Digital
Oilfield Market Analysis
The
spectrum of digital oilfields covers various tasks, tools, and disciplines
altogether. The profitability of oil and gas operations can be improved via
advanced software and data analysis procedures. The new research report about
the global digital oilfield market published by Market Research Future (MRFR) estimates
expansion for this market at 5.5% CAGR between 2018 and 2023. By value, the
market can be worth the USD 22.36 bn by the end of the forecast period.
The
most important factors extending the Digital
Oilfield Market Analysis include technological advancement and increase
the need for productivity from the mature oil & gas wells. Other factors
bolstering the market growth include proper usability of cloud computing in the
oil & gas industry, meticulous efforts from service provider companies to
secure the networks, and improvisation of operational efficiency. However,
cyber theft can slow down market growth.
Digital
Oilfield Market Segmentation
The
global digital oilfield market segmentation covers application, process, and
solution. MRFR is analyzing the features of these segments to understand market
trends.
The
application-based segmentation of this market covers the onshore application
and offshore application. Based on the process, the market has been segmented
into the reservoir, production, and drilling optimization. In the context of the
solution, the market has been segmented into data storage, hardware, and
software.
Regional Segmentation
The
regional segmentation of the global digital oilfield market covers North
America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
During
the forecast period, North America is likely to grab the largest share in the
global digital oilfield market due to the presence of many large shale oil
& gas reserves. Other factors playing an important role in market growth
include the presence of many key market players and technological advancement in
the USA. After USA, Canada is the most important country-specific market.
The
Asia Pacific region is the second-largest regional market due to the presence
of growing economies like China and India that are attaining technological
advancement and attracting investment. To maximize development, various
companies in this region are working to integrate, interpret, and act on
production-related information on a real-time basis. Australia is another
important country-specific market in this region. Other countries of the Asia
Pacific region are also making a significant contribution to the Asia Pacific
region.
Europe
is another prominent regional market due to technological advancement. Here,
the major country-specific markets are Norway and Russia. Other countries of
Europe also make a sizable contribution to the market revenue in this region as
many strong economies are there in Europe.
Although
the MEA region has lots of oilfields, the limited reach of technology makes the
scope for market growth limited.
Key Players
Major
players in the global digital oilfield market include Emerson Electric Co.
(USA), Baker Hughes Incorporated (USA), Halliburton (USA), National Oilwell
Varco (USA), Kongsberg Oil & Gas Technologies Inc. (UK), Rockwell Automation
Inc. (USA), Siemens AG (Germany), Schlumberger Limited (USA), and Weatherford
International PLC (Switzerland).
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