Market Insights
Digital
oilfields describe and include a number of activities and tools that are used
to essentially improve the profitability of oil & gas production. The use
of advanced software and data analysis tools, techniques and services can be
used to increase operational efficiency, optimize production, and increase workflow
automation to name a few. Digital oilfields are made up of a combination of
artificial intelligence, advanced data analytics, cloud computing, and network
sensors to help understand and manage equipment both in cases of maintenance
and failure. The combination of various advanced technologies is used to keep
oil and gas explorations highly profitable. The global digital oilfield market
is slated to grow at a CAGR of more than 5.5% during the assessment period.
Market Research Future has determined that this will lead the global market
toward a value of USD 22.36 bn by the end of 2023.
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Industry Highlights:
The
presence and adoption of advanced IT and other technologies across numerous
industries have also resulted in significant effects on the oil and gas sector.
The desire to maintain profitability and increase the productivity of oil &
gas exploration activities is a key driver of the adoption of digital oilfield
solutions. The various benefits as mentioned above are driving the market with
considerable growth over the assessment period. the growing demand for
operational efficiency is expected to support market growth over the assessment
period. Digital oilfields also help eliminate non-productive time in its
ongoing effort to improve operational efficiency. Moreover, they help increase
profitability through the development and design of integrated workflows. The
high demand for oil & gas products in a number of end-use industries as
well as the ongoing prevalence of conventional fuel despite the high demand for
electric alternatives has put pressure on oil & gas production as the
demand for fuel and other petroleum products appears to be growing rapidly due
to rising automotive sales, expanding urbanization, expansion of industrial
activities and several others. The rising oil exploration activities are also
expected to support market growth as digital oilfield solutions are being used
to improve productivity and ultimately the yield.
Notably,
the market is restrained by the concerns regarding data security and the threat
of cyber thefts. However, service providers in the market are actively working
toward securing networks to help expand the market and mitigate problems faced
by oil & gas companies.
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Market Segmentation
The
global digital oilfield market has been segmented on the basis of process,
solution, application, and region in MRFR's analysis of the market. Process has
been segmented to include production, reservoir, and drilling optimization. The
production segment has the largest share and most significant growth over the
forecast period due to the high demand for oil & gas products.
Solution
has been segmented into software, hardware, and data storage. Hardware
solutions are predicted to have the leading market share as well as rapid
growth as these solutions are extensively used to maintain operational
efficiency of equipment.
Application
of digital oilfields can be found in both offshore and onshore exploration
activities. The increase in offshore exploration activities is expected to
drive the offshore segment.
Key Players
MRFR
has closely followed the market expansion activities of key market players
present in the global digital oilfield market. Participants included in the
report are Baker Hughes Incorporated (US), Emerson Electric Co. (US), Siemens
AG (Germany), Schlumberger Limited (US), Halliburton (US), Rockwell Automation,
Inc. (US), National Oilwell Varco (US), Weatherford International plc
(Switzerland), and Kongsberg Oil & Gas Technologies Inc. (UK).
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About Market Research
Future:
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team have supreme objective to provide the optimum quality market research and
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