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APAC Will Lead Digital Oil Field Market by 2022 in Oil & Gas Industry Says a Research Report at ReportsnReports.coms
Date:7/13/2013

Dallas, Texas (PRWEB) July 13, 2013

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 E&P companies in the region. Asia-Pacific region is expected to have the highest growth next to the fastest growing market.

Digital oil field technology includes segments of IT such as outsourcing, software services, and equipment based expenditure. Automation & instrumentation is another segment of digital oil field market (http://www.reportsnreports.com/reports/215337-global-digital-oil-field-market-by-services-automation-instrumentation-information-technology-geography-forecasts-to-2022.html), which includes key networking processes and communication technologies such as SCADA, PLC, smart well, safety systems, and wireless systems.

Digital oil field is an integrated operation system that helps in reservoir optimization, production optimization, drilling and well completion, and other processes. The above mentioned are the process improved by the implementation of the technology. This smart field based technology reinvents production using new techniques such as creation of smart wells and establishing agile communication using remote surveillance & operating and hig
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