Research and Markets predicts the global digital oilfield market will grow at a compound annual growth rate between four and and 4.5 per cent over the forecast period 2016 to 2022. It was worth US$24.6 billion in 2014.
Digital oilfields refer to the digital platform used for connection and collaboration of on and offshore operation in oil and gas sector. The digital oilfield helps improve the production and maximizes oilfield recovery, limiting non-productive time thereby increasing profitability of the firm.
Automation and instrumentation accounted for the largest market size in 2015 and it is expected to dominate the revenues in the digital oilfield market over the forecast period, according to Research and Markets, which just published the report Global Digital Oilfield Market: Trends Analysis and Forecasts up to 2022.
The global digital oilfield market is expected to be primarily driven by factors such as growing demand for crude oil, need of integrated operations to increase efficient and optimal exploration and production, and producing oil from mature oilfields.
However, the growth in the global digital oilfield market is likely to be restrained by factors such as high investment costs and longer duration of implementation, and volatile crude oil prices, Research and Markets said.