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 high-end technology.
Revival of the older methodologies in the oil & gas sector became essential to increase and minimize the deficit in supply. The high average age of oil & gas industry professionals indicated more retirements in the near future, resulting in reduction of man power in the industry; hence this was met by automated production platforms, intelligent machinery and systems. The safety factors proved to be high after installing digital oil field technology based machines and systems. These are the reasons which are driving the market apart from the regulations from government bodies in some parts of the world.
Exploration for new and unconventional hydrocarbon sources has seen growth in the oil & gas sector - http://www.reportsnreports.com/tags/oil-and-gas-market-research.html. Some of the regions found high unconventional resources, the highest in the North American region. The usage of unconventional resource to complete the energy requirements is slowly rising along with the acceptance of such resources. The exploration activities in the Arctic Circle are waiting to meet environmental regulations and are expected to contribute to the global oil & gas production in the future. The fastest growing region is expected to be the Middle East, followed by Asia-Pacific. The most active market currently is North America.
We have used various secondary sources—encyclopedia, directories, and databases to identify and collect information useful for this extensive commercial study of this market. The primary sources, experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess the future prospects of this smart wells based digital oil field technology.
We have also profiled leading players of this industry with their recent developments and other strategic industry activities, namely Schlumberger Ltd (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Emerson Electric Company (U.S.), ABB Group (Switzerland), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), TIBCO Software Inc. (U.S.), Tata Consultancy Service (India), Accenture Plc (Ireland), Redline Communications Group Inc. (Canada), Paradigm Ltd (U.S.), and Kongsberg Oil and Gas Technologies AS (Norway).
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Scope of the report
This research report categorizes the global market for digital oil field on the basis of applications, service types, process types, and geography; forecasting revenue and analyzing trends in each of the submarkets.
On the basis of services: The market is segmented on the basis of service segments of the technology—IT and automation & instrumentation including technologies, such as SCADA, PLC, DCS, etc., are the three segments that define digital oil field technology. Each service segment is further described in detail in the report with revenue forecasted for each service.
On the basis of process focus type: Product optimization, reservoir optimization, drilling and others.
On the basis of geography: North America, Western Europe, Middle East, Asia-Pacific, ROW, and key countries in every region.
Company Profiles (Overview, Financials, Products & Services, Strategy, and Developments):
1. ABB Ltd
2. Accenture Plc
3. Baker Hughes Incorporated
4. CGI Group Inc.
5. Emerson Electric Co.
6. Environmental Systems Research Institute Inc. (ESRI)
7. Halliburton Company
8. Hamilton Group
9. Honeywell International Inc.
10. Infosys Ltd and more 18 companies are listed.
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