Oct 22, 2018   SOURCE: BusinessWire

Global Digital Oilfield Processing Market 2013-2018 & 2023 - Market is Projected to Reach $34,871.6 Million - ResearchAndMarkets.com

The "Digital Oilfield Technology Market by Process - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.

Global digital oilfield technology market is projected to reach $34,871.6 million by 2023.

The market growth is mainly driven by the growing big data analytics and volume of data generated in oilfields.

Europe stands as the largest market

Geographically, Europe was the largest digital oilfield technology market. The market in the region is driven by the presence of large number of oil reserves. Also, companies in the western part of Europe, such as British Petroleum and Royal Dutch Shell plc, are adopting digital oilfield technologies for optimizing their upstream operations in the oilfields, which is further driving the market growth. Additionally, discovery of new oil and gas fields along with increasing volume of crude oil production in the region is propelling the market growth.

Emergence of shale gas to serve as a lucrative market opportunity

The rising shale gas market is also generating massive digital field data for analysis. The $600 billion investment in shale infrastructure by the U.S. and the nearly 2,000 million well-feet drilled have produced hundreds of petabytes of relevant data. This vast and diverse shale data domain remains largely untapped and is ready to be mined by emerging big-data analytics. Continued technological progress, particularly in big-data analytics, is expected to provide lucrative growth opportunities to the digital oilfield technology market.

Market Dynamics

Drivers

  • Cost reduction by oil and gas companies
  • Growing production of shale gas
  • Growing key application areas

Restraints

  • Knowledge gap in the industry

Opportunities

  • Offshore/Ultra deep-water discoveries

Key Topics Covered:

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction

Chapter 5. Global Market Size and Forecast

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. South America Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape

Chapter 12. Company Profiles

  • Schlumberger Limited
  • Baker Hughes Incorporated
  • National Oilwell Varco Inc.
  • Weatherford International plc
  • Siemens AG
  • Honeywell International Inc.
  • Kongsberg Gruppen
  • Paradigm Ltd.
  • Petrolink

For more information about this report visit https://www.researchandmarkets.com/research/4zndvn/global_digital?w=4