Global Digital Oil Field Market Worth $33.3 Billion By 2022
The global crude oil demand, safety reasons, and the receding number of employees in the oil & gas industry are driving the growth of digital oil field market. The influence of adoption by a single E&P company has also influenced other companies in respective regions to implement oil field technology based E&P processes.
Smart field operations have proven its significance for exploration, surveying, development, well completion, and production processes. Smart field operations help industry players to integrate their operations through data management, seismic imaging, drilling, process completion, reservoir modeling, production optimization, and other vital processes. The technology results in the creation of data centers for analyzing the data acquired across various processes and creating a collaborative environment for smart decision-making.
The global digital oil field market in terms of revenue was estimated to be worth $18.7 billion in 2011 and is expected to reach $33.3 billion by 2022, growing at a CAGR of 4.8% from 2012 to 2022. Western Europe dominated the global digital oil field market, accounting for 26.9% of the global digital oil field market revenue in 2011. North American region is expected to have the second highest market revenue by 2022. Middle East is expected to be the fastest growing market in the future, with a CAGR of 5.9% from 2012 to 2022, because of increasing demand for crude oil and the entry of E&P companies in the region. Asia-Pacific region is expected to have the highest growth next to the fastest growing market.
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