Digital oilfield market expected to surpass US$ 30.78Billion by 2020
Growing at a CAGR of 4.31% from 2015 to 2020, the global digital oilfield market is expected to reach US$ 30.78b in about four years time. Production Optimization is expected to lead the market, while Automation & Instrumentation is expected to register the highest growth. Europe is expected to be the largest market due to investments and future plans for digitalizing oil fields. The highest growth factor is expected from the Middle East. This is due to an increased focus on optimising the rate of recovery in order to maintain the market share for the region. This information comes in a report looking at instrumentation & automation and IT expenditure in a report entitled: "Digital Oilfield Market by Services by Processes & by Region - Global Forecast to 2020". Identifying key players in the digital oilfield market as: Schlumberger Limited, Halliburton, National Oilwell Varco, Inc, Weatherford International PLC, Paradigm Limited, Honeywell International Inc, and DIGI International Inc., for Automation & Instrumentation the report covers: DCS, SCADA, PLC, Smart Well & CPM, IT services, as well as reservoir, production & drilling optimizations. You will find more information about this report on OffComm News’ online Remote Intelligence Resources page.