Digital oilfields include a wide range of tasks, tool and discipline. The increased usage of cutting-edge software for data analysis is improving the profitability for the oil and gas industry. Market Research Future (MRFR) reports that the global digital oilfield market is set to exhibit 5.5% CAGR during the forecast period (2018-2023). The market has is likely to surpass a valuation of USD 22.36 Bn by the year 2023.
The primary objective of digital oilfield is to reduce down-time, optimise the oilfield recovery and improve profitability. Some of the key applications of digital oilfield include operational efficiency, collaboration, production optimization, data integration, and decision support. Digital oilfield solutions utilize IoT (internet of things) and information technology to drive operations. In addition, specific applications use technologies such as cloud computing, network sensors, artificial intelligence and big data analytics. The periphery technologies help in predicting and understanding technical requirements such as maintenance, equipment monitoring, equipment failure. With the help of digital oilfield, operators can track oil and gas field functioning in real-time.
Global Digital Oilfield Market: Segmental Analysis
The segmental analysis of the Digital Oilfield Market Report has conducted on basis of process, solution and application.
By process, the market has been segmented into drilling optimization, production and reservoir.
On the basis of solution, the market has been segmented into data storage, software and hardware
On the basis of application, the market has been segmented into offshore and onshore.
Global Digital Oilfield Market: Regional Analysis
On the basis of region, the market has been segmented into the Middle East & Africa (MEA), Asia Pacific (APAC), Europe, North America and South America.
Among these, North America accounts for a relatively higher share of the market. These is mainly attributed to the presence of a vast oil and gas reserve. The oil and gas sector is region presents tremendous opportunities to market players. Industry leaders in the region are adopting innovative technologies that enable them to streamline and optimise operations.
Competition Analysis
MRFR in its report has profiled some of the leading companies operating in the market Schlumberger Limited (US), Halliburton (US), Baker Hughes Incorporated (US), Kongsberg Oil & Gas Technologies Inc. (UK), Rockwell Automation, Inc. (US), Weatherford International plc (Switzerland), Emerson Electric Co. (US), National Oilwell Varco (US), and Siemens AG (Germany).
Get Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/6784
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com