Digital Oil
Field is a technological solution that allows companies to leverage oil
& gas resources. This technology helps in capturing more and accurate data
with high frequency from all parts of the oil & gas value chain. This
technology provides a decision support framework that eliminates the gap
between strategic and operational decisions.
Market
Driving Factors:
Growing Automation
& Instrumentation and IT
Services is a strong market propellant for the DOF market owing to the fact
that they are all interlinked in their working processes.
The tremendous urge to monitor, control, survive and automate the
numerous systems at remote Oil & Gas production sites to maintain balance
& organization, increase overall production and reduce investment costs and
to also train & strengthen the employee exposure is driving the DOF market
globally.
With increasing number of data sources, connected devices,
systems, sensors, technologies and the whole web that is created through the
rising demand for oil and gas market, the Internet of Things is projected to
act as a platform to enter and drive the Digital Oil Field Market.Notable
Market Trends:
The world is seeing an increased consumption rate of oil and gas
with passing years. Global oil consumption grew by 1.4 million barrels per day. The U.S. with +400,000 b/d recorded
the largest increment to global oil consumption in 2013, outpacing Chinese for
the first time since 1999. With respect to gas, the global natural gas
consumption grew by 1.4%. The digitization of the oil rigs is projected to
improve the net present value of oil by up to 25%. This overall growth
statistics is ultimately expected to propel the need for Digital Oil Field
Network.
Segment
Wise Outlook:
According to BP statistical review of world energy consumption and
production increased for all fuels, reaching record levels for every fuel type,
except nuclear power. For each of the fossil fuels, global consumption rose
more rapidly than production. Oil remains the world’s leading fuel, with 32.9%
of global energy consumption. OECD consumption rose by an above-average 1.2%.
Robust U.S. growth (+2.9%) accounted for all of the net increase in the OECD
and consumption in the EU and Japan fell by 0.3% and 0.6%, respectively.
Geographically,
North-America constitutes the major market share and Asia-Pacific is forecasted
to grow with the highest CAGR during the observation period 2015-2020.
Market
Segmentation:
After a thorough understanding and in-depth analysis of the
complete Digital Oil Field Market, IndustryARC has classified it into various
types based on the following factors:
1.
By Device: Remote
Terminal Unit, RTU Architecture and Gateway.
2.
By
Services: Instrumentation & Automation (I&A) and IT Services.
3.
By
Geography: North America, Europe, APAC, Middle East and ROW.
Key
Vendors Brief:
Companies are displaying immense attention in adopting the technology.
Despite this being a bulk investment in the beginning, investors and market
players are taking their chances as the future is expected to be bright with
technology.
Emerson
Electric Co., Honeywell International Inc., Schlumberger Ltd., Zetron, Inc., Siemens
AG and Pason Systems Corp are some of the complete list of 40+
companies analyzed by experts of IndustryARC.
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