According to the latest market research report by Technavio, the global digital oilfield market is anticipated to grow at a CAGR of close to 5% during the predicted period 2017 to 2021.
This report by Technavio offers an exhaustive analysis of the global digital oilfield market in terms of revenue and emergent market trends. The report also includes an up-to-date breakdown and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the technology and services
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Global digital oilfield market by services: The rising number of oil and gas companies are focusing on providing industry-specific solutions, efficient service management, and other professional services resulting in the growth of this market segment. The energy services involve the design and implementation of digital oilfield solutions. The various services provided are offering consultation on the use of appropriate tools, designing full end-to-end digital oilfield solutions, vendor selection, implementing and providing training, risk management, application support, and other managed services.
“The services offered are for exploration, drilling, production, and completion in the oil and gas segment. The oilfield service providers are investing in and developing new technologies that will result in increased production. The new technologies introduced in the industry offer enhanced oil recovery (EOR) and vertical drilling, reduce drilling time and allow efficient extraction of oil services,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas.
Global digital oilfield market by software: The growing need to update the existing and new software will drive the demand for software technologies in the digital oilfield market. The availability of several vendors offering customized software with additional features will increase the revenues in the market segment. These solutions have engineering applications such as petroleum data management, asset modeling, analysis and optimization, real-time surveillance and workflow integration, and collaboration.
Global digital oilfield market by hardware: The launch of surface and subsurface systems will lead to the growth of hardware technologies in the digital oilfield market. The hardware components used in the market are pressure gauges, data management hardware, temperature and gas leak sensors, and field wireless connectivity systems. The installation of next-generation systems will boost the sales and revenues in this market segment.
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The important players operating in the global digital oilfield market are:
- Baker Hughes
- Halliburton
- Honeywell International
- Schlumberger
- Weatherford International
The other prominent sellers in the market include ABB, Accenture, China National Petroleum Corporation, eLynx Technologies, Emerson Electric, Enbase Energy Technology, ExxonMobil, GlobaLogix, Kongsberg Gruppen, MicroSeismic, Moxa, Paradigm, Pason Systems, Petrolink, Redline Communications, Rockwell Automation, Schneider Electric, Shell, Siemens, and Sinopec.
An exhaustive study is available in the Technavio report titled, ‘Global Digital Oilfield Market 2017-2021’. Technavio also customizes reports by other regions and specific sections upon request.
Other related reports:
- Global Smart Well Market 2017-2021
- Global Smart Oilfield Market 2016-2020
- Global Offshore Oil and Gas Seismic Equipment and Acquisitions Market 2016-2020
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