Digital Oilfield Market to Garner USD 28.61 Billion by 2027 | Market Research Future (MRFR)

0
39

Pune, June 08, 2021 (GLOBE NEWSWIRE) — Digital Oilfield Market Analysis

Market Research Future (MRFR) expects the global digital oilfield market to reach USD 28.61 billion at a CAGR of 6.5% from 2020 to 2027 (forecast period).

Digital oilfields comprise a wide range of tools, tasks, and disciplines. Advanced software and data analysis procedures are utilized to increase the profitability of oil and gas operations. The primary goal of the digital oilfield is to reduce non-productive time, maximize oilfield recovery, and boost profitability. Production optimization, operational efficiency, decision support, collaboration, data integration, the melding of operations with information technology, and the Internet of things are all aspects of the digital oilfield. It consists of a network sensor network, cloud computing, advanced big data analytics, and artificial intelligence. These aspects aid in understanding and predicting equipment failure, maintenance, and tract of the real time-based situation of the oil and gas field. Lastly, a digital oilfield is a technology that combines numerous technologies in innovative ways to increase productivity.

The primary drivers of this global digital oilfield market are technological advancement, an increase in the requirement for productivity from mature oil and gas wells, proper use of cloud computing in the oil and gas industry, and improved operational efficiency. Data security/cyber theft, on the other hand, maybe a constraint for this worldwide digital oilfield market. Nonetheless, service provider companies are working very hard to secure the networks in order to avoid any disruptions during the operation.

Digital oilfield encompasses a wide range of innovations such as fleet management and predictive maintenance. These advances are largely the result of enabling technologies like low-cost sensors, Big Data analytics, and cloud computing. For well over a decade, digital oilfield technologies have been in development. These technologies’ early adopters are already reaping the benefits. The technologies provide benefits such as greater efficiency and feasibility of oil and gas operations, improved health and safety, and enhanced compliance with environmental regulations. Increased awareness, identifying champions, encouraging collaboration, expanding the conversation, and other aspects of development are being examined in the digital oilfield.

Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/6784

COVID-19 Impact on the Global Digital Oilfield Market

The ongoing COVID-19 pandemic has had a global impact on the oil and gas industry. As a result of the current situation, several oil and gas companies throughout regions have been forced to shut down their manufacturing facilities and services as countries implemented a partial or complete lockdown plan to deal with the pandemic. Companies in several locations have also postponed or delayed big oil and gas projects. Moreover, the COVID-19 pandemic has had an impact on crude oil prices, well drilling and production activities, and the supply chain of oil and gas.

Competitive Landscape

The global digital oilfield market is relatively fragmented and competitive, with a number of international and regional competitors present. To maintain their market position, industry players are substantially investing in technological advancement, global expansion, and mergers & acquisitions.


Share your Queries 
https://www.marketresearchfuture.com/enquiry/6784


Market Segmentation

The global digital oilfield market has been segmented into process, solution, and application. 

By process, the global digital oilfield market has been segmented into the reservoir, production, and drilling optimization. Because of the increasing demand for oil and gas, production is expected to expand at a quicker rate and hold the biggest market share during the projection period.

By solution, the global digital oilfield market has been segmented into hardware, software, and data storage. Among these, hardware solutions are expected to develop at a quicker rate and have the biggest market share during the projection period. As a hardware solution, smart well, distributed control systems, wireless sensors, SCADA (Supervisory Control and Data Acquisition), and other components are employed extensively in the digital oilfield.

By application, the global digital oilfield market has been segmented into onshore and offshore.


Browse In-depth Market Research Report (111 pages) on Digital Oilfield Market
https://www.marketresearchfuture.com/reports/digital-oilfield-market-6784

Regional Analysis

By region, the global digital oilfield market has been segmented into North America, Europe, Asia Pacific, and Middle East & Africa.

North America is expected to have the greatest market share due to its huge shale oil and gas reserves, followed by the Asia Pacific, which includes countries such as China and India. The re-engineering of technological solutions to improve the optimization and management of oil and gas operations will propel the business forward. The business landscape has been enriched by increased oilfield discoveries and domestic output. Furthermore, the refurbishment of oil and gas platforms in the offshore industry to incorporate advanced AI and machine learning technologies will influence product demand. According to the US Energy Information Administration, US shale gas and tight oil production increased by more than 6 million BOE/d between 2008 and 2014, directly contributing to the growth of the worldwide digital oilfield market. Continuous investment by public and private partners in the upstream and midstream sectors will accelerate technology adoption.


Discover More Research Reports on
Drilling, Intervention and Completion, By Market Research Future


Browse Related Reports:

Global Oil Country Tubular Goods Market Research Report: Information by Manufacturing Process [Electric Resistance Welded (ERW) and Seamless], Grade (API Grade and Premium Grade) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Cutting Pipe and Perforating Pipe Drilling Tools Market Research Report: Information by Product (Milling Cutters, Torch, Abrasives, Water Jets and others), Application (Onshore and Offshore) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Pipeline & Process Services Market Research Report: Information by Asset Type [Pipeline (Transmission Pipeline and Distribution Pipeline) and Process (Refinery & Petrochemical Facilities, FPS, Gas Processing and Gas Storage)], Operation (Pre-Commissioning & Commissioning, Maintenance, and De-Commissioning), End Users (Power Generation, Chemicals & Refined Products, Water & Wastewater, Oil & Gas and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Drones for Oil and Gas Market Research Report Information: by Type (Single Rotor, Multi-Rotor, Fixed Wing and Hybrid & Nano), by Application (Inspection, Surveying & Mapping and Security & Emergency Response) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Dosing Pump Market Research Report: Information by Type (Piston Pumps, Diaphragm Pumps, and others), Application (Water & Wastewater Treatment, Chemical Processing, Oil and Gas, Pharmaceuticals, Food & Beverages, Paper & Pulp, and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Oil Well Cement Market Research Report: Information by Product (Class A, Class G, Class H, and others), Application (Onshore and Offshore) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

Global Progressive Cavity Pump Market Research Report Information: by Power Rating (Up to 50 HP, 51 HP–150 HP and Above 150 HP), End-User (Oil & Gas, Water & Wastewater Management, Food & Beverage, Chemical & Petrochemical and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027


About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Follow Us: LinkedIn | Twitter


LEAVE A REPLY

Please enter your comment!
Please enter your name here