Digital Oilfield Market Analysis:
Digital oilfields include a wide
range of tasks, tool and discipline. The increased usage of cutting-edge software
for data analysis is improving the profitability for the oil and gas industry.
Market Research Future (MRFR) reports that the global digital oilfield market
is set to exhibit 5.5% CAGR during the forecast period (2018-2023). The Digital
Oilfield Market has is likely to surpass a valuation of USD 22.36 Bn by
the year 2023.
Digital oilfields encompass variety
of tools, tasks and disciplines altogether. Advanced software and data analysis
procedures used to improve the profitability of oil and gas operations. The
main aim of digital oilfield is to minimize the non-productive time, maximize
the oilfield recovery and increase the profitability. The digital oilfield
includes production optimization, operational efficiency, decision support,
collaboration, data integration, the melding of operation with information
technology and Internet of things. It comprises a combination of network
sensors, cloud computing, advanced big data analytics, and artificial
intelligence.
Digital Oilfield Industry Segmental Analysis
The segmental analysis of the market
has conducted on basis of process, solution and application.
By process, the market has been segmented
into drilling optimization, production and reservoir. Of these, the production
segment is projected to exhibit a strong growth in the forthcoming years. The
segment’s growth is primarily driven by rising consumption of oil and gas
worldwide.
On the basis of solution, the market
has been segmented into data storage, software and hardware. The hardware segment
is expected to remain highly profitable during the forecast period. The segment
currently commands a sizeable market share in terms of value. Some of hardware
solutions include SCADA (Supervisory Control and Data Acquisition), distributed
control system, smart well and wireless sensors.
On the basis of application, the market
has been segmented into offshore and onshore.
Regional Analysis
On the basis of region, the market
has been segmented into the Middle East & Africa (MEA), Asia Pacific
(APAC), Europe, North America and South America. Among these, North America accounts
for a relatively higher share of the market. These is mainly attributed to the presence
of a vast oil and gas reserve. The oil and gas sector is region presents
tremendous opportunities to market players. Industry leaders in the region are
adopting innovative technologies that enable them to streamline and optimise
operations.
Competition Analysis
MRFR in its report has profiled some
of the leading companies operating in the market Schlumberger Limited (US),
Halliburton (US), Baker Hughes Incorporated (US), Kongsberg Oil & Gas
Technologies Inc. (UK), Rockwell Automation, Inc. (US), Weatherford
International plc (Switzerland), Emerson Electric Co. (US), National Oilwell
Varco (US), and Siemens AG (Germany).
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