The Digital Oil-Field Market deals with the development, manufacture and distribution of digital oilfield technology and digital oilfield solutions which enable oil drilling companies to leverage natural resources. Digital oil field services allow data collection from various parts of the oil and gas value chain at frequent intervals.
The Digital Oil-Field Market allows oil drilling companies to achieve objectives like maximizing oil recovery and eliminating downtime through the utilization of the latest digital oilfield technology. Digital oilfield solutions integrate business management processes with engineering know-how and information technology to enable the automation of various tasks. The overall objective of digital oil field services is to improve the profits of oil & gas companies through digital technology and the analysis of data.
Scope & Regional Forecast of the Digital Oil-Field Market
The Digital Oil-Field Market attributes its significant growth in recent years to a few factors like: reduction in natural resources forcing deeper exploration by enterprises; major technical advances achieved in production processes; and integration of unconventional gas extraction techniques.
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Another factor affecting the Digital Oil-Field Market has been the price of oil. In 2014, oil prices crashed and have been relatively unstable ever since. This forced oil & gas industry to renew focus on optimizing margins in mature fields through the implementation of digital oil field services. Digital oilfield technology has become a must in a field which has suddenly transformed into an environment where the war is being waged for low profits.
Currently, the Digital Oil-Field Market is being dominated by demand emanating from the Middle-East as productivity is being improved in small increments. Other regions are also gradually adopting the latest technology to increase their profits.
Segmentations & Key Players Involved in the Digital Oil-Field Market
According to IndustryARC findings, the Digital Oil-Field Market can be broken down into various segmentations on the basis of –
Device: Remote Terminal Unit (RTU), RTU Architecture (Central Processing Unit, Analog Input Modules, Analog Output Module, Digital Input Modules, Digital Output Modules, Power Supply Module, Communication Interfaces) and Gateway (Microprocessor, Motherboard, RAM, Flash, Interface Boards).
Services: Instrumentation & Automation (I&A) (Control System (DCS), Wireless Network Systems, Intelligent Wells, Safety Systems, Programmable Logic Controller (PLC), Collaborative Product Management and Other I&A Solutions) and IT Services (IT Outsourcing, Software, IT Services & Commissioning, Computer Equipment & Application Hardware).
Geographical Location: North America, Europe, Asia-Pacific, Middle-East and RoW (Rest of the World).
Some of the key players involved in the Digital Oil-Field Market according to IndustryARC are as follows:
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- Kongsberg Gruppen
- National Oilwell Varco, Inc.
- Pason Systems Corp.
- Weatherford International Ltd.
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