The digital oil field technology market is growing at a considerable rate due to tapping reserves in high risk locations and increase in investments in offshore and ultra-deepwater. As the oilfields are maturing in North America, there is a huge opportunity for the growth of the digital oil field technology market.
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The digital oil field technology is a mixture of information technology (IT), and automation and instrumentation technologies. It is an enhancement of existing technologies in oil and gas industry and it provides a more practical image of the reservoir and the accessibility of resources, which makes the analysis more rapidly and easily with the help of software involved in efficient data management, helps to optimize the production process, and provide safe operations with the enclosure of collaborated environments and remote observation. The digital oil field technology creates a mutual work environment among various functionalities of operating partners and upstream activities. The technology achieves best use in the upstream activities and is also applicable in finance, downstream and marketing sectors of oil and gas industry.
The digital oil field technology market can be categorized on the basis of devices used in digital oil technology as a remote terminal unit (RTU) and a gateway. Remote terminal unit consists of analog input modules, analog output modules, digital input modules, digital output modules, power supply modules and communication interfaces. Whereas, gateway consists of a microprocessor, flash, motherboard, interface boards and random access memory (RAM). On the basis of processes used in the technology, the digital oil field technology market can be categorized as production optimization, asset management, drilling optimization, safety management, reservoir optimization, and maintenance and repair.
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The digital oil field technology market can be categorized on the basis of services provided by the technology as information technology (IT) services, instrumentation and automation. Instrumentation and automation consists of safety systems, programmable logic controller, smart well, wireless systems, distributed control systems, collaborative product management, and supervisory control and data acquisition. Information technology consists of software, computer equipment and application hardware, IT outsourcing, and IT services and commissioning.
Widening gap between required and available human capital is one of the major factors driving the growth of the digital oil field technology market. However, some factors, such as the low acceptance level of the consumers, customized demands from the consumers and lack of understanding are restraining the growth of the digital oil field technology market to some extent.
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As new and unconventional hydrocarbon sources have been explored in the oil and gas sector, the digital oil field technology market has an enormous scope in the coming years. North America has high unconventional resources, so it is the region for highest exploration activities for the players in the oil and gas industry. Unconventional resources are used to fulfill the energy requirements and it creates more opportunities for the acceptance of digital oil field technologies. The exploration activities in the Arctic Circle will start as soon as it will meet environmental regulations and it is expected to add a huge growth to oil and gas production in the coming years.
Some of the competitors in the digital oil field technology market are Kongsberg Oil and Gas Technologies AS, Weatherford International Ltd, Siemens AG, Honeywell International Inc., Schlumberger Ltd, Halliburton Company, Baker Hughes Incorporated, vMonitor LLC, National Oilwell Varco, Inc., Pason Systems Corp., and Petrolink AS.
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