growth is mainly driven by the growing big data analytics and volume of data generated in oilfields.
Europe stands as the largest market geographically, europe was the largest digital oilfield technology market the market in the region is driven by the presence of large number of oil reserves. Global digital oil field market by services (automation and instrumentation, information technology) and geography - forecasts to 2022 defines and segments the global digital oil field market. Global marketing supply chain baker hughes reliability and quality „the vision for the digital oil field is one where operators, partners, and service companies seek to take advantage of improved data and knowledge technology implementation baker hughes solutions/opportunities. The futuristic global market of digital oil field technology last year, the global market for digital oil field was approximately $2460 billion this is estimated to reach $3849 billion by 2024 with a cagr of 46%, says a report by markets and markets.