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. DOF includes a variety of themes like operational efficiency, production optimization, collaboration, decision support, data integration, and workflow automation. Advanced software and data analysis techniques are being employed in this market to maximize the profits from various oil & gas operations.
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. Production optimization accounts for the largest share in the DOF market by process due to increase in investments around the globe, for effectual production in the oil-fields. Manufacturers plan to apply digital field oil solution in high-production fields.
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. But rise in oil prices is expected, which will make way for investment in this technology at a larger scale, and thus boost market growth.
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.
In March 2016, Ingenu and KONAR Electronics and Informatics Inc. delivered DOF solutions to Nigeria pipeline facility for digital monitoring of the field capabilities to maximize the profits. Key leading players of the market invest huge capital in R&D activities for further development of the technology and thus large number of patents related to this technology are being registered. U.S. and China are the main countries accounting for major shares in the DOF market.
Comprehensive competitive analysis and profiles of major market players such as ABB Group (Switzerland), Baker Hughes Inc. (U.S.), Emerson Electric Company (U.S.), TIBCO Software Inc. (U.S.), Microsoft Corporation (U.S.), Redline Communications Group Inc. (Canada), Schlumberger Ltd. (U.S.), Paradigm Ltd (U.S.), Microseismic Inc. (U.S.), and Honeywell International Inc., (U.S.) is also provided in the report.
KEY BENEFITS FOR STAKEHOLDERS:
This report provides quantitative analysis of the current market and estimations through 20142022, which identifies the prevailing opportunities.
This report provides an extensive analysis of the current and emerging market trends and dynamics in the world DOF market.
Geographically, the world DOF market is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
This study evaluates competitive landscape and value chain to understand competitive environment across the geographies.
Comprehensive analysis of factors that drive and restrict the growth of the DOF is provided. For instance, need for effective and efficient production solutions in oil & gas industry will drive this market.
Leading players within the DOF market are profiled in this report and their key developments in recent years are listed down.
KEY MARKET SEGMENTS: