LONDON--(BUSINESS WIRE)--Technavio has added two new reports on next-gen oilfield technology to its growing library of market research.
The global digital oilfield market 2015-2019 and the global smart oilfield IT services market 2015-2019 reports are now available from the tech-focused research firm. The markets are expected to grow at CAGRs of 5.14% and 5.93% respectively, through the forecast period.
Cost reduction is the common denominator that is spurring growth in both markets.
“Oil prices have fallen to their lowest level since 2009, which has affected the profitability of producers. High efficiency at low cost has become a necessity for exploration and production projects around the world,” says Faisal Ghaus, Vice President of Technavio.
“The entire oil and gas industry needs to optimize operations, increase efficiency, and reduce operational costs, and we expect digital oilfield technology to gain prominence during the forecast period as it offers a high return on investment by increasing production efficiency,” adds Ghaus.
Integrating high tech systems in oilfield production provides concise, real-time, accurate information, and allows for better control and continuous monitoring of subsea infrastructure.
Additionally, companies are exploring reserves in more expensive, complex, and challenging environments that require high technical expertise and managing capabilities. Smart IT helps achieve greater efficiencies in infrastructure and equipment.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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