Global Digital Oilfield (DOF) Market 2017 Status, Emerging Trends and Industry Demands with Forecast to 2022

Digital Oilfield (DOF) is building association between several processes in the gas & oil. This permits improved monitoring, control and surveillance over the developments in oil production & exploration. Global DOF market is estimated to grow at a significant CAGR over the forecast period. In the process, manufacture optimization is anticipated to lead the market over the forecast period driven by the demand from oilfield operators targeting low rate crude production. The digital oilfield solutions maintain the Exploration & Production actions of a corporation, providing optimal reservoir management. A classic oil rig produces about 1 Terabyte of data each day and digital oilfield solutions allow a real time monitoring and rapid analysis of Exploration & Production data, resulting fast decision making.

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The purpose of the digital oilfield is to maximize oilfield recovery, eradicate non-productive time, and raise profitability through the plan and deployment of combined workflows. Digital oilfield workflows syndicate business process management with engineering expertise and advanced information technology to streamline and, in several cases, computerize the accomplishment of tasks executed by cross-functional teams.

The global digital oilfield market can be segmented into process and services. On the basis of process it can be classified as drilling optimization, reservoir optimization, and production optimization. Services can further be segmented into instrumentation & automation and IT expenditure, services can be classified as SCADA, Smart Well, Safety Systems, PLC, CPM, and Distribution Control System. However, on the basis of IT expenditure it can be classified as Software, IT outsourcing, IT services and commissioning and computer equipment.

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