Digital Oilfield Solutions Market: Growth and Forecast, 2015-2025
‘Digital Oilfield’ is a term used for representing the application of advanced information technology in order to optimize hydrocarbon recovery and improving safety in operations. The digital oilfield solutions support the Exploration & Production (E&P) activities of a company, providing optimum reservoir management. A typical oil rig produces about 1 Terabyte (TB) data per day and digital oilfield solutions enables a real-time monitoring and quick analysis of E&P data, resulting fast decision making.
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Digital oilfield solutions market provides an integration of conventional practices in oil & gas with modern communication, automation and information technology. The digital oilfield solutions market has been segmented on the basis of geography which include North America, Latin America, Eastern Europe, Western Europe, Middle East & Africa, Japan and Asia-Pacific (excluding Japan). The North American region is amongst the leading regions in the global digital oilfield solutions market. Asia-pacific region is expected to account for a healthy growth rate in the global digital oilfield market during the forecast period.
The digital oilfield solutions market has also been segmented as per IT services and Instrumentation & Automation. The instrumentation & automation segment which include DCS (Distributed Control System), SCADA (Supervisory Control & Data Acquisition), PLC (Programmable Logical Controller), Wireless Sensors, Safety Systems, and other such systems. The DSC & SCADA system accounted for a leading market share in the global digital oilfield solutions market. Due to growing concerns over safety, the safety systems are expected to register substantial growth in the global digital oilfield solutions market.
The industry’s inclination and attempts to optimize upstream assets is one of the key drivers for the global digital oilfield solutions market. Additionally, the recovery in crude oil price after recent plummeting is also likely to drive investments in digital oilfield solutions market. Furthermore, given the hazardous nature of the oil & gas industry, the concerns over safety of human resource as well as that of the environment are increasing amid the accidents occurred over the past few years in the industry. Increasing E & P activities in regions such as Eastern Siberian region, where extreme weather condition possess a challenge to work, is also expected to contribute towards the digital oilfield solutions market.
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In addition to the drivers of the digital oilfield solutions market, a few constraints are also enacting their part, which is limiting the investments in this market. One of the key constraints is the digital oilfield solutions market is the unwillingness to adapt the change from conventional to a digital oilfield.
The global digital oilfield solutions market witnesses key players such as Schlumberger Ltd., baker Hughes Inc., Halliburton Company, Honeywell International, among others.