Digital oilfield market projected to reach US$38.49bn by 2024

DOF2According to global market research firm MarketsandMarkets, the digital oilfield services and processes market will grow from an estimated US$24.6bn in 2014 to US$38.49bn by 2024

Digital oilfield is a well-known drive in the oil and gas industry with various names like integrated operations, smart field and iField.

The digital oilfield is an ideology in transformation that is widespread in the oil and gas industry. It is an enhancement process for conventional methods that have been practiced in the exploration and production sector for decades, stated the report.

“This technology helps the exploration and production companies in handling complex explorations easily and, therefore, escalating the production thereby meeting the global demand of crude oil. The smart field technology is accepted in the industry and is growing in the oil and gas sector, also pertaining to the higher levels of safety it yields, which is another advantage of selecting this technology,” added the research firm.

In 2012, Western Europe dominated the global digital oilfield market, accounting for 26.6 per cent of the global digital oilfield market revenue. Western Europe is projected to generate the highest market revenue in 2024, concluded the report.

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