From the Wires
Global Digital Oil Field Market Worth $33.3 Billion by 2022
By: PR Newswire
Jan. 17, 2013 06:30 AM
DALLAS, January 17, 2013 /PRNewswire/ --
The report "Global Digital Oil Field Market By Services (Automation and Instrumentation, Information Technology) and Geography - Forecasts To 2022" defines and segments the global digital oil field market with analysis and forecasting of global revenue for the technology. It also identifies driving and restraining factors for global digital oil field market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. The market is segmented and revenues are forecasted on the basis of major regions such as North America, Western Europe, Middle East, Asia-Pacific, and Rest of the World (ROW). The key countries are covered and forecasted for each region. Further, market is segmented and revenues are forecasted on the basis of services.
Browse 110+ market data tables/ figures spread through 242 pages and in-depth TOC on "Global Digital Oil Field Market By Services (Automation & Instrumentation, Information Technology) & Geography -Forecasts To 2022".
Digital oil field is a well known and growing trend in the industry, with various names such as integrated operations, smart field, iField etc. The digital oil field is an ideology in transformation that is widespread in the oil & gas industry. Digital oil field is an enhancement process for conventional methods that have been practiced in the E&P sector for decades. This technology helps the E&P companies in handling difficult explorations easily and hence increasing the production; thereby meeting the global demand of crude oil. The adoption of smart field technology has been growing in the oil & gas sector, also concerning the higher levels of safety it yields, which is another advantage of opting technology.
The global crude oil demand, safety reasons, and the receding number of employees in the oil & gas industry are driving the growth of digital oil field market. The influence of adoption by a single E&P company has also influenced other companies in respective regions to implement oil field technology based E&P processes.
Smart field operations have proven its significance for exploration, surveying, development, well completion, and production processes. Smart field operations help industry players to integrate their operations through data management, seismic imaging, drilling, process completion, reservoir modeling, production optimization, and other vital processes. The technology results in the creation of data centers for analyzing the data acquired across various processes and creating a collaborative environment for smart decision-making.
The global digital oil field market in terms of revenue was estimated to be worth $18.7 billion in 2011 and is expected to reach $33.3 billion by 2022, growing at a CAGR of 4.8% from 2012 to 2022. Western Europe dominated the global digital oil field market, accounting for 26.9% of the global digital oil field market revenue in 2011. North American region is expected to have the second highest market revenue by 2022. Middle East is expected to be the fastest growing market in the future, with a CAGR of 5.9% from 2012 to 2022, because of increasing demand for crude oil and the entry of E&P companies in the region. Asia-Pacific region is expected to have the highest growth next to the fastest growing market.
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