February 27, 2020
According to a recent study titled ‘North America Digital Oilfield Market Size By Application, Service, Process, Technology, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the North America digital oilfield market is expected to register a strong CAGR during the forecast period.
Inflowing investments towards advanced automation technologies for well operations are driving the growth of North America digital oilfield market. Easy data compilation and analysis, along with efficient wireless technologies are boosting the technology adoption. Increasing measures to reduce capital expenditure and operation downtime will further enhance the market outlook in the coming years.
Based on the service, North America digital oilfield market is segmented into instrumentation automation, security systems, smart wells, wireless systems, distributed control systems, SCADA, software, computer equipment application hardware, IT outsourcing services, and others. Instrumentation automation service is anticipated to show a sizeable growth over the forecast timeline, owing to increasing integration of AI and machine learning to alleviate human errors in maintaining pressure, temperature, and flow.
Data handling services segment is also expected to grow substantially during the analysis period, owing to the ability of data handling services such as Big data and Hadoop to analyze huge amount of oilfield data for enhanced analytical operations. Furthermore, growing requirement of continuous monitoring for collection and segregation of data will increase the product demand.
Based on technology, North America digital oilfield market is split into IOT, advanced analytics, robotics, cloud computing, mobility, and others. Advanced analytics segment is presumed to grow substantially during the analysis period, owing to increasing investments towards the extraction of unconventional hydrocarbon reserves. Likewise, growing E&P investments for enhancing the production from matured oil wells through IOT will support the growth of IOT segment across the region.
Speaking of the application segmentation, North America digital oilfield market is bifurcated into onshore and offshore. Onshore market segment is anticipated to witness modest growth during the estimated timeframe, due to advancements in various monitoring processes. Decreasing production from conventional systems coupled with the implementation of stringent HSE regulations will further enhance the segment growth over the forecast timeline.
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As per the regional analysis, North America digital oilfield market is divided into US and Canada. Canada is projected to account for a significant share of digital oilfield market by the end of the forecast period, owing to increasing investments towards unconventional hydrocarbon reserves. Government’s interest to gain higher returns from deep and ultradeep well heads will foster the regional market growth during the forthcoming years. On the other hand, U.S. digital oilfield market will also register a substantial growth in the future, on account of the abundance of shale oil and gas in the region.
Prominent players of North America digital oilfield market include National Oilwell Varco, General Electric, Weatherford, Schlumberger limited, ABB Limited, Halliburton, Rockwell Automation, Siemens, Schneider Electric, Emerson, Accenture, Baker Hughes GE, Intel Corporation, and Infosys Limited amongst others.
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