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For Europe, Norway digital oilfield market size is expected to witness the growth from 2016 to 2024 owing to rising demand for digital technology adoption to minimize the error while taking decision and to optimize the production and operation cost.Global digital oilfield market size is anticipated to expand substantially due to volatile crude price coupled with high cost involved in drilling of conventional and unconventional resource. The average crude prices fell to around USD 43.11 per barrel in 2016 from USD 105.41 per barrel in 2012. In current scenario, low crude oil price has created competition among companies to provide maximum output from fields at the lowest price which makes this technology adoption favorable.
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Increasing demand to integrate the conventional practice involved in oil & gas (O&G) sector with automation, communication and information technologies will propel the digital oilfield market share. Ability to make accurate decision, extensive return on investment and time optimization by maximizing the field recovery rate are some of vital factors responsible to augment industry.
Increasing exploration and production of unconventional and conventional resources along with rising number of rig counts will stimulate the digital oilfield market share during the forecast period. In the U.S., rig count increased from 502 in 2016 to 754 in 2017. Increasing number of mature field coupled with rising demand for crude products may also drive the business growth.
Stringent regulation towards environment protection and safety issues will positively encourage the digital oilfield market size during the timeframe. Shortage human resource in E&P sector are pushing industry to replace workforces in remote environments with automated systems.
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Rising crude oil demand from end users including refineries and petrochemical industries coupled with growing population and rapid industrialization is anticipated to stimulate the digital oilfield market share in future. In 2016, a daily demand for crude oil increased from 95 million barrel to 96.3 million barrels. Refinery expansion to meet the petroleum product demand will further complement the business growth. Digital technology ability to reduce maintenance cost and downtime of equipment make its adoption favorable in refinery. In October 2016, Indian Oil Corporation announced an investment of USD 2.3 billion towards the expansion of its Panipat refinery capacity to 25MMT from 15MMT which will stimulate industry growth.
Lack of awareness regarding benefits and adoption of digital technology may hamper the digital oilfield market size. The technology is in nascent stage since, it was developed in 2000, so its price is one of the major concerns for small firms.
Based on process, digital oilfield market has been segmented into reservoir optimization, drilling, production optimization and well completion. On the basis of instrumentation, the industry can be segmented into, SCADA, smart wells, PLC and modern safety systems. SCADA is expected to witness growth due to its ability to protect the field, pipeline etc. from any external threat by providing real time and accurate information.
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Key players in digital oilfield market share are Honeywell International Inc., Schlumberger Ltd., Accenture, Microseismic, Pason Systems, Redline Communications Group, Siemens, Halliburton Company, National Oilwell Varco Inc., Kongsberg Gruppen, Paradigm, Petrolink, Redline Communications Group, Weatherford International, Baker Hughes and Istore.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/digital-oilfield-market
Release ID: 518137
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