According to the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Digital Oilfield Market Growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global digital oilfield market size reached US$ 26.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.91% during 2023-2028. Digital oilfield is technology-based solutions that include advanced data analysis and software systems to improve oil recovery from the seabed. It simulates the operation of an oil and gas field by employing workflows and predictive analysis based on data from wellbores, reservoirs, and surface facilities. This software streamlines decision-making by utilizing intelligently filtered data and cutting-edge technology. It aids in the efficient deployment of both human and machine resources, as well as improving the overall cost-effectiveness of operations.
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Global Digital Oilfield Market Trends:
The global market is majorly driven by the increasing trend of digitalization. In line with this, the growing need for maximizing production potential from mature wells is positively influencing the market. Furthermore, numerous integrated operations in smart fields of the oil and gas industry unite operational technology (OT) with information technology (IT) to improve the decision-making process and enhance operational performance, thus catalyzing the market. Moreover, exploring discoveries of high potential conventional and unconventional reserves in various formations is strengthening the industry’s growth. Besides this, the development of distant onshore and offshore wells drilling at numerous depth levels, along with rising efforts to increase monetary returns by the assets, has resulted in the widespread adoption of advanced oilfield technology in various regions. Additionally, the shifting focus on operational management and a sharp decline in operating and capital expenses have influenced the implementation of intelligent digitized devices, services, and solutions.
Competitive Landscape with Key Players:
- Schlumberger Limited
- Weatherford International Plc
- General Electric Company
- Halliburton Company
- Honeywell International, Inc.
- Siemens AG
- Rockwell Automation, Inc.
- Kongsberg Gruppen ASA
- Paradigm Group BV
- Pason Systems Inc.
- Petrolink AS
- Accenture Plc
- International Business Machines (IBM) Corporation EDG, Inc.
- OleumTech Corporation.
Breakup by Solution:
Hardware Solution
- Distributed Control Systems (DCS)
- Supervisory Control and Data Acquisition (SCADA)
- Smart Wells
- Safety Systems
- Wireless Sensors
Software Solution
- IT Outsourcing
- Software
- IT Services and Commissioning
- Collaborative Product Management (CPM)
Others
- Data Storage Solutions (Hosted)
- Data Storage Solutions (On-Premise)
Breakup by Process:
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Safety Management
- Others
Breakup by Application:
- Onshore
- Offshore
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America.
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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