Portland, OR -- (SBWire) -- 12/29/2017 --Digital oil-field (DOF) technology uses advanced IT technology to enhance crude oil production and increase profitability in the oil & gas industry. It consists of sets of workflows that allow fast execution of collaborative tasks midst distributed teams to give more optimal and profitable results. The emergence of DOF technology has addressed the human capital and resources problems faced by oil & gas industry. Digital oil-field includes a variety of themes like operational efficiency, production optimization, collaboration, decision support, data integration, and workflow automation.
Fierce competition between the leading players in the oil & gas industry for the market share have resulted in enhanced production solutions being applied in new and developed oil-fields. This will continue to be the major driver for growth of the DOF market. Overcapacity on the global oil market and decline in prices had a high impact on capital expenditure of oil-fields, which lead to the development of this technology that would provide effective and efficient crude recovery solutions.
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Automation & instrumentation is the fastest growing segment by service due to rise in demand for automated DOF processes and decline in human capital in the industry. This drop in human capital is due to companies lowering their human dependency to sustain in low profit environment. Volatility of oil prices is a challenge for the market as reduced profits because of slump in oil prices restricts the key leading players of the market from investing in research and development activities and newly developed optimization technologies.
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The report segments the DOF market on the basis of process, service, and geography. On the basis of process, the market is segmented into production optimization, drilling optimization, reservoir optimization, and others. Based on service, the market is classified into automation & instrumentation and information technology. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
KEY MARKET SEGMENTS:
By Process
-Production Optimization
-Drilling Optimization
-Reservoir Optimization
-Others (Include Asset Management, Safety Management, and Maintenance & Repair)
By Service
-Automation & Instrumentation
-Information Technology
Digital Oil-Field Market : Fact and Forecast : Growth Factors : Key Trends
The report segments the digital oil-field market on the basis of process, service, and geography