Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for energy industry professionals · Friday, December 14, 2018 · 471,092,998 Articles · 3+ Million Readers

Digital Oilfield Technology Market Forecasted to Reach $34,871.6 Million by 2023: P&S Market Research

NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global digital oilfield technology market is projected to reach $34,871.6 million by 2023, the market growth is mainly driven by the growing big data analytics and volume of data generated in oilfields.

Based on process, the digital oilfield technology market is categorized into production optimization, reservoir optimization, drilling optimization, and others; ‘others’ include safety management, asset management, and repair and maintenance. Of these, production optimization is expected to be the fastest growing category in the market, advancing at a CAGR of 4.8% during the forecast period. The fastest growth of the category is attributed to the growing demand from filed operators, as oil production is decreasing and hydrocarbon recovery rates are required to be improved.

Request to get the sample pages:

On the basis of devices, the digital oilfield technology market is categorized into remote terminal unit (RTU) and gateway. RTU was the larger category in the market, contributing more than 50.0% in 2017. RTUs, with the aid of appropriate sensors and monitors production processes at remote site, transmits all data to a central station, where they are collated and monitored. This makes data transfer and storage easy and quick, thus leading to its high demand.

In terms of service, the digital oilfield technology market is bifurcated into instrumentation and automation and IT expenditure. Instrumentation and automation is expected to be the faster growing service type, advancing at a CAGR of 4.7% during the forecast period. Owing to the growing concern of data safety and need of real-time monitoring and quick analysis, the category is expected to witness faster growth.

Geographically, Europe was the largest digital oilfield technology market. The market in the region is driven by the presence of large number of oil reserves. Also, companies in the western part of Europe, such as British Petroleum and Royal Dutch Shell plc, are adopting digital oilfield technologies for optimizing their upstream operations in the oilfields, which is further driving the market growth. Additionally, discovery of new oil and gas fields along with increasing volume of crude oil production in the region is propelling the market growth.

Browse Report Description with Detailed TOC on Digital Oilfield Technology Market at:

The rising shale gas market is also generating massive digital field data for analysis. The $600 billion investment in shale infrastructure by the U.S. and the nearly 2,000 million well-feet drilled have produced hundreds of petabytes of relevant data. This vast and diverse shale data domain remains largely untapped and is ready to be mined by emerging big-data analytics. Continued technological progress, particularly in big-data analytics, is expected to provide lucrative growth opportunities to the digital oilfield technology market.

Some of the major players operating in the global digital oilfield technology market are Schlumberger Limited, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International plc, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm Ltd., and Petrolink.

Browse Related Reports by P&S Market Research

Enhanced Oil Recovery Market

Drilling Fluids Market

About P&S Market Research

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research-based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

P&S Market Research

347, 5th Ave. #1402

New York City, NY - 10016

Toll-free: +1-888-778-7886 (USA/Canada)



/EIN News/ -- Connect with us: LinkedIn | Twitter | Google + | Facebook

Primary Logo

Powered by EIN News

EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release