DUBLIN, December 7, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/wkzhjq/digital_oilfield) has announced the addition of the "Digital Oilfield Market by Services, by Processes & by Region - Global Forecast to 2020" report to their offering.
Digital oilfield market is expected to reach USD 30.78 Billion by 2020 growing at a CAGR of 4.31% from 2015 to 2020. The growth of the market is attributed to the competition in the oil & gas industry for the market share, resulting in production focused solutions being implemented in the mature and newly developed fields.
Currently, fiscal oil present in the global market exceeds the demand this is the major reason for oil price slump. This decline has impacted the CAPEX for field development. Therefore, the target is solely on efficient and economic recovery of crude.
Among the various processes for which DOF solutions are employed, production optimization is expected to be the largest market. The segment is also expected to have the highest CAGR, due to increased investments for optimizing production levels worldwide. Operators have plans to implement these solutions in some of the highest producing fields. Thus, these factors are expected to drive the market of production optimization followed by reservoir optimization.
Europe is expected to be the largest market for digital oilfield solutions during the forecast period. However, the market is expected to have a low CAGR because most of region's production comes from offshore oilfields. After the oil prices declined below USD 60/ barrel in early 2015, the region witnessed 55% decline in rig count compared to the rig count for 2007.
Oil price volatility is expected to be the major restraint for the DOF market. Declining oil prices have impacted the profits of the oil & gas companies. From drilling operators to oilfield service companies, the slump has reduced profits of every player in the industry, thereby restricting them from investing in the R&D activities and new optimized solutions.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Digital Oilfield Market, By Process
7 Digital Oilfield Market, By Service
8 Digital Oilfield Market, By Region
9 Competitive Landscape
10 Company Profiles
- Baker Hughes Incorporated
- Cgg S.A.
- Digi International Inc.
- Edg, Inc.
- Halliburton Company
- Honeywell International Inc.
- Ihs Inc.
- Katalyst Data Management
- Kongsberg Gruppen Asa
- National Oilwell Varco, Inc.
- Oleumtech Corporation
- Ovation Data Services, Inc.
- Paradigm Limited
- Pason Systems Inc.
- Petrolink Services Inc.
- Pointcross Inc.
- Redline Communications Group Inc.
- Rockwell Automation, Inc.
- Schlumberger Limited
- Siemens Ag
- Weatherford International Plc.
For more information visit http://www.researchandmarkets.com/research/wkzhjq/digital_oilfield
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SOURCE Research and Markets