Global Digital Oilfield Market - Overview
The
global Digital
Oilfield Market is expected to exhibit a
strong 5.5% CAGR over the forecast period till 2023, according to the latest
research report from Market Research Future (MRFR). The global digital oilfield
market is expected to rise to a valuation of USD 22.36 billion by 2023, according
to the report. The valuation of the global digital oilfield market through the
historical review period is tracked in the report to provide readers a
comprehensive evaluation of the market’s movement over the review period. The
present-day condition of the global digital oilfield market is elaborated upon
in great detail in the report, illuminating the readers on every aspect of the
market.
Competitive Leaderboard:
Leading
players in the global digital oilfield market include Rockwell Automation Inc.,
Emerson Electric Co., Kongsberg Oil and Gas Technologies Inc., Siemens AG,
Baker Hughes Inc., National Oilwell Varco, Halliburton, Weatherford
International plc, and Schlumberger Ltd.
Industry Highlights
A
comprehensive evaluation of the global digital oilfield market’s present
condition is presented in the report. Reliable forecasts for the market’s
likely growth trajectory over the forecast period are also presented in the
report, on the basis of the analysis of the historical growth trajectory
exhibited by the market. Major drivers and restraints affecting the global
digital oilfield market at present are explained in detail in the report.
Leading competitive trends in the global digital oilfield market are also
examined in the report in order to familiarize the readers with the competitive
landscape of the market. The report also examines the impact of the COVID-19
pandemic on the global digital oilfield market.
Digital
oilfield technology encompasses a variety of tools, tasks, and disciplines
altogether. Advanced software and data analysis procedures are used to improve
the profitability of oil and gas operations. The main aim of digital oilfield
technology is to minimize the non-productive time, maximize the oilfield
recovery, and increase the profitability of the oilfield. Digital oilfield
technology includes production optimization, operational efficiency
enhancement, decision support, collaboration, and data integration, leading to
a melding of operation with information technology and the Internet of things.
It comprises a combination of network sensors, cloud computing, advanced big
data analytics, and artificial intelligence. These aspects help clients
understand and predict equipment failure, maintenance, and tract of the
real-time situation of the oil and gas field. Thus, digital oilfield technology
is a combination of various technologies used in innovative ways to drive the
productivity of oilfields.
The
main drivers of the global Digital
Oilfield Industry are advancement of
technology, increase in the need for productivity from mature oil and gas
wells, proper usability of cloud computing in oil and gas industry, and
improvement in operational efficiency. Whereas, the growing threat of cyber
theft may be a key restraint for the global digital oilfield market. However,
service provider companies are working very meticulously for securing the
networks to avoid any hindrance during the operation. This may lead to the
development of effective and secure solutions in the digital oilfield market in
the coming years.
Segmentation:
The
global digital oilfield market is segmented on the basis of process, solution,
application, and region.
By
process, the global digital oilfield market is segmented into reservoir,
production, and drilling optimization. Production is likely to be the major
market segment by process over the forecast period.
By
solution, the global digital oilfield market is segmented into hardware,
software, and data storage. Hardware is the major revenue generator in the
global digital oilfield market.
By
application, the global digital oilfield market is segmented into offshore and
onshore.
Regional Analysis:
North
America, Europe, the Middle East, and Africa (MEA) and Asia Pacific (APAC) are
the top markets for digital oilfield.
North
America holds the largest share in the global digital oilfield market and is
likely to retain the position over the forecast period due to the large shale
gas reserves in the region. Asia Pacific is also likely to be a major regional
market for digital oilfield technology over the forecast period due to the
growing oil and gas industry activities in China.
The
Middle East forms a highly lucrative market for digital oilfields, since the
region comprises a large number of significant oil & gas producing
countries like the UAE, Saudi Arabia, Iraq, Iran and Kuwait with some of the
biggest petroleum reserves in the world. Saudi Arabia is the strongest market
for digital oilfield in the region. Despite the reduced profit margins for the
national oil companies in recent years, many other companies have been able to
expand their production output. Growing use of digitization techniques is
helping optimize the production output synergies, which helps the oilfield
operators enhance their operational efficiency in the market.
MRFR
estimates that the APAC market will expand at the fastest rate in the coming
years, thanks to the high capital expenditure by National Oil Companies (NOCs)
in India and China. This helps the countries embrace a variety of digital
oilfield technologies to curb the costs and also elevate business operations.
Both these countries are prominent demand centers for oil & gas, and import
large-scale hydrocarbon amount to boost their economy. Both India and China
have massive coastlines, which facilitates offshore exploration, thereby
boosting the growth of the digital oilfield market in the region.
Browse Complete Digital Oilfield
Market Research Report Details at: https://www.marketresearchfuture.com/reports/digital-oilfield-market-6784
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