Digital Oilfield Market analysis mainly introduces the changing market dynamics in terms of covering all details inside analysis and opinion, volume and value market share by players, by regions, by product type, by consumers and their price change details, cost/revenue structure. Additionally, the analysis of Digital Oilfield Market offers a detailed breakdown of key market growth drivers and limitation along with impact analysis of the same.
The digital oilfield market is set to witness exponential growth in the wake of increasing oil production & exploration activities and recovering crude oil prices. Ongoing technological innovations and the availability of digitalized solutions like cloud computing, Internet of Things (IoT) and advanced analytics could optimize the production process of oilfields.
Browse key industry insights spread across 340 pages with 554 market data tables & 29 figures & charts from the report, “Digital Oilfield Market By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology {Software, Computer Equipment & Application Hardware, IT Outsourcing Services, Others}), By Application (Onshore, Offshore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility, Others): Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/digital-oilfield-market
Along with this, numerous advancements made through Industry 4.0 or Fourth Industrial Revolution alongside respective federal measures to improve the abilities of domestic technology could stimulate the digital oilfield industry outlook. On this note, Global Market Insights, Inc., predicts that the digital oilfield market may exceed USD 39 billion by 2025.
Rise in number of mature oilfields coupled with a mounting need for economic recovery of hydrocarbon resources is aiding product penetration. Regions like Russia and Romania are expected to see an exponential rise in system deployment pertaining to proliferating number of mature oilfields. Moreover, numerous advanced oil recovery systems being developed could revive the dwindling oil production.
As of now, companies like ABB, Weatherford, Halliburton, Schlumberger, Rockwell, Siemens, National Oil Varco, Intel, General Electric, Accenture, Infosys Schneider and Kuwait Oil Company are driving new strides in the digital oilfield market.
Mentioned below are some of the ongoing developments in the digital oilfield industry:
Optimizing oil recovery methods:
Rising adoption of pioneering solutions like reservoir management and well testing facilities is helping operators to save a fortune on oil recovery methods, giving them a cost-effective alternative from expensive recovery processes.
Industrial developments like expanding rig counts and discoveries of new oilfields could massively advance digital oilfield industry outlook. In 2019, the number of rig counts in the U.S. went up to 945 from 900 in 2017.
Escalating demand from the Middle East:
Heavy reliance on oil & gas production and trade is estimated to drive the Middle East digital oilfield industry growth. The sector’s business operation is increasingly driven by technological advancements. Middle Eastern countries like Saudi Arabia and Kuwait are currently making massive investments in digitalization.
In order to maximize their return and advance oil recovery, companies like Abu Dhabi National Oil Company, Kuwait Oil Company and Saudi Aramco are employing new technologies. Taking 2019 for instance, the Kuwait Oil Company had initiated phase two of its KwIF project. Reportedly, the project intends to integrate its operations with modelling, field assets, and real-time surveillance.
Advancements in drilling operations:
Surging need for high capital investments and strategically planned drilling processes could fuel new demand in the digital oilfield market. Essential factors like low oil prices, increased competition, and well complexity may play a pivotal role in boosting the adoption of latest drilling technologies. Moreover, its capability to reduce drilling risk, nonproductive time as well as improve overall work safety may impel digital oilfield industry share.
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