Digital Oilfield Market Share and Forecast 2017-2024 Digital Oilfield Market Size, Industry Analysis Report, Regional Outlook (Spain,, Qatar, Kuwait, UAE, Saudi Arabia, Angola, Nigeria, Argentina, Venezuela, Australia, New Zealand.), Application Development, Competitive Market Share and Forecast, 2017 – 2024 © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com Global Market Scenario of Digital Oilfield • Global digital oilfield market size is anticipated to expand substantially due to volatile crude price coupled with high cost involved in drilling of conventional and unconventional resource. • The average crude prices fell to around USD 43.11 per barrel in 2016 from USD 105.41 per barrel in 2012. • In current scenario, low crude oil price has created competition among companies to provide maximum output from fields at the lowest price which makes this technology adoption favorable. • Increasing demand to integrate the conventional practice involved in oil & gas (O&G) sector with automation, communication and information technologies will propel the digital oilfield market share. © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com Product Analysis:• Rising crude oil demand from end users including refineries and petrochemical industries coupled with growing population and rapid industrialization is anticipated to stimulate the digital oilfield market share in future. In 2016, a daily demand for crude oil increased from 95 million barrel to 96.3 million barrels. Refinery expansion to meet the petroleum product demand will further complement the business growth. • Digital technology ability to reduce maintenance cost and downtime of equipment make its adoption favorable in refinery. In October 2016, Indian Oil Corporation announced an investment of USD 2.3 billion towards the expansion of its Panipat refinery capacity to 25MMT from 15MMT which will stimulate industry growth. Regional Trends:• North America led by, U.S., Canada, Mexico is dominating digital oilfield market. Growing exploration and production of shale gas with high end technologies adoption to sustain competition may favor the industry growth. • Asia Pacific digital oilfield market size will witness substantiate growth owing to increasing adoption of digital technology in upstream sector. The major importing countries including India, China and Japan are using these technologies to enhance their productivity by reducing production cost. © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com Competitive Market Share:• Key players in digital oilfield market share are Honeywell International Inc., Schlumberger Ltd., Accenture, Microseismic, Pason Systems, Redline Communications Group, Siemens, Halliburton Company, National Oilwell Varco Inc., Kongsberg Gruppen, Paradigm, Petrolink, Redline Communications Group, Weatherford International, Baker Hughes and Istore. © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com Latest Research Report On Digital Oilfield Market@ http://bit.ly/2q9MCed To request a copy of the table of contents for this report@ http://bit.ly/2q13h7o © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com Stay In Touch You can visit us at: www.gminsights.com Thank You…! © 2016 Global Market Insights. All Rights Reserved www.gminsigts.com
