Digital Oilfield Market is valued at USD 22.86 Billion in 2018 and expected to reach USD 31.81 Billion By 2025 with the CAGR of 4.83% over the forecast period.
Increase in the technological advancement coupled with increase demand of oil production from the matured oil and gas wells is the key factor which helps Digital Oilfield Market to grow.
There is an increase in population which has increased the demand for various energy resources on a global scale. It has also increased the demand for oil and gas consumption which in turn drive the growth of oil and gas production on a large scale. There has been technological advancement in digital oilfield market which has increased the productivity and efficiency of the oilfield by the helps of various software and equipments. These advancements help to get maximum production of oil and gas to fulfill the demand of people. Furthermore, increase in the investment by the companies to further increase the efficiency of the oilfield on a large scale. Moreover, various collaborations in the market coupled with launch of new products and software updates will helps in increasing the production and reducing the human effort are expected to create ample opportunities in the digital oilfield market over the forecast period. However, increase in cyber attacks and data security issues are expected to hamper the growth of oilfield market over the forecast period.
Europe is expected to dominate the Digital Oilfield Market.
Europe is expected to dominate the digital oilfield market in terms of market share which was closely followed by North America. Due to the presence of developed economies coupled with increase in oilfields in the North sea and other places coupled with various advanced technologies are expected to drive the growth of digital oilfield market over the forecast period. Asia Pacific is expected to develop rapidly over the forecast period which further contributed by the developing economies and other developing regions such as Middle East. The presence of large number of oil fields in the Middle East region coupled with increase in collaboration and increased investment by various companies in both the region is expected to fuel the growth of digital oilfield market over the forecast period. Latin America and Africa is expected to develop at a considerable rate in the near future.
Halliburton is one of the world's largest providers of products and services to the energy industry Established in 1919 and headquarter Houston, Texas. Specialties in Drilling and Evaluation and Completion and Production.
Halliburton have more than 40000 employees, representing 140 nationalities in more than 80 countries.
Rockwell Automation Established in 1903 and headquarter in Milwaukee, WI
Specialties in Industrial Automation, manufacturing, safety products, automation systems, and drives
Schlumberger headquarter in Sugar Land, Texas and world’s leading provider of Artificial Lift, Coiled Tubing, Completions, Drilling, Formation Evaluation, Geophysical Services, Perforating, Production and Cased Hole, Reservoir Characterization, Sand Control, Software, Stimulation, Subsea, Well Testing, Mud Logging, Cementing, and Digital Technologies.
Schlumberger is working with more than 120 countries.
Emerson established in 1890 and headquarter in St. Louis, MO
Specialties in Technology, Engineering, Empowering Digital Transformation, Internet of Things, Industrial Automation, Home Comfort, Sensors, Software, Food Quality Protection, Operational Certainty, Project Certainty, Advanced Manufacturing, Energy Efficiency, Responsible Refrigeration, Food Waste Solutions, STEM, and Sustainable Energy
Baker Hughes headquarter in Houston, Texas and specialties in Reservoir Services, Integrated Operations, Drilling, Evaluation, Completions, Production, Pressure Pumping, Tubular Services, Process and Pipeline Services, Downstream Chemicals, Specialty Chemicals, Subsea Production Alliance, and Plug and Abandonment
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide
Weatherford established in 1987 and Specialties in Drilling, Evaluation, Completion, Production, and Intervention
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 80 countries and has a network of approximately 700 locations, including manufacturing, service, research and development, and training facilities.
National Oilwell Varco established in 1841 and headquarter in Houston, Texas
Specialties in Downhole, Drilling, Engineering and Project Management, Industrial, Lifting and Handling, Production, Tubular and Corrosion, Well Service and Completion, manufacturing, completion tools, rig, renewables, and production
National Oilwell Varco (NYSE: NOV) is a worldwide leader in the design, manufacture, and sale of equipment and components used in oil and gas drilling and production operations, and the provision of oilfield services to the oil and gas industry.
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25 Nov 2020