Global Smart Oilfield Market to Rise at 4.10% CAGR between 2016 and 2020, Declining Oil Prices Drive Growth

Published Date : May 23, 2016

ALBANY, New York, May 23, 2016 has announced the addition of a new report on the global smart oilfield market to its vast repository. The research study, titled “Global Smart Oilfield Market 2016-2020,” provides a comprehensive assessment of this market, highlighting its major trends and future prospects.

According to this research report, the worldwide smart oilfield market is expected to increase at a CAGR of 4.10% during the period from 2016 to 2020 and reach a value of approximately US$35 bn by the end of the forecast period. The rapid rise in companies filing for patents, declining oil prices, decreasing production costs, and the increasing need for fast data access to enhance business productivity are the key factors driving the global smart oilfield market. Along with this, the increasing onshore as well as offshore exploration activities are also boosting this market significantly, notes the study.

On the flip side, the unawareness regarding the benefits of smart oilfield technologies is hampering the growth of this market at large. Apart from this, the increasing concerns over cyber security are also projected to restrict the market in the near future. However, advancements in the smart oilfield technology are likely to influence this market positively over the forecast period. The growing trend of the Internet of things, big data analytics, and robotics and the increasing usage of mobile devices are also anticipated to propel this market in the forthcoming years, states the report.

The study analyzes the global market for smart oilfields on the basis of technologies and services and the geographical distribution of this market. Based on technology and services, the market has been categorized into software, hardware, and services. The services segment led the worldwide market in 2015 with a share of more than 40% in terms of revenue. This segment is estimated to report a CAGR of more than 4.0% between 2016 and 2020, reaching US$14 bn by the end of 2020.

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On the other hand, during the same period, the software segment and the hardware segment are projected to register a CAGR of more than 3.0% to reach US$11 bn and 5.0% to touch US$9 bn, respectively, by 2020.

Regionally, the worldwide smart oilfield market has been segmented into Asia Pacific, the Americas, and Europe and the Middle East and Africa. The Americas dominated the global market in 2015. Analysts estimate this regional market to reach a value of more than US$14 bn by the end of forecast period, states the research study.

The report also evaluates the competitive landscape of the global market for smart oilfields by profiling key players functioning in this market. As per the study, CNPC, Halliburton, Baker Hughes, Schlumberger, and Honeywell International are the leading companies in this market.

Other prominent participants mentioned in this report are Microseismic, Accenture, National Oilwell Varco, Weatherford, Redline Communications Group, Pason Systems, Rockwell Automation, Siemens, Kongsberg Gruppen, Petrolink, Shell, and Paradigm.

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