Digital Oilfield Technology Market Overview
The spectrum of digital oilfields covers various tasks, tools, and disciplines altogether. The profitability of oil and gas operations can be improved via advanced software and data analysis procedures. The new research report about the global digital oilfield market published by Market Research Future (MRFR) estimates expansion for this market at 5.5% CAGR between 2018 and 2023. By value, the market can be worth the USD 22.36 bn by the end of the forecast period.
The most important factors extending the global digital oilfield market growth include technological advancement and increase the need for productivity from the mature oil & gas wells. Other factors bolstering the Digital Oilfield Technology Market growth include proper usability of cloud computing in the oil & gas industry, meticulous efforts from service provider companies to secure the networks, and improvisation of operational efficiency. However, cyber theft can slow down market growth.
Digital Oilfield Market Segmentation
The global digital oilfield market segmentation covers application, process, and solution. MRFR is analyzing the features of these segments to understand market trends.
The application-based segmentation of this market covers the onshore application and offshore application. Based on the process, the market has been segmented into the reservoir, production, and drilling optimization. In the context of the solution, the market has been segmented into data storage, hardware, and software.
Regional Segmentation
The regional segmentation of the global digital oilfield market covers North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
During the forecast period, North America is likely to grab the largest share in the global digital oilfield market due to the presence of many large shale oil & gas reserves. Other factors playing an important role in market growth include the presence of many key market players and technological advancement in the USA. After USA, Canada is the most important country-specific market.
The Asia Pacific region is the second-largest regional market due to the presence of growing economies like China and India that are attaining technological advancement and attracting investment. To maximize development, various companies in this region are working to integrate, interpret, and act on production-related information on a real-time basis. Australia is another important country-specific market in this region. Other countries of the Asia Pacific region are also making a significant contribution to the Asia Pacific region.
Europe is another prominent regional market due to technological advancement. Here, the major country-specific markets are Norway and Russia. Other countries of Europe also make a sizable contribution to the market revenue in this region as many strong economies are there in Europe.
Although the MEA region has lots of oilfields, the limited reach of technology makes the scope for market growth limited.
Key Players
Major players in the global digital oilfield market include Emerson Electric Co. (USA), Baker Hughes Incorporated (USA), Halliburton (USA), National Oilwell Varco (USA), Kongsberg Oil & Gas Technologies Inc. (UK), Rockwell Automation Inc. (USA), Siemens AG (Germany), Schlumberger Limited (USA), and Weatherford International PLC (Switzerland).
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