Digital Oilfield Market to Rise at CAGR of 4.91% by 2026; Increasing Exploration & Production Activities to Boost Growth Prospects, sates Fortune Business Insights™

Pune, June 09, 2020 (GLOBE NEWSWIRE) — The global digital oilfield market size is expected to reach USD 34.58 Billion by 2026, exhibiting a CAGR of 4.91% during the forecast period. The rapidly growing demand for oil & gas and other petroleum products around the world will aid the digital oilfield market growth during the forecast period. According to the latest survey conducted by International Energy Agency (IEA), the global oil demand in the third quarter of 2019 grew by 1.1 million barrels a day, more than double the 435,000 barrels a day in the previous quarter. Furthermore, the supply grew by 1.5 million barrels per day in October as Saudi Arabian production normalized, while Norway, Canada, and the U.S. saw marked increases. OPEC crude production came in at 29.9 million barrels a day, down 2.5 million from the same period last year.
According to the report, published by Fortune Business Insights in a report, titled “Digital Oilfield Market Size, Share & Industry Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Solution (Services, Software, Hardware), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026” the market size stood at USD 23.65 Billion in 2018. The digital oilfield market report executes a PESTEL study and SWOT analysis to reveal the stability, restrictions, openings, and threats in the smart building market. Combined with the market analysis capabilities and knowledge integration with the relevant findings, the report has foretold the robust future growth of the market, and all articulated with geographical and merchandise segments. Moreover, it also shows different procedures and strategies, benefactors and dealers working in the market, explores components convincing market development, generation patterns, and following systems. Additionally, the figures and topics covered in this report are both all-inclusive and reliable for the readers.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.Please visit: https://www.fortunebusinessinsights.com/industry-reports/digital-oilfield-market-100767
The three-party partnership agreement between Microsoft, Chevron, and Schlumberger for the launch of advanced digital and Petro-technical technologies will boost the digital oilfield market trends during the forecast period. For instance, in September 2019, Microsoft, Chevron, and Schlumberger announced to enter in a partnership to enhance the establishment of advanced digital and Petro-technical technologies. It is the first three-party partnership in the industry, and the collaboration aims to use Schlumberger’s DELFI cognitive E&P environment to develop Microsoft’s Azure-native applications for Chevron in the first stage. The new solution will assist companies to visualize, process, analyze, and interpret insights through different data sources. Furthermore, the contract between Kongsberg Digital and ExxonMobil for offering digital solutions will promote the digital oilfield market growth in the forthcoming years. For instance, in September 2019, Kongsberg Digital announced to receive a contract by ExxonMobil to provide digital solutions for its offshore asset located in Guyana. Kongsberg is set to provide its complete Subsea Production Management System for good real-time planning for gas and injection wells, production wells, risers, flowlines, and umbilicals.In addition, increasing focus towards the development of an efficient and advanced array of hardware, software, and services will bolster the healthy growth of the market in the foreseeable future. Moreover, various initiatives by the key players such as optimizing capital investments, fast data interpretations, improved asset tracing, reduce operational risk and innovative solutions, will bode well for the market.Geographically, the global digital oilfield market is classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America generated a revenue of USD 7.60 billion and is likely to remain dominant during the forecast period owing to the availability of established technological networks. The existence of oil & gas technological giants such as Halliburton, Schlumberger, Baker Hughes, and various others will boost the growth of the market in North America. The U.S. and Canada are the leading countries operating in the digital oilfield technology across the region. Asia Pacific is predicted to grow rapidly in the forthcoming years owing to increasing exploration & production activities. In addition, rising energy demand especially from developing economies such as will also create new opportunities for the market in Asia Pacific.
Some of the Major Players in the Global Digital Oilfield Market are
SchlumbergerHalliburtonWeatherfordSiemensOsprey InformaticsIBMDigi International
MicrosoftBaker HughesKongsberg Digital June 2019: Baker Hughes and C3.ai confirmed to initiate a joint venture to provide digital transformation technologies. The JV agreement is set to amalgamate C3. ai’s artificial intelligence solutions & software with the BH’s skilled and long-standing oil & gas portfolio.IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisGlobal Digital Oilfield Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By Solution (USD Billion)ServicesSoftwareHardwareMarket Analysis, Insights and Forecast – By Process (USD Billion)Production OptimizationReservoir OptimizationDrilling OptimizationOthersMarket Analysis, Insights and Forecast – By Application (USD Billion)OnshoreOffshoreMarket Analysis, Insights and Forecast – By Region (USD Billion)North AmericaLatin AmericaEuropeAsia PacificMiddle East & AfricaTOC Continued..!!!
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