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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