Global Digital Oil-Field Market valued USD 21.0 billion in 2017 is anticipated to grow USD 32.3 billion with the compounded annual growth of 5.5% over the forecast period 2018-2025.
New York 13 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Digital Oil-Field market industry is poised to raise USD 32.3 billion by 2025. To enhance crude oil production and increase profitability in the oil & gas industry, the advanced IT technology is used. It consists of fast execution of collaborative tasks midst distributed teams to give more optimal and profitable results. . Improved safety, optimized production rate of hydrocarbons, environmental protection, and ease in finding reserves and exploiting them to the fullest are some of the advantages of this market. The process of automation of upstream, midstream, and downstream oilfield activities is called Digital oilfield. In order to provide better outputs and improve the profitability of the production process by software and data analysis techniques, digital oilfield is used. Digitization of oilfields is the implementation of resources to bring cost-effective and efficient results as well as optimum utilization of available resources. On the basis of process, the digital oilfield market is segmented into drilling optimization, reservoir optimization, production optimization, and others. On the basis of solutions, the digital market is categorized into hardware solutions, software & service solutions, and data storage solutions. The optimization of production and control & monitoring of oil & gas fields has lead the demand of the market to its great extent. On the basis of application, the digital oilfield market is classified into onshore and offshore. On the basis of region, the digital oilfield market is segmented into Europe, North America, Asia Pacific, the Middle East, South America, and Africa.
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Global Digital Oil-Field Market Size study, by by Process (Production Optimization, Drilling Optimization, Reservoir Optimization, Others), by Solutions (Hardware Solutions, Software & Service Solutions, Data Storage Solutions), by Applications (onshore, offshore) and by Regional Forecasts 2018-2025
The industry is seeming to be fairly competitive. Some of the leading market players include Benchmarking, Schlumberger, Weatherford, BHGE, Halliburton, National Oilwell Varco, ABB, Emerson, RockWell, Siemens, Honeywell, Kongsberg, IHS Markit, CGG, Digi International and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The North American region accounted for the significant market share, more than XX% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation, the region is likely to grow by XX% CAGR over the forecast period 2018-2025
Bizwit Research & Consulting LLPhas considered following segments for the study:
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Hardware Solutions
- Software & Service Solutions
- Data Storage Solutions
- North America
- Asia Pacific
- Latin America
- Rest of the World