Articles
Digital Oilfield Market Size, Trends - Industry Share Report 2022
by Deepak Kumar Sr. SEO Executive
The global digital oilfield technology market was valued at $25,093.5 million in 2015, and it is expected to grow at a CAGR of 4.4% during 2016 - 2022. The factors driving the growth of the global market include growing volume of data generated and big data analytics, rise of shale gas and growing key application area in the oilfield.
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The key trend witnessed in the global digital oilfield technology market includes growing technological advancement and huge investment by major players. The software, information technology and engineering advancements have led to adoption of digital oilfield by the industry. DOF technologies are readily available and have proved their value in the form of reduced operating cost, increased efficiency, and revenue generation.
Kuwait Oil Company (KOC) launched the Kuwait Integrated Digital Field Jurassic (KwIDF-Jurassic) project as a cross-domain solution consisting of a fully integrated infrastructure, supporting field instrumentation, automated workflows and ergonomic collaboration.
In 2015, Europe held the largest share (30.4%) in the global digital oilfield technology market. Europe is expected to be the largest market because of the investments and future plans for digitalizing the oilfields. This region has aimed at producing oil from some of the oilfields instead of investing in digital oilfield technology solutions.
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Some of the major companies operating in the global digital oilfield technology market include Schlumberger Limited, Halliburton Company, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm and Petrolink.
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About Deepak Kumar 
Sr. SEO Executive
133 connections, 0 recommendations, 367 honor points.Joined APSense since, May 30th, 2017, From New York, United States.
Created on Mar 30th 2018 08:43. Viewed 364 times.
