Digital oil field market to increase at a CAGR of 4.8%

The global digital oil field market has been forecast to increase at a CAGR of 4.8% over the next decade, increasing from a value of $18.7 billion during 2011, to hit a market value of $33.3 billion by 2022.

The global energy industry is faced with the fact that it is quickly running out of "easy oil". As a result, around the world, and especially in the oil and gas-rich Middle Eastern countries, energy companies are pushing the frontiers of digital strategies, taking on new challenges and embarking on a digitisation journey every day to increase production levels from increasingly challenging fields.

Digital oil field technology is a combination of IT and automation & instrumentation technologies, as an improvement of the existing technologies in the oil & gas industry.

This integrated operations technology makes the analysis faster and easier with software involved in efficient data management, provides more realistic image of the reservoir and the availability of resources, helps to optimise process required for production, and renders much safer operations with the inclusion of remote surveillance and collaborated environments.

Digital oil field is an integrated operation system that helps in reservoir optimisation, production optimisation, drilling and well completion, and other processes. The above mentioned are the process improved by the implementation of the technology.

This smart field based technology reinvents production using new techniques such as creation of smart wells and establishing agile communication using remote surveillance & operating and high-end technology.

Domination of the global oil field market comes from Western Europe, accounting for almost 27% of total revenue, however, by 2022 the North American region is expected to have the second highest market revenue.

The fastest growing market between 2012 and 2022 is expected to be the Middle East, which will see a CAGR of almost 6%. This is suggested to be driven by an increased demand in crude oil and the entry of E&P companies to the region.

For more information on the digital oil field market, see the latest research: Digital Oil Field Market

Follow us on Twitter @CandMResearch