Europe is expected to be the largest market for digital oilfield solutions during the forecast period. However, the market is expected to have a low CAGR because most of region’s production comes from offshore oilfields. After the oil prices declined below USD 60/ barrel in early 2015, the region witnessed 55% decline in rig count compared to the rig count for 2007.
Pune, India -- (SBWIRE) -- 01/07/2016 -- The report "Digital Oilfield Market - Global Forecast to 2020", is a collaborative solution consisting of instrumentation & automation and IT expenditure. The Global Digital Oilfield Market is expected to reach USD 30.78 Billion by 2020 growing at a CAGR of 4.31% from 2015 to 2020. Middle East market is expected to have the highest growth from 2015 to 2020, at a CAGR of 5.37%. The drivers for this growth are increased focus on optimizing the rate of recovery in order to maintain the market share of the region.
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Digital oilfield market is expected to surpass USD 30.78 Billion by 2020
Europe is expected to be the largest market because of the investments and future plans for digitalizing the fields. This region has aimed at producing from some of the oilfields instead of investing in solutions for all the oilfields.
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Automation & Instrumentation to register the highest growth
Automation & Instrumentation service segment is responsible for remote surveillance, communication between offshore and onshore, distribution of the extracted material under organized networks, enabling better methods of production and transportation, and to ensure high safety levels. The segment is expected to exhibit higher growth than IT expenditure growing at a CAGR of 4.52% from 2015 to 2020. This growth is attributed to the inclination of the operators to implementing automated solutions and reducing the human capital. This in turn helps them to reduce the CAPEX associated with exploration & production activities.
Production optimization is expected to lead the market
After the oil prices dived in 2014, the focus of the oil and gas industry shifted towards increase of production driving increased implementation of production optimization solutions in mature oilfields. These solutions have become necessity for the producing fields in order to produce oil in this low profit environment.
Middle East is expected to have the fastest market growth
Middle East market which has production costs far below the current prevailing oil prices is able to invest in DOF solutions and improve their crude recovery rate. According to rig counts published by Baker Hughes Inc. the U.S. rig count has declined to 848 in September 2015 from 1,930 in September 2014 adversely impacting the country's oil & gas industry; however, many of the mature oilfields are expected to be digitalized to balance this impact.
The growth of the digital oilfield market is influenced by various stakeholders such as various oilfield operators, oilfield service providers, drilling and exploration companies, government and research organisations, energy associations, and environment research institutes. Companies such as Baker Hughes (U.S.), Konsberg Oil & Gas Technologies AS (Norway), Paradigm (U.S.), Schlumberger Limited (U.S.) have been the most active companies in terms of strategic developments during January 2011 to August 2014. Most of these market players are present in North America and have been actively participating in competitive developments
The report defines and segments the DOF market with analysis and forecast of the global E&P revenue and applications. It also identifies driving and restraining factors for the market, with an analysis of trends, opportunities, burning issues, and winning imperatives.
The size of the overall market is determined by forecasting techniques based on the DOF solution implementations in different regions, which is validated through primary sources. The market data is available from 2013 to 2020 with a CAGR from 2015 to 2020. This report analyses various marketing trends and establishes the most effective growth strategy.
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