Reliable Data You Can Trust
Reliable Data You Can Trust
A recent
report published by Infinium Global Research on digital oilfield market
provides an in-depth analysis of segments and sub-segments in the global as well
as regional digital oilfield market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional digital
oilfield market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of global
digital oilfield market. According to the report, the global digital oilfield
market is projected to grow at a CAGR of 4.4% over the forecast period of 2019-2025.
Digital
oilfield is a suite of interactive and complementary technologies used to
maximize oilfield recovery. The digital oilfield technology is used to
eliminate non-productive time with an increase in profitability through the deployment
and design of integrated workflows. In oil & gas production operations
digital oilfield uses several advanced software and data analysis techniques
for the improvements in the profitability. Benefits offered by digital oilfield
includes reduced cost for drilling and other on-site operations, increased
efficiency and productivity in the field, on-time maintenance for key
equipment improved compliance with environmental and safety regulations, added
information that can ensure the most effective use of the equipment and human
resources. Technologies in digital oilfield must be scalable robust, and
upgradable in both control centers and in the field to handle the addition of
new wells and advances in technology.
Increasing
demand for crude oil and the need for integrated operations to increase
efficient and optimal exploration and production of oil drives the growth of
the digital oilfield market. Consumption of oil is increasing in energy
sectors. Every major oil companies are rapidly investing in the oil fields as
demand for oil on the rise. Major private sector oil company uses oil field to
improve their financial bottom line while enhancing the productivity of their
workers in the modern oilfield environment. That, in turn, contribute to the
growth of the digital oilfield market. Furthermore, advancement in digital
oilfield technologies fuels the growth of the digital oilfield market. Adoption
of advanced digital oilfield technologies in energy companies is increasing as
it helps in drill and locates oil in the area. Investment in these advanced
digital oilfield technologies, and oil and gas training courses provide
beneficial opportunities for the major leaders in the industry. However, the
growth in the digital oilfield market is likely to be restrained by factors
such as high investment costs and longer duration of implementation, and
volatile crude oil prices. Moreover, increasing exploration and production of
oil and increasing digital trend in oilfield provides beneficial opportunities
for the digital oilfield market.
Among the
regions, North America dominates the digital oilfield market. The U.S dominates
consumption and demand for oil that is roughly 18 million barrels of oil a day.
The U.S is a powerhouse for oil demand and consumption and has higher Gross
Domestic Product (GDP) that is coupled with the consumption of oil and the
reliance upon it for economic activity. Middles East produces 50% of the
world’s oil supply. Adoption of digital oilfield technologies is increasing
rapidly in the Asia Pacific region. Growth of digital oilfield in Europe is
moderate and it is expected to increase.
The report on
global digital oilfield market covers segments such as solution, and process.
On the basis of solution, the sub-markets include automation and
instrumentation, and IT services. On the basis of process, the sub-markets
include reservoir, production, drilling optimizations, and other processes.
The report
provides profiles of the companies in the market such as Baker Hughes
Incorporated, Schlumberger Limited, National Oilwell Varco, Inc., Halliburton
Company, PointCross Life Sciences Inc., Honeywell International Inc.,
Weatherford International plc, Paradigm Limited, Pason Systems Inc., and ABB
Limited.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of digital oilfield market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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