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How is Increasing Oil Production Leading to Growth of Digital Oilfield Technology Market?
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Across the globe, oil companies are increasingly digitizing their oilfields to achieve optimum production and operation cost reduction. The digital technology in oilfield helps make drilling and transportation efficient and the production process transparent, thereby leading to decreased operational costs. Another reason for the growth of the digital oilfield technology market is the increasing volume of data and the need to analyze it. This why, software companies, including Microsoft, IBM, SAS, Progress, and EMC Corporation, are increasingly foraying into the field of big data analytics for oilfields.
Among all the regions, namely the Middle East & Africa, North America, South America, Europe, and Asia-Pacific, the demand for digital oilfield technologies was the highest in Europe during 2013-2017. The region is home to mature oilfields, and the demand for this technology was majorly driven by the presence of oilfields in the North Sea, Norway, the U.K., and Russia. This led to the surging demand for digital oilfield technologies for enhanced oil recovery techniques and well intervention.
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In August 2017, Microsoft and Halliburton Company announced plans to enter into a strategic alliance, to drive digital transformation across the oil and gas industry. This relationship is combining Microsoft's expertise in cloud and digital transformation with Halliburton's E&P science, software, and services. Furthermore, in January 2017, Schlumberger N.V. announced the acquisition of Peak Well Systems (Peak), a designer and developer of advanced downhole tools for flow control, well intervention, and well integrity, which is assisting the former company in expanding its mechanical offerings. Strategic partnerships such as this are helping in the growth of the digital oilfield technology market around the world.
Some other key companies operating in the market are National Oilwell Varco Inc., Weatherford International PLC, Kongsberg Gruppen ASA, Emerson Electric Co., and Petrolink International Ltd.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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