Digital Oilfield Services Market In-depth Forecast Study Highlights Growth in CAGR% and Revenue (US$
Thus, with the development of oil E&P activates across the globe, the demand for digital oilfield services is expected to grow significantly over the forecast period
[UKPRwire, Wed Jun 12 2019] With the recuperation of the oil & gas industry from the oil price crisis, several oil companies are investing in oil exploration and production (E & P) to recover losses and cater to the rising demand for oil & gas products across the globe. For the same, oil & gas companies are opting for digital oilfield services that integrate oil production, engineering, security and maintenance operations. Through the integration of oilfield operations, digital oilfield services help reduce operation costs with quick & precise decision-making, thereby improving the overall productivity of the entire operation. Through Digital Oilfield Services Market, entire oil & gas field operations, starting from drilling, reservoir evaluation, oilfield fluids, stimulation and completions, among other operations are flawlessly, rapidly, optimally and safely executed.
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Digital oilfield services offer several advantages such as improved compliance and safety, track preventive maintenance throughout the operation, scheduling of tasks, analysis of real-time field data & management and reduced cost of operation. Thus, digital oilfield services not only balance the production demand gap but also streamline data collection, validation and surveillance, among other processes.
In the upstream operation, digital oilfield services witness demand for security applications, minimization of operational expenditure and optimum utilization of available resources, among other applications. Moreover, incessant research, improvisation and development of new technologies in digital oilfield services is the key reason contributing to the growth of the digital oilfield services industry. For instance, integrating new technologies in digital oilfield services such as the Internet of Things (IoT), mobility and cloud computing, among others enhances data capture capacity and improves the decision making ability. Thus, with the development of oil E&P activates across the globe, the demand for digital oilfield services is expected to grow significantly over the forecast period
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Digital Oilfield Services Market: Regional Outlook
In North America, the U.S. is a major market for digital oilfield services. This can be mainly attributed to growing shale gas exploration and rising offshore oil E&P activities in the region, especially in the Gulf of Mexico. As the operation cost in this region in higher, players in the oil and gas industry are compelled to deploy automation solutions and digital oilfield services. MEA and Asia Pacific regions are poised to register steady growth in the digital oilfield services market. In the Latin America digital oilfield services market, Mexico is one of the key oil and gas producers and the anticipated strong investments in the oil & gas industry in the near future are expected to drive the digital oilfield services market. However, the economic crisis in Venezuela may hamper the digital oilfield services market growth to an extent.
Digital Oilfield Services Market: Market Participants
The digital oilfield services market is a highly fragmented one. A myriad of smaller players are present in the market where the top 10 key players account for over one-third of the digital oilfield services market. Over the recent past, it has been observed that several digital oilfield service providers are signing agreements with oil exploration and production companies to gain a competitive edge over other digital oilfield services providers. For Instance, in 2017, Halliburton and Microsoft collaborated to digitally transform the oil and gas industry and deliver intelligent cloud solutions. Deploying such solutions will drive the next generation of efficient oil and gas exploration and production.
Some of the key players identified across the value chain of the global digital oilfield services market are: Halliburton Company, Schlumberger Limited, General Electric, Siemens AG, Kongsberg Gruppen, The Emerson Electric Company, Pason Systems Corp. Rockwell Automation, Inc.
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