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The global smart oilfield market is envisaged to witness steady growth at a CAGR of more than 4% by 2020. With oil and gas companies looking for seamless data access to speed up their production life cycles, the market for smart oilfield will have a positive outlook in the next four years. Most oil companies find it difficult to get real-time and seamless access to structured and unstructured seismic data, which is required for oil exploration activities. Big data solutions provide transparent and real-time data on process performance including upstream, midstream, and downstream processes. With the help of this data, oil companies can develop geophysical interpretation frameworks, understand seismic surveys better, and develop competitive intelligence information to support decision-making processes. Integrating seismic survey data with unstructured information helps such enterprises to enhance their decision-making ability. Since smart oilfields facilitate the use of big data solutions, their demand is likely to increase significantly in the next few years.
According to the analysts at Technavio, the smart oilfields market is expected to grow over the predicted period because of rapid advancements in the smart oilfields technology. Factors such as the growing demand for oil and gas and increasing number of maturing oilfields have resulted in the augmented adoption of smart oil field technology. These technological advancements will help the oil companies to enhance production rates, redevelop existing oil fields, facilitate production from unconventional resources, and improve oil well management. Moreover, smart oil fields also facilitate the use of advanced simulation techniques that improve monitoring and data collection and increase overall recovery from maturing wells. With leading vendors like Halliburton and CNPC heavily investing in R&D, the reliability and efficiency of smart oilfields are likely to undergo considerable improvements in the future.
During 2015, the services segment dominated the market and accounted for more than 40% of the market share in terms of revenue. The smart oilfield services are envisaged to increase the NPV of an oilfield by 25% by reducing the exploration and production costs and shortening schedules, increasing productivity, and reducing the downtime. Furthermore, smart oilfield services also improve worker safety and health and extend the lifetime of brownfield, which in turn will impel the growth prospects for this market segment until the end of 2020.
The Americas was the largest revenue contributor in the global smart oilfield market and is expected to reach more than USD 14 billion over the forecast period. North America is the world's second-largest consumer of crude oil due to the constant demand from countries like the US, Canada, and Mexico. Factors such as the increasing production from unconventional oil and gas resources such as shale formation will contribute to the growth of the market in the region. Additionally, growing energy demand, efforts to maximize production from existing wells, and increasing deepwater exploration activities are the some of the major factors driving the market in the Americas.
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The global smart oilfield market is highly consolidated with the top five vendors accounting for nearly 70% of the market. However, smaller companies are making a mark in the market with new innovative offerings at low costs. The analysts expect M&A by major vendors to be the primary strategy for consolidation, which will be driven by the focused acquisition of companies that build new advanced technologies and R&D capabilities.
The report offers a detailed analysis of several leading companies, including:
Other prominent vendors in the market include Accenture, Kongsberg Gruppen, Microseismic, National Oilwell Varco, Paradigm, Pason Systems, Petrolink, Redline Communications Group, Rockwell Automation, Shell, Siemens, and Weatherford.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by technology and services
PART 07: Geographical Segmentation
PART 08: Key leading countries
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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