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Global Digital Oil Field Technology Market: Presence of Several Key Players Enables Developed Economies Hold Dominance, Says TMR
The digital oil field technology involves the use of IT tech, automation, and instrumentation concepts to enhance the production and exploration of crude in utility within the oil sector. The technology also provides integration support to the software used at various levels to make associated processes easier and quicker.
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The global market for the digital oil field technology has been exhibiting robust growth since the past few years. Several factors that have helped in improving production and exploration efficiency across crude extraction industries, have been aiding the expansion of the market. On the flip side, the market is facing challenge from the depleting resources that have caused companies to explore deeper for crude. This calls for significant advancements in the production process, thus driving developments in the global digital oil field technology market.
Based on process, the digital oil field technology market can be classified into reservoir optimization, production optimization, drilling, well completion, and others. In terms of instrumentation systems, the market comprises modern safety systems, smart wells, SCADA, and PLC. The various tech and services included in the market are IT, instrumentation, and fields of automation.
Regionally, the global digital oil field technology market has been segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the developed economies across Europe and North America have been exhibiting lucrative opportunities for the market. The presence of several key players in the region and availability of crude reserves are among the primary drivers of the digital oil field technology market in these regions.
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Some of the leading players operating in the global digital oil field technology market are TIBCO Software Inc., Redline Communications Group Inc., ABB Group, Schlumberger Ltd., Microsoft Corporation, Paradigm Ltd., Honeywell International Inc., Emerson Electric Company, Halliburton Company, Merrick System Inc., Tata Consultancy Services, Microseismic Inc., and Baker Hughes Inc. These companies have been focusing technological advancements alongside other strategies to gain a competitive advantage in the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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