DUBLIN, July 10, 2015 /PRNewswire/ --
Research and Markets(http://www.researchandmarkets.com/research/7np7gl/global_digital) has announced the addition of the "Global Digital Oilfield Market 2015-2019" report to their offering.
The analysts forecast the global digital oilfield market to grow at a CAGR of 5.14% over the period 2014-2019.
The basic meaning of digital oilfield is the application of advanced software, hardware, and data analysis techniques to improve the productivity of oil and gas production operations.
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.
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.
According to the report, digital oilfield technology will gain more prominence during the forecast period as it offers a high return on investment by increasing production efficiency. It provides concise, real-time, and accurate information, and allows better control and continuous monitoring of subsea infrastructure. In addition, automation and remote monitoring also reduce the need for high-cost labor.
Further, the report states that getting employees to embrace an entirely new method of operation is a hurdle in the implementation of this technology.
Digital oilfield technologies affect and enhance various functionalities of oilfields operations, such as:
- Production optimization
- Data integration
- Decision support
- Workflow automation
- Operational efficiency
- Honeywell International
- National Oilwell Varco
Other Prominent Vendors
- Kongsberg Gruppen
- Pason Systems
- Redline Communications Group
For more information visit http://www.researchandmarkets.com/research/7np7gl/global_digital
Media Contact: Laura Wood , +353-1-481-1716, firstname.lastname@example.org
SOURCE Research and Markets