Digital Oil Field Market Forecast $33.3 Billion - 2022

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MarketsandMarkets Presents
Digital Oil Field Market Forecast 33.3 Billion
in 2022
http//www.marketsandmarkets.com/Market-Reports/di
gital-oilfield-market-904.html
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The report Digital Oil Field Market By Services
(Automation and Instrumentation, Information
Technology) and Geography - Forecasts To
2022" defines and segments the global digital oil
field market with analysis and forecasting of
global revenue for the technology. It also
identifies driving and restraining factors for
global digital oil field 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 and forecasted for each region. Further,
market is segmented and revenues are forecasted
on the basis of services. Browse gtgt
110 market data tables/figures
242 pages and in-depth TOC on Digital
Oil Field Market http//www.marketsandmarkets.c
om/Market-Reports/digital-oilfield-market-904.html
Early buyers will receive 10 customization of
reports.
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Digital oil field is a well known and growing
trend in the industry, with various names such as
integrated operations, smart field, iField etc.
The digital oil field is an ideology in
transformation that is widespread in the oil
gas industry. Digital oil field is an enhancement
process for conventional methods that have been
practiced in the EP sector for decades. This
technology helps the EP companies in handling
difficult explorations easily and hence
increasing the production thereby meeting the
global demand of crude oil. The adoption of smart
field 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 industry are driving
the growth of digital oil field market. The
influence of adoption by a single EP company has
also influenced other companies in respective
regions to implement technology based EP
processes.
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Smart field operations have proven its
significance for exploration, surveying,
development, well completion, and production
processes. Smart field operations help industry
players to integrate their operations through
data management, 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. The global market for digital
oil field 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 digital oil field market, accounting
for 26.9 of the global digital oil field market
revenue in 2011. North American region is
expected to have the second highest market
revenue by 2022. Middle East is expected to be
the fastest growing market in the future, with a
CAGR of 5.9 from 2012 to 2022, because of
increasing demand for crude oil and the entry of
EP companies in the region. Asia-Pacific region
is expected to have the highest growth next to
the fastest growing market.
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