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.
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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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.