Digital Oilfield Market to Grow at 4.5% CAGR by 2030
Surging demand of crude oil in various industries, specially from developing economies along with the need to cut down the production cost is among the key factors driving the growth of digital oilfield market
The Digital Oilfield market is expected to grow at a CAGR of 4.5% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Digital oilfields employ advanced software and various data analysis techniques to achieve better output and thereby improving the profitability of the production process. Digital oilfield enables automated work flow through a combination of digital technology and business process management. The digital oilfield market is expected to thrive due to the growth in demand for crude oil from various industries. According to the report, key factors such as ease in finding and exploiting reserves, improved workplace safety, and reduced environmental impact are responsible for the digital oilfield market growth.
Based on process, the digital oilfield market share is segmented into reservoir optimization, drilling optimization, production optimization, and others. Based on component, the digital oilfield market is segmented into hardware, software and services. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
At present, due to the re-engineering efforts of oilfield solutions for optimization and management of the operations and increasing discoveries of oil reserves resulting stiff growth in the production, North America held the lion share of the digital oilfield market. Europe is expected to hold a significant share due to the presence of various mature oilfields in the North Sea and other places, coupled and the presence of developed infrastructure. The Asia Pacific region is predicted to show rapid and consistent growth in terms of market share within the forecast period. Factors such as low-cost production along with rise in acceptance of the digital oilfield solutions are major contributors to the market growth in this region.
According to the report, some the key players in the market are Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).
Browse key industry insights from the report, “Digital Oilfield Market by Process (Reservoir Optimization, Drilling Optimization, Production Optimization, and Others), by Component (Hardware, Software, Services)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030”.
Key Insights from the Digital Oilfield Market Report:
- Current emerging trends and opportunities are extensively analysed in the digital oilfield market report.
- The forecast of the digital oilfield market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report digital oilfield market – segmented by process, component and geography.
About Next Move Strategy Consulting
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