Fluid Conveyance Systems Market size in terms of volume and value 201 FMI | Page 3

Report
Description
Report Description
Operational digital oilfield solution is a combination of business process management and
advance information technology, with the initiative to maximize oilfield recovery. The new
digital oilfield concept will eliminate non-productive time and increase productivity by
deploying integrated workflows. Operational digital oilfield market includes “Intelligent
Wells” which have fiber-optic sensors buried in the drilling apparatus that are being
controlled manually by the operators on site or sometimes controlled automatically through
closed loop information systems. These fiber- optic sensors transmit a constant stream of
data about the oil wells and its environment. The digital oilfields also have “advance
alarming” system which predict the performance levels and provide an early indication in
case of potential equipment failure.
Operational digital oilfield solution concept has brought a revolutionary change in the oilfield
market and is projected to grow at an increasing pace in coming years. Some of the major
benefits of this concept include operational efficiency, production optimization,
collaboration, decision support, data integration and workflow automation. The operational
digital oilfield solution market caters to various stakeholders such as oilfield operators,
exploration companies, government & research organizations, energy associations, private
equity investors, and environment research institutes.
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Global Operational Digital Oilfield Solution Market: Drivers and Restraints
Demand for operational digital oilfield solutions is increasing due to limited oil or fuel supply