DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Digital Oilfield Technology Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The global digital oilfield technology market was valued at $25,093.5 million in 2015, and it is expected to grow at a CAGR of 4.4% during 2016 - 2022.
Cost reduction by oil and gas companies to survive drastically falling prices of oil since June 2014 is one of the growth driver for the digital oilfield technology market. Considering the cost cutting measures taken by O&G companies, the entire oil and gas industry is heavily focusing on to optimize operations, increase efficiency and reduce operational costs. Digital oilfield technology is a useful tool that offers high return on investment by increasing production efficiency. Integrating high-tech systems and updated software techniques and analysis in oilfield production provides concise, real-time and accurate information and allows better control and continuous monitoring of underneath infrastructure and helps in decision making.
Global digital oilfield technology market is driven by the emergence of shale gas. The rising shale gas market is generating massive digital field data for analysis. The $600 billion investment in U.S. shale infrastructure and the nearly 2,000 million well-feet drilled have produced hundreds of petabytes of relevant data. This vast, 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 drive the U.S. shale industry for another longer boom.
The growing key application of digital oilfield technology in various areas includes real time data acquisition, reservoir management, well modelling, 4D seismic and wireless remote operations. All these operations are integral part of E&P companies and require proper monitoring and analysis to meet the production demand. Digital oilfield technology offers solution to properly monitor field operations and rectify problems to enhance efficiency of reservoir performance.
Some of the major companies operating in the global digital oilfield technology market include Schlumberger Limited, Halliburton Company, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm and Petrolink.
Trends In The Global Digital Oilfield Technology
- Growing Technological Advancement And Huge Investment By Major Players
Opportunities In The Global Digital Oilfield Technology Market
- Oilfields Centralized Monitoring And Maintenance Planning
- Greater Involvement Of Software Companies In Digital Oilfield
Factors Driving Growth Of The Market And Its Impact On Market Forecast
- Growing Volume Of Data Generated And Big Data Analytics
- Emergence Of Shale Gas
- Growing Key Application Areas
- Cost Reduction By Oil And Gas Companies
- Impact Analysis Of Drivers On Market Forecast
Restraints Of The Market And Its Impact On Market Forecast
- Volatility In Oil Prices
- Complexity Of Digital Data
- Impact Analysis Of Restraints On Market Forecast
Company Profiles And Strategic Developments
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- National Oilwell Varco Inc.
- Weatherford International Plc
- Siemens Ag
- Honeywell International Inc.
- Kongsberg Gruppen
For more information about this report visit http://www.researchandmarkets.com/research/mtgdd6/global_digital