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.
Digitization of oilfield means the automation of various upstream, midstream, and downstream oilfield activities. It is one of the important components of the energy industry which involve the advanced software, various data analysis technique in operation which will helps in the providing better outputs which in turn improve profitability of the production process. Digital oilfield offers various advantages such as ease in finding reserves improved safety, environmental protection, and optimized production rate of hydrocarbons. In other ways, it is also known as the deployment of various resources to get efficient and cost effective results.
Digital Oilfield Market report is segmented on Solution, process, application and by regional & country level. Based upon components, digital oilfield market is segmented into Hardware, Data Storage Solutions and Software & Service. On the basis of process, the market is segmented into Reservoir, Drilling Optimizations and Production. Based upon application, digital oilfield market is classified into Offshore and Onshore.
The regions covered in this Digital Oilfield market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Digital Oilfield market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Digital Oilfield market are
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.
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