Operational digital oilfield solution is a combination of business process management and advance information technology, with the initiative to maximize oilfield recovery. The new digital oilfield concept will eliminate non-productive time and increase productivity by deploying integrated workflows. Operational digital oilfield market includes “Intelligent Wells” which have fiber-optic sensors buried in the drilling apparatus that are being controlled manually by the operators on site or sometimes controlled automatically through closed loop information systems. These fiber- optic sensors transmit a constant stream of data about the oil wells and its environment. The digital oilfields also have “advance alarming” system which predict the performance levels and provide an early indication in case of potential equipment failure.
Operational digital oilfield solution concept has brought a revolutionary change in the oilfield market and is projected to grow at an increasing pace in coming years. Some of the major benefits of this concept include operational efficiency, production optimization, collaboration, decision support, data integration and workflow automation. The operational digital oilfield solution market caters to various stakeholders such as oilfield operators, exploration companies, government & research organizations, energy associations, private equity investors, and environment research institutes.
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Global Operational Digital Oilfield Solution Market: Drivers and Restraints
Demand for operational digital oilfield solutions is increasing due to limited oil or fuel supply to the growing number of vehicles in the market which is forcing the oil industry to adopt new and improved technology. Apart from this, shortage of skilled labor in the oil industry has been a major problem faced by the industry over the last few years. Introduction of digital oilfield solution will help oil industry to eliminate such problems. Rapid urbanization and growing dependency on digital medium is also one of the major factors which is driving the growth of digital oil field market.
The key issue in implementing the digital oil field technology at field level of the organization is the restriction issues of the operating personnel. It is an entirely novel method of operation in oilfields and requires proper education and training to the employees for updating them on time to time basis.
Global Operational Digital Oilfield Solution Market: Segmentation
The global operational digital oilfield market can be segmented as follows:
Global Operational Digital Oilfield SolutionMarket, by Service
- Automation & Instrumentation
- Distributed Control System
- Supervisory Control And Data Acquisition (SCADA)
- Smart Well
- Safety System
- Wireless Sensor
- Programmable Logic Controller (PLC)
Global Operational Digital Oilfield Solution Market, byProcess
- Production Optimization.
- Drilling Optimization.
- Reservoir Optimization.
- Others (Asset management, Safety Management, Maintenance & repair)
Global Digital Oilfield Solution Market: Regional Outlook
Geographically, digital oilfield solutionmarket can be divided in major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japanand the Middle East and Africa (MEA).MEA with its low oil production cost as compared with current prevailing oil prices of other regions is anticipated to dominate the global operational digital oilfield solutions market in terms of value during the forecast period.
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Global Digital Oilfield SolutionMarket: Key Players
The key players in global digital oilfield solution market are:
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Incorporated
- National Oil well Varco, Inc.
- Weatherford International PLC
- Paradigm Limited
- HIS Inc.
- Point cross Inc.
- Katalyst Data Management
- Rockwell automation
- Siemens AG
- Pason system, Inc.