Digital Oilfield (DOF) Market Growth Factors, Competitive Insights and Future Scope Analysis till 2022

Global Digital Oilfield (DOF) Market is estimated to grow at a significant CAGR over the forecast period. Digital Oilfield (DOF) is building association between several processes in the gas & oil. This permits improved monitoring, control and surveillance over the developments in oil production & exploration. In the process, manufacture optimization is anticipated to lead the market over the forecast period driven by the demand from oilfield operators targeting low rate crude production. The digital oilfield solutions maintain the Exploration & Production actions of a corporation, providing optimal reservoir management. A classic oil rig produces about 1 Terabyte of data each day and digital oilfield solutions allow a real time monitoring and rapid analysis of Exploration & Production data, resulting fast decision making.

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The purpose of the digital oilfield is to maximize oilfield recovery, eradicate non-productive time, and raise profitability through the plan and deployment of combined workflows. Digital oilfield workflows syndicate business process management with engineering expertise and advanced information technology to streamline and, in several cases, computerize the accomplishment of tasks executed by cross-functional teams.

The industry’s inclination and efforts to enhance upstream asset is one of the major drivers for the global digital oilfield market. Additionally, the retrieval in crude oil price after recent dropping is also expected to drive investments in digital oilfield market. Moreover, given the perilous nature of the oil & gas industry, the anxieties over safety of human resource as well as on environment are increasing among the mishaps happened over the past few years in the industry. Growing E&P activities in regions such as Eastern Siberian, where extreme weather circumstances possess a challenge to work, is also anticipated to contribute towards the global digital oilfield market. Apart from the drivers of global digital oilfield market, a few constraints are prevailing, which is off-putting the investments in digital oilfield market. The key constraint in the digital oilfield market is the reluctance to adapt the change from conservative to a digital oilfield.

The global digital oilfield market can be segmented into process and services. On the basis of process it can be classified as drilling optimization, reservoir optimization, and production optimization. Services can further be segmented into instrumentation & automation and IT expenditure, services can be classified as SCADA, Smart Well, Safety Systems, PLC, CPM, and Distribution Control System. However, on the basis of IT expenditure it can be classified as Software, IT outsourcing, IT services and commissioning and computer equipment.

The key market players in global digital oilfield market includes Baker Hughes Inc., Schlumberger Ltd., Honeywell International, Halliburton Company, Paradigm Limited, Pason Systems Inc., Petrolink Services Inc., Pointcross Inc., Kongsberg GruppenAsa, National Oilwell Varco, Inc., and Oleumtech Corporation. Digital oilfield market valuation for several segments was attained by using provincial rig data, digital oilfield operations in several geographies and systematic investments of service providers and operators. Finally, the global standards were attained by alliance of markets for separate regions. Industry specialists were also communicated for validating the key discoveries of the report, in order to analyze the market appropriately. The distinct responses and the lookouts were carefully examined and merged in the report. The market numbers are also authenticated by bottom-up and top-down valuation approaches. In bottom up approach separate regional markets are added to get the final parent market, while on the other hand, in top-down approach, segmental and regional markets are derived from the parent market seeing the part of the segments.

Middle East is anticipated to show the fastest growth over the forecast period. Middle East market which has manufacturing costs far beneath the present prevailing oil prices is capable to invest in digital oilfield market and increase their crude recovery rate. As per rig counts issued by Baker Hughes Inc. the U.S. rig count has dropped to 848 in September 2015 from 1,930 in September 2014 undesirably impacting the country's oil & gas industry; however, several mature oilfields are projected to be digitalized to stabilize this impact. Regions such as North America and Asia Pacific are hugely investing in R&D activities. According to the International Energy Agency, in 2017, USA is expected to overtake Saudi Arabia to become world’s top producer of crude oil. The firms of the region are already using digital oil field technologies to enhance their oil production and this trend will continue to remain in future as well.

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The development of the digital oilfield market is driven by various stakeholders such as several oilfield service providers, government and research organizations, environment research institutes, energy associations, oilfield operators, and drilling and exploration companies, Companies like Baker Hughes (U.S.), Paradigm (U.S.), Schlumberger Limited (U.S.), Konsberg Oil & Gas Technologies AS (Norway) have been the most vigorous companies in terms of strategic growths during January 2011 to September 2014. Maximum of these companies are existing in North America and have been vigorously contributing in competitive developments.