North America digital oilfield market was valued at $ 5.37 billion in 2016, and is projected to grow at a CAGR of over 4%, in value terms, during 2017-2022, to reach $ 6.74 billion by 2022.
Report URL- https://www.techsciresearch.com/report/north-america-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/987.html
North America Digital Oilfield Market Forecast 2022 - brochure
1. M a r k e t I n t e l l i g e n c e . C o n s u l t i n g
North America Digital Oilfield Market
By Process, By Solution,
Competition Forecast & Opportunities,
2012–2022
12. I n d u s t r y B r i e f
12
North America Digital Oilfield Market to Cross $ 6 Billion by 2022
According to a recently published TechSci Research report, “North America Digital Oilfield Market By Process, By
Solution, By Region, Competition Forecast & Opportunities, 2012–2022”, digital oilfield market in North America is
projected to cross $ 6 billion by 2022 on account of exploration and production activities taking place in offshore
fields in the region. Moreover, requirement of advanced digital technologies that provide remote controlling of
production equipment on the seabed under harsh environmental conditions and innovations in digital
oilfield technologies are further predicted to propel the market. On 31st October 2014, Paradigm announced that it
has been selected by COMESA for providing imaging, subsurface modeling and reservoir characterization for
COMESA clients in Mexico and South America. Chevron is investing around $ 1 billion in Tahiti Deepwater Project in
the Gulf of Mexico. All these developments are anticipated to create huge demand for digital oilfield technologies,
software, and associated services in North America during the forecast period.
North America digital oilfield market was led by drilling optimization process in 2016 on the back of oilfield
operators continuously looking for solutions to reduce their operational costs and significantly improve efficiency of
overall operations. However, a slight decline in share of the process is predicted, which can be attributed to
completion of exploration phase in most of the major oil & gas fields across the region. Instrumentation &
automation solution dominated the market in the same year due to increasing focus of operators on automation of
repetitive and hazardous operations and remote monitoring of the offshore fields. United States control the largest
share in the market owing to increasing offshore field development activities being undertaken in Gulf of
Mexico. Some of the prominent players operating in the market include Schlumberger Limited, Halliburton, Baker
Hughes Incorporated, Honeywell International Inc, National Oilwell Varco, Inc., Cisco Systems, Inc., Emerson Electric
Co., General Electric Company, Rockwell Automation, and Pason Systems Corp.
“Surging energy demand coupled with decreasing mature fields production are expected to push upstream
companies to improve recovery rates by the use of digital oilfield technologies, consequently driving the market
through 2022. Besides that, the companies focus on exploration and production in challenging geographic terrains is
also likely to contribute to the market growth in the course of next five years”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting firm.
14. R e p o r t O r d e r i n g
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Report Name: North America Digital Oilfield Market By Process, By Solution,
Competition Forecast & Opportunities, 2012–2022
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