DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/n949mf/digital_oil_field) has announced the addition of the "Digital Oil Field Market by Services & by Processes - Global Trends & Forecasts to 2024" report to their offering.
The global DOF market is estimated to reach $38.49 billion by 2024, with a projected CAGR of 4.6%, this signifies a high growth of Digital Oil Field services and processes.
The DOF technology is a process of creating a collaborative work environment among various functionalities of upstream activities and operating partners using cutting-edge IT and automation technology. This technology is an improvement of the conventional IT and automation technology that have been used in the oil & gas industry since decades.
The technology finds best use in the upstream activities. It is also applicable in downstream, finance, and marketing sectors of the oil & gas industry. This technology is defined and does not hold a generalized list of subsections as it is an integration of two extensive sectors - IT and automation - which have multiple sub sections. Digital Oil Field is also known as Integrated Operations, Intelligent Energy, Fields of the Future, I-Fields, and Smart Fields amongst industry players. North America is the leading market for Oil Field processes and services.
With the rising demand of crude oil, the oil & gas companies have started to redirect their exploration focus towards the unconventional and deep hydrocarbon reservoirs such as shale gas, coal bed methane (CBM), tight gas, heavy oil, and pre-salt - considered as original due to low availability of conventional reservoirs. The petroleum industry currently has advanced IT based machinery and software to carry out operations in different unconventional and deep reservoir conditions. This leads way for new age technology as the tool to execute stiff operations. This factor drives the DOF technology and increases receptiveness in the industry.
Scope of the Report
Automation & Instrumentation
- Drilling Optimizations
- Baker Hughes
- Honeywell International Inc.
- Kongsberg Gruppen
- National Oilwell Varco, Inc.
- Pason Systems Corp.
- Schlumberger Ltd.
- Siemens AG
- Weatherford International Ltd.
For more information visit http://www.researchandmarkets.com/research/n949mf/digital_oil_field