A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Connected
Oilfield
Market. The
study, titled “Connected
Oilfield Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2017 - 2025”,
is available for sale on the firm’s website.
The
oil & gas industry relies significantly on information and
communication technology to meet its business goals. It is necessary
to connect and integrate business processes, organizations, and
geographies to manage future oil and gas scenarios and effective
production of existing reserves. Connected oilfield can be defined as
the integration of operations, which uses information technology to
manage and control equipment, move functions and personnel onshore,
and manage processes remotely. Integrated operations help facilitate
interactions that deliver business value while simultaneously
reducing health, business, environmental, and safety risks. The
intelligent network facilitates seamless integration of information,
data, and work processes. It creates a virtual environment where
effective collaboration and communication can be established between
experts of the industry, regardless of the physical location of the
concerned person.
Browse
Market Research Report @
The
benefit of introducing integrated operations in the oil & gas
industry was examined by the Cambridge Energy Research Associates
(CERA) on the data obtained by reservoir, surface, and downhole
facilities. The result showed improvement in hydrocarbon recovery of
about 1% to 7%; drilling cost reduction of about 5% to 15%;
production acceleration of about 1% to 6%; and progression in
operational efficiency of 3% to 25%.
The
global connected oilfield market is anticipated to witness
significant growth during the forecast period due to the increase in
exploration & drilling activities across the globe. Rise in
production of crude oil, high crude oil demand, and growth in well
completion are the factors expected to drive the connected oilfield
market in the next few years. Furthermore, increase in demand for oil
and gas in emerging economies of Asia Pacific such as India and
Thailand is anticipated to boost the connected oilfield market in
these countries. According to a research conducted by Oxford
Economics, adoption of integrated systems in the oil & gas
industry can help increase the global GDP by 0.8%, which is around
US$ 816 Mn, by 2025.
Implementation
of oilfield services and Internet of Things in connected oilfields
can develop a synergy between organizations. This is estimated to
reduce the communication gap among workers, lower operation costs,
and enhance producibility. Adoption of connected oilfield is
projected to augment instant transmission of real time data, helping
O&G companies negate time-zone differences and overcome
geographical barriers, further strengthening industrial outlook.
Increasing production efficiency, ease in finding location of
hydrocarbons, and faster decision making are the factors likely to
augment the connected oilfield market during the forecast period.
In
terms of geography, the connected oilfield market in North America
held significant share in 2016. It is anticipated to register strong
growth during the forecast period. As U.S. witnesses significant
increment in the number of rig count which resulted in the completion
among global players to reduce the cost of production of oil &
gas. Discovery of largest hydrocarbon reserves in Permian Basin is
expected to augment the application of Internet of Things, thus
propelling the connected oilfield market during the forecast period.
The connected oilfield market in Europe and Asia Pacific is
anticipated to witness growth owing to the decrease in the amount of
drilling activities due to government sanctions. The market in Latin
America is estimated to register prominent growth owing to its
dependence on the oil & gas industry. This is projected to
further boost the connected oilfield market in the near future.
Key
players operating in the connected oilfield market are CISCO,
Cognizant, TELUS Communications Company, and Redline Communications.
Companies that adopted connected oilfield are Halliburton,
Weatherford, Royal Dutch Shell, National Oilwell Varco, and
Schlumberger Limited. For instance, in 2015, Shell reported a saving
of US$ 5 Bn by integration of its 50 assets across the globe. In
2016, Shell Nigeria reported saving of more than US$ 1 Mn through
integrated networks serving the entire oilfield.
Get
accurate market forecast and analysis on the Connected Oilfield
market. Request a sample to stay abreast on the key trends impacting
this market@
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
The
study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The
regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
About
Us
Transparency
Market Research (TMR) is a market intelligence company, providing
global business information reports and services. Our exclusive blend
of quantitative forecasting and trends 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.
Our
data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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