NEW YORK, March 22, 2016 /PRNewswire/ -- Digital oilfield market is expected to be reach USD 30.78 billion by 2020, growing at a CAGR of 4.31% from 2015 to 2020. Increased focus on oil production has been boosting the demand for these solutions after the oil price slump in 2014. Oilfield operators are targeting to increase their production levels to maintain their market share while the service providers are targeting low-cost oil producing countries.
Production optimization is the largest market by process type. This segment is also expected to be the fastest growing mainly by the increasing demand for optimizing production solutions. Increased recovery from the mature oilfields is being preferred to development of new fields as lower cost are involved. DOF solutions aid effective utilization of recovery enhancing techniques such as artificial lift and enhanced oil recovery (EOR).
Instrumentation & automation segment which is the largest market by service type is mainly contributed by Distributed Control System (DCS) component. This is attributed to the growing demand of automation in oilfield processes. Reduction of human capital by leading market players increased the demand for automated solutions. Automated ecosystem improves control and monitoring capabilities along with enhanced field safety.
Europe is expected to focus on enhanced production from mature fields making it the largest market for DOF solutions.
Drilling activities in the region have declined significantly due to soring oil prices. This has terminated several planned projects and resulted in the lowered profits of the operators and service providers. Offshore crude production, the dominant segment in the region, has been severely impacted by the oil price decline therefore the scope of implementing DOF solutions has shifted towards more from the recovery of hydrocarbons from the mature fields.
Primaries conducted for this market study include participants from various geographies such as Asia-Pacific, Europe, and North America among others. Maximum primary interviews were done in Asia-Pacific followed by Europe with 34% of the primary interviews conducted from Asia-Pacific. These participants included C-level, director level and other industry professionals. Major emphasis is given on the interviews for the C-level participants who the key decision makers for company operations. C-level participants accounted for 34% while director level participants were 29% of the total number of primaries. Considering the company level, 22% of the participants were from Tier 1 companies, 47% were from Tier 2 companies and the remaining 31% were from Tier 3 companies.
Middle East is expected to have the highest growth rate during the forecast period while Europe is expected to have the largest share. These regions are boosting their production levels and are key markets for the DOF service providers. DOF solutions can be implemented in the entire workflow of the oilfield to analyse every operation.
List of the companies profiled in the report include:
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- National Oilwell Varco, Inc.
- Weatherford International Plc
- Paradigm Limited
- IHS Inc.
- Pointcross Inc
- Katalyst Data Management
- Ovation Data Services, Inc
- CGG S.A.
- DIGI International Inc.
- Honeywell International Inc.
- Kongsberg Gruppen Asa
- Pason Systems Inc.
- Redline Communications Group Inc.
- Rockwell Automation, Inc.
- Siemens AG
- EDG, Inc.
- Oleumtech Corporation
Why buy this report
The report offers market estimations and projections till 2020 and offers a complete study of the market dynamics. In addition, the report provides the competitive landscape with major growth strategies adopted by the key players.
Product Analysis and development: Insights on upcoming technologies, research and development activities, and new product launches in the global digital oilfield market. In-depth analysis of the DOF implementations in various regions depicts a clear picture of the market scenario.
Market Development: Includes information about lucrative emerging markets. The report also analyzes markets for DOF solutions across geographies
Market Diversification: Information about new products, untapped regions, recent developments, and investments decisions in the market. Description regarding related and unrelated diversification pertaining to this market
Competitive Assessment: Assessment of market shares, and company share analysis of key players. Business strategies and manufacturing capabilities of leading players enhance the bottom line of the companies in the DOF market.
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