The global digital oilfield market is projected to
grow USD 22.36 billion by 2023 with a CAGR of more than 5.5% in the forecast
period. According to US Energy Information Administration US shale gas and
tight oil has climbed by more than approximately 6 million BOE/d from 2008 to
2014 which is directly helping to grow this global digital oilfield market. Digital
fault recorder is a device used to monitor, access, and optimize any
disturbance that might happen on the grid, power plants, and substations.
Digital fault recorder stores the critical information within the substation
and archives this data in a remote enterprise network location for permanent
storage and analysis.
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The main advantages of digital fault recorder
include secure data collection, meeting requirements of international fault
recording standards, and providing a permanent detailed record of all
substation activity at a nominal cost. Transimssion segment is expected to
dominate the digital fault recorder market during the forecast period.
Key
Players
The major key player in global digital oilfield
market are Schlumberger Limited (US), Weatherford International plc
(Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes
Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies
Inc. (UK), Emerson Electric Co. (US), Rockwell Automation, Inc. (US) and they
are highly capable to give finest service in the industry.
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Segmentation:
The global digital oilfield market is further
segmented in three namely by process (Reservoir, Production, Drilling
Optimization), by solution (Hardware, Software, Data Storage), and by
application (Onshore and Offshore) and by Region (North America, Europe,
Asia-Pacific, and Middle East & Africa).
Based on type, the market is segmented into
dedicated digital fault recorder and multifunctional digital fault recorder.
The multifunctional segment is estimated to hold the largest share during the
forecast period due to growing adoption of multifunctional digital fault
recorder in the electricity network and power generation. The voltage segment
includes less than 66 kV, 66-220 kV, and above 220 kV. The 66-220 kV segment is
expected to hold the largest share during the forecast period due to increasing
energy demand over long distances in the region. The digital fault recorder
with voltage 66-220 kV are used to transmit power over long distances which is
likely to drive the market for digital fault recorder.
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