Digital Oilfield Market - Global Trends and Industry Insights Until 2019 is a new market research publication announced by Reportstack.
Market Definition of the Digital Oilfield Market:
Digital Oilfield implies the use of technology to manage various aspects of oil and gas production. Digital Oilfield maximizes oilfield recovery and eliminates non-productive time through the integration of advanced workflow, and design.
It combines business process management with advanced information technologies to streamline and automate the execution of various operations performed at different functional levels. With the application of advanced software, hardware, and data analysis, digital oilfield is implemented in the following areas:
Market Opportunity in Offshore Drilling:
On account of depleting oil reserves, the industry is expected to heighten its exploration activity by moving into remote onshore, deep and ultra-deep offshore areas. Such operations require automatic, real-time and remotely controlled intervention with minimum human involvement. It necessitates the implementation of digital technology to enhance decision-making and achieve remote execution. The introduction of advanced communication systems has enabled oil companies to connect with their remote assets and people. Digital technology integrates devices at remote locations with back office operations of oilfield companies. Advanced application of the digital technology is expected provide greater connectivity to remote onshore and offshore sites in the future.
Complete report available @ Digital Oilfield Market - Global Trends and Industry Insights Until 2019.
Segmentation of the Digital Oilfield Market by Technology:
The services market is expected to continue its dominance in the Global Digital Oilfield Market. The main reason for the dominance is the importance of services throughout the life cycle of a digital oilfield project.
Implementation of various functions of digital oilfield such as installations, integration, communication and maintenance are directly dependent on services. However, the market share of the hardware technology is expected to increase during the forecast period owing to the scope of its implementation in early stages of development.
Leading Providers of Digital Technology for Oil Companies:
Provides oilfield services and offers consulting services to oil and gas companies to develop and implement digital oilfield projects. The company is a leader in integrating "Intelligent Wells" and modern sensing technologies into digital oilfield projects. Services are mainly used for support reservoir characterization and field development planning.
Honeywell is a US based company that provides process automation control services across multiple industries including oil and gas industry. Honeywell's Advanced Business Solutions offer a range of products and services that support the Digital Oilfield projects. Honeywell’s core offering is Experion® PKS integrated with Safety Manager, which tightly integrates with Experion’s alarm and events capabilities in addition to the Fire & Gas, Emergency Shutdown and Burner Management Systems.
National Oilwell Varco:
Varco is a provider of oil and gas drilling and production equipment. It also specializes in oilfield services and supply chain integration to upstream oil and gas industry. The company offers software services such as drilling automation, lifecycle management, production solutions, fiberglass systems, floating production systems, intervention and stimulation equipment, process flow technologies, and subsea production systems.
It is the world's largest integrated oilfields services company. The company provides oil and gas software and services for application deployment, data management and delivery, Infrastructure optimization, field development, integrated asset modeling, asset optimization, data analytics for production and economics, etc. Some of the core software products include Petrel Seismic, ECLIPSE Reservoir Engineering software, GeoFrame Reservoir Characterization software, and the Ocean software development framework.
Weatherford is an oil and gas services company that provides products and services for drilling, evaluation, completion, production and intervention of oil and gas wells. The company offers extensive Digital Oilfield technology such as surface and subsurface instruments that gather data, field devices that automate well and field operations and software that translates field data into actionable information. The company's core offering is the i-DO® intelligent daily operations system.
Key Regions of the Digital Oilfield Market:
The Americas region dominates the Digital Oilfield Market. The focus in this market is to maximizing efforts on extraction from existing wells and on the redevelopment of maturing oil fields. The implementation of digital technology has increased exploration of unconventional oil and gas resources like shale formations and rising exploration of deep and ultra-deep water reserves in this region. The Americas and especially the US and Canada contribute majorly to the Digital Oilfield Market.
Other Sections of the Report Include an Analysis on the Following:
Growth of the Digital Oilfield Market during the forecast period
Key Drivers and their Impact on the Digital Oilfield Market
Key Challenges and their Impact on the Digital Oilfield Market
Key Trends and their Impact on the Digital Oilfield Market
Five Forces Analysis of the Digital Oilfield Market
SWOT Analysis of Key Vendors of the Digital Oilfield Market
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