Digital Oil Field Market is Growing at a CAGR of 4.8% & is set to reach $33.3 Billion by 2022, Report by MarketsandMarkets
Major industry Players include Schlumberger Ltd (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Emerson Electric Company (U.S.), & few more.
(PRWEB) January 11, 2013
The report “Global Digital Oil Field Market By Services (Automation and Instrumentation, Information Technology) and Geography – Forecasts To 2022″ defines and segments the market with analysis and forecasting of the global revenue for the technology. It also identifies driving and restraining factors for the global 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 for each region.
Browse 98 market data tables and 13 figures spread through 242 pages and in-depth Table of Content on “Global Digital Oil Field Market By Services (Automation & Instrumentation, Information Technology) & Geography — Forecasts to 2022”.
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Digital Oil Field technology is an ideology in transformation that is widespread in the oil & gas industry. The technology is an enhancement process of the 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 the 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 drive the growth of Digital Oil Field market. The influence of adoption by a single E&P company has also influenced the other companies in the region to implement technology based E&P processes.
Digital oil field serves useful for exploration, surveying, development, construction, and production processes. Digital Oilfield is helpful for data managements, 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.
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 market, accounting for 26.9% of the global market revenue in 2011. North American region is expected to have the second highest market revenue in 2022. Middle East is expected to be the fastest growing market in the future, with a CAGR of 5.9% from 2012 to 2022, owing to 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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