Digital Oilfield Market Growing at 5% CAGR to 2019
Jun 24, 2015, 02:20 ET
DALLAS, June 24, 2015 /PRNewswire/ --
Global Digital Oilfield Market 2015-2019 research report highlights US, UK and Norway as key leading countries and companies of digital oilfield industry like Halliburton, Honeywell International, National Oilwell Varco, Schlumberger and Weatherford International as
Complete report on digital oilfield market spread across 79 pages, talking about 5 major companies and supported with 32 exhibits is now available at http://www.reportsnreports.com/reports/402771-global-digital-oilfield-market-2015-2019.html .
Cost reduction is a major growth driver for the digital oilfield market according to this new 2015 research report, which says the entire oil and gas industry needs to optimize operations, increase efficiency, and reduce operational costs. This research expects the digital oilfield technology to gain prominence during the forecast period as it offers a high return on investment by increasing production efficiency. Integrating high tech systems in oilfield production provides concise, real-time, accurate information, and allows for better control and continuous monitoring of subsea infrastructure.
The demand for oil and natural gas is increasing worldwide due to a steadily growing population, economic growth, and rapid industrialization and urbanization. However, supply remains constant; thus, calling for the oil and gas industry to shift their focus to advanced oilfield technologies such as digital oilfields to meet the growing demand, and establish reserves for energy security needs. Further, the report states that getting employees to embrace an entirely new method of operation is a hurdle in the implementation of this technology.
In addition to Halliburton Company, Honeywell International Inc., National Oilwell Varco Inc., Schlumberger Ltd. and Weatherford International, this 2015 digital oilfield market research mentions Accenture, Kongsberg Gruppen, Microseismic, Paradigm, Pason Systems, Petrolink, Redline Communications Group, Rockwell Automation and Siemens as other prominent players of the industry. Order a copy of Global Digital Oilfield Market 2015-2019 research report at http://www.reportsnreports.com/Purchase.aspx?name=402771 .
In the era of ever growing demand for energy and end of "Easy Oil," digital oilfields help maximize oilfield recovery, eliminate non-productive time, and increase ROI and profitability through integration of workflows and design. The workflows combine business process management with advanced information technologies to streamline or automate various operations performed by different functional teams. Digital oilfield technologies affect and enhance various functionalities of oilfields operations, such as: Production optimization, Collaboration, Data integration, Decision support, Workflow automation and Operational efficiency.
A second research titled Digital Oil Field Market by Services (Automation & Instrumentation: DCS, SCADA, PLC, Smart Well & CPM; IT Services: Outsourcing, Equipment & Software) & by Processes (Reservoir, Production & Drilling Optimizations) - Global Trends & Forecasts to 2024 has taken into consideration two scenarios and forecasted the market based on the assumptions made under each scenario. Scenario 1 is based on the current market environment which is characterized by participation from regions that have implemented the DOF solutions on a commercial basis. Scenario 2 presents a more optimistic projection for the market as it also takes into consideration potential market participation from the countries that have not currently regularized the adoption of DOF.
The global market for the digital oilfields is expected to rise at a healthy CAGR of ~7-9% through to 2019, and ~5-6% for projections up to 2024. The Middle East and APAC regions are expected to show the highest growth rate, for the period under consideration. The key advantages provided by DOF, with respect to operations and analysis, play a vital role in the growth prospects.
The market is a fairly established segment in the exploration and production sector; its growth having received a boost by the Shale revolution. Considering the range of processes that can be optimized with DOF implementations, the segment is gaining increasing importance. Mature wells lack in high production levels; hence, DOF implementation is expected to improve oil recovery and prolonged life of reservoirs. DOF techniques also find their usage in the high risk regions such as fields in extreme conditions and offshore oil wells as it allows control of the well conditions from remote locations. The human resource shortage in E&P industry is another factor which translates into growing requirements for automation within the industry.
Companies profiled in this digital oil field market research report to 2024 include Baker Hughes, Halliburton, Honeywell International Inc., Istore, Kongsberg Gruppen, National Oilwell Varco, Inc., Pason Systems Corp., Petrolink, Schlumberger Ltd., Siemens AG, Vmonitor and Weatherford International Ltd. Order a copy of Digital Oil Field Market by Services (Automation & Instrumentation: DCS, SCADA, PLC, Smart Well & CPM; IT Services: Outsourcing, Equipment & Software) & by Processes (Reservoir, Production & Drilling Optimizations) - Global Trends & Forecasts to 2024 research report at http://www.reportsnreports.com/Purchase.aspx?name=215337 .
On a related note, a third research titled Global Smart Oilfield IT Services Market 2015-2019 forecasts the global smart oilfield IT services market to grow at a CAGR of 5.93% to 2019. Smart oilfield services comprise IT services, including IT consulting, business consulting, integrating services, and outsourcing services. The implementation of these services enables companies to increase production, improve recovery rates, and cut capital and operating expenses. In addition, the time-to-value also gets enhanced with the implementation of these services. Effective implementation of big data in the oil and gas industry is likely to benefit both traditional and digitized oilfields. Big data analytics is one of the major trends in the market. With increase in volume of data from different channels, analytics solutions are being adopted by smart oilfield IT services providers to gain meaningful insights and formulate strategies.
According to the Global Smart Oilfield IT Services Market 2015-2019 report, fluctuating oil prices and increased regulations have increased the operational costs for smart oilfields. IT service providers are offering a comprehensive range of services from integration to analytics, resulting in better control of activities in oilfields. Further, the report states that corporate data security is one of the strongest barriers to the adoption of IT services in the oil and gas sector.
The following companies are the key players in the global smart oilfield IT services market: Accenture, IBM, Tata Consultancy Services and Wipro. Other Prominent Vendors mentioned in this research include Capgemini, CGI, Cisco, Deolitte, EDS, EMC, Energistics, Huabei, Infosys, KPMG, L&T Infotech, Microsoft, PwC, SAS, Schlumberger, TCS, TechMahindra and Wipro. Order a copy of this smart oilfield IT services market report at http://www.reportsnreports.com/Purchase.aspx?name=402628 .
Explore more reports related to energy and power market at http://www.reportsnreports.com/market-research/energy-and-power-supplies/ .
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