Operational Digital Oilfield Solutions Market Detailed Analysis by Latest Trends And Emerging Technology By 2022

Operational digital oilfield solution is a combo of modern information technology infrastructure plus business process management. The creation of operational digital oilfield fulfils the objective of minimizing the unproductive time and enhances the productive ratios by automating integrated workflows. Operational digital oilfield market encompasses the concept of “intelligent wells” which are fiber-optic enabled. The wells contain fiber-optic sensors deeply buried in the drilling apparatus which is manually controlled by operators on site, and sometimes eventually through closed loop information systems. The digitally enabled oilfields have a prior alarming system that enhances the performance levels and provides an early indication in case of any critical equipment failure.

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The concept has revolutionized the oilfield market and witness tremendous growth in the upcoming years. Certain benefits like production optimization, operational efficiency, collaboration, decision support, data integration and workflow automation. Primary audience for digital oilfield market include stakeholders, oilfield operators, exploration companies, government & research organizations, energy associations, private investors and environment research institutes.

The driving factors responsible for the growth of global operational digital oilfield solution market include growing demand for operational digital oilfield solutions due to confined oil supply that enables the oil industry to adapt to innovative and advanced technology. Additionally, unavailability of skilled labor is a major problem faced by the industry in the last few decades; this is also contributing to the growth of operational digital oilfield solution market. Moreover, tremendous urbanization and increasing dependency on digital medium is also bolstering the market growth. However, the restriction and hierarchical issues in accordance to operations and operating personnel plus lack of timely formal training and education for employees is a major hindrance in the growth of operational digital oilfield solution market.

On the basis of service, the global operational digital oilfield solution market is segmented into automation & instrumentation and IT expenditure. Instrumentation and automation is further sub-segmented into distributed control system, smart well, supervisory control and data acquisition, wireless sensor and programmable logic sensor (PLC) and CPM. IT expenditure is further segmented into IT outsourcing, software, IT services and commissioning, computer equipment and application hardware.

On the basis of process, the global operational digital oilfield solution market is segmented into production optimization, drilling optimization, reservoir optimization, asset management, safety management, maintenance and repair. On the basis of geographic segmentation, the global operational digital oilfield solution market spans North America, Latin America, Europe, Asia-Pacific excluding Japan, Japan, Middle-East and Africa.

Europe dominates the global market for digital oilfield solutions for the forecast period. However, during the forecast period, the market is said to attain a low CAGR growth as the most of the production comes from offshore oilfields. North America, on the other hand is expected to dominate the global market owing to increasing non-conventional share of production in the U.S regions.

The key players in the global operational digital oilfield market include Halliburton company, Schlumberger limited, Baker Hughes Incorporated, National Oil Well Varco Inc, Weatherford International PLC, Paradigm Limited, HIS Inc, Katalyst Data management, Rockwell Automation, Siemens AG, Point cross Inc, and Pason system Inc.

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