Global Digital Oilfield Market to Cross $ 39 Bn by 2025

January 23, 2020


According to the research report titled ‘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) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, Norway, UK, Denmark, Italy, Germany, Netherlands, France, China, India, Indonesia, Malaysia, Thailand, Australia, Saudi Arabia, Iraq, Kuwait, UAE, Qatar, Oman, Nigeria, South Africa, Brazil, Argentina,) Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global digital oilfield market is expected to surpass USD 39 billion by the year 2025.
 

According to the report, advancements in technology along with rising awareness regarding advantages of digitalized solutions are major factors driving the digital oilfield market growth. Various governments across the globe are promoting enhancement of domestic production technology capabilities. This factor along with the deployment of enhanced oil recovery methods are boosting the production output, thereby aiding the market expansion. Moreover, operators are primarily focusing on developing technically advanced and innovative solutions in order to save recovery cost. Surging need for improving the hydrocarbon resources economy and rising number of mature fields are stimulating the industry outlook.
 

Increasing exploration and production activities in consort with recovering oil prices are fueling the demand for digital oilfield solutions across the globe. In addition to this, rising number of oil rigs and increasing discoveries of new oilfields will further amplify the revenue scope of the market.
 

As per process type, drilling optimization segment is expected to register substantial growth during the estimated timeframe. Growing demand for properly planned drilling processes coupled with surging need for high investments in drilling operations are contributing towards the popularity of digital oilfield solutions in drilling operations. Additionally, digital oilfield solutions offer benefits such as reducing the nonproductive time, minimizes drilling risk, and improves the work safety which in turn is lead to rising adoption for such solutions across the globe.
 

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Considering the regional outlook, Middle East digital oilfield industry is presumed to expand significantly during the forecast period. Escalating investments towards digitalization in Saudi Arabia and Kuwait is propelling the digital oilfield market in the Middle East.
 

Intel Corp., Infosys Ltd, Accenture, Emerson, BHGE, Siemens, Rockwell Automation, Schneider Electric, ABB Ltd., Schlumberger Ltd., Kuwait Oil Co., Halliburton, General Electric, National Oilwell Varco and Weatherford are the prominent companies operating in the digital oilfield market.


Frequently Asked Questions (FAQ) :

According to the report, advancements in technology along with rising awareness regarding advantages of digitalized solutions are major factors driving the digital oilfield market growth. Various governments across the globe are promoting enhancement of domestic production technology capabilities. This factor along with the deployment of enhanced oil recovery methods are boosting the production output, thereby aiding the market expansion. Moreover, operators are primarily focusing on developing technically advanced and innovative solutions in order to save recovery. Surging need for improving the hydrocarbon resources economy and rising number of mature fields are stimulating the industry outlook. Increasing exploration and production activities in consort with recovering oil prices are fueling the demand for digital oilfield solutions across the globe. In addition to this, rising number of oil rigs and increasing discoveries of new oilfields will further amplify the revenue scope of the market.
Drilling optimization segment is expected to register substantial growth during the estimated timeframe. Growing demand for properly planned drilling processes coupled with surging need for high investments in drilling operations are contributing towards the popularity of digital oilfield solutions in drilling operations. Additionally, digital oilfield solutions offer benefits such as reducing the nonproductive time, minimizes drilling risk and improves the work safety which in turn is lead to rising adoption for such solutions across the globe.
Middle East digital oilfield industry is presumed to expand significantly during the forecast period. Escalating investments towards digitalization in Saudi Arabia and Kuwait is propelling the digital oilfield market in the Middle East.
Intel Corp., Infosys Ltd, Accenture, Emerson, BHGE, Siemens, Rockwell Automation, Schneider Electric, ABB Ltd., Schlumberger Ltd., Kuwait Oil Co., Halliburton, General Electric, National Oilwell Varco, and Weatherford are the prominent companies operating in the digital oilfield market.