According to the new market research report "Digital
Oilfield Market by Solutions (Hardware, Software & Service, and
Data Storage Solutions), Processes (Reservoir, Production, and Drilling
Optimizations), Application (Onshore and Offshore), and Region - Global
Forecast to 2025",published by MarketsandMarkets™, the Digital
Oilfield Market size is expected to grow from an estimated USD 20.2 billion in
2020 to USD 28.5 billion by 2025, at a CAGR of 7.1%, during the forecast
period. The market is set to witness growth due to the increasing focus on
optimization through digitization, mostly in mature fields.
The production optimization segment is expected to be the
largest segment of the digital oil field market, by process, in 2019. The
segment is expected to grow during the forecast period due to increased
production activities among the major oil & gas suppliers worldwide for
enhancing their respective oil outputs. The adoption and implementation of
digital optimization techniques can enable these companies to meet their
production targets and enhance their respective profitability.
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The onshore segment is expected to hold the largest share of the Digital
Oilfield Market.
The onshore segment is the fastest-growing market and is
projected to dominate the market during the forecast period. The larger
intensity of onshore applications is mainly in the regions such as the Middle
East and North America, where digitization of the fields can maximize the oil
& gas outputs, reduce non– productive time, and increase profitability by
integrating the workflow. This would ultimately create new revenue pockets for
the Digital Oilfield Market during the forecast period.
Europe is expected to be the largest market for digital oilfield
In this report, the Digital Oilfield Market has been
analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North
America, South America, the Middle East, and Africa. Europe is expected to be
the largest Digital Oilfield Market, by region, during the forecast period. The
region has several mature fields in the North Sea, which demand increased use
of technological prowess to produce oil. Russia, the UK, and Norway share the
majority of the number of reserves in the region. In the UK and Norway, oil
& gas production takes place at offshore locations, whereas Russia has more
onshore fields. The high number of oil & gas fields lead to demand for
digital oilfields such as well intervention and Enhanced Oil Recovery (EOR)
techniques.
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Some of the leading players in the Digital Oilfield Market
such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker
Hughes Company (US), National Oilwell Varco (US), and equipment providers such
as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
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