WASHINGTON, Jan. 16, 2023 (GLOBE NEWSWIRE) — Global Digital Oilfield Market is valued at $ 24.1 Billion in 2021 and is projected to reach a value of $ 34.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.3% over the forecast period 2022-2028.
According to Vantage Market Research, some of the key factors anticipated accelerating the Digital Oilfield market growth over the forecast period. The increased demand for oil and gas around the world and an improvement in deepwater drilling and production operations are projected to drive the growth of the worldwide digital oilfield market. Due to the increasing market competitiveness, the parties operating in this are taking R&D extremely seriously to ensure higher business performance throughout the process.
We forecast that the hardware category in digital oilfield market sales will account for more than 62% of total sales. Hardware solutions handle data transfer and surveillance in both onshore and offshore fields. This sector’s market expansion is primarily driven by the rising desire to reduce idle time.
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Increase in Exploration Operations in Uncharted Off-shore/ultra-deep-waters to Boost Market Growth
The aviation & military sector will experience a significant boost in demand for aviation components after 2021, when aircraft firms begin operating at full capacity without travel limitations or supply chain issues. Before the COVID-19 epidemic, the consumer air transport market had grown throughout the global aviation industry. In the market, low-cost operators have proven to be tough rivals, especially in APAC and South America’s developing nations. In the APAC and MEA, more tourists will likely travel more often.
Presence of Market Players to Drive the Market Growth
The major market participants are seeking clever answers for the data deployment of cutting-edge systems in the oilfields. Additionally, they are aggressively funding R&D initiatives to advance the current technology. These actions and technological developments can be favorable for expanding the digital oilfield market.
Top Players in the Global Digital Oilfield Market
- Schlumberger, (UK)
- Halliburton, (UAE)
- Rockwell Automation, (US)
- National oil Varco, (US)
- ABB, (Switzerland)
- Siemens, (Germany)
- Schneider, (France)
- Baker Hugh, (US)
- Weatherford international, (US)
- Infosys, (India)
For Additional Information on Digital Oilfield Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Digital Oilfield Market
- One trend that Vantage Market Research (VMR) expects to see in the Digital Oilfield industry is growing digitalization. Oilfield firms are digitizing their operations so that they may examine the data they have gathered to assess the equipment’s operating status. Two advantages of digital oilfields are reducing equipment downtime and enabling real-time remote monitoring.
- Another trend that VMR predicts will continue in the digital oilfield industry is its increased technology innovation. To handle isolated and deepwater areas, oilfield companies are implementing digital technology in their oilfields. Additional digital oilfields support increased productivity and minimized labor. Improved performance, economic effectiveness, environmental considerations, and employee safety are all advantages of oilfield technology.
Top Report Findings
- Based on the solution, most of the digital oilfield market’s revenue is controlled by the hardware solution category. The hardware market is projected to expand due to the pressing need to eliminate manual involvement and wasted time. At the same time, manufacturers’ increasing emphasis on improving or upgrading existing equipment and launching more effective hardware solutions would also fuel the growth.
- Based on the process, the drilling optimization category controls most of the digital oilfield market’s revenue. The two main trends in the drilling optimization market are increasing restrictions imposed regarding drilling enhancement oversight and rising global oil production costs to fulfill the skyrocketing energy demand.
- Based on application, most of the digital oilfield market’s revenue is controlled by the offshore category. Production and intervention programs are just a few services provided to upstream oil and gas-generating businesses at various stages of an oilfield in the offshore oilfield services industry. The market is anticipated to be driven by rising offshore exploration and production and total investment over the forecast period.
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Recent Developments in the Global Digital Oilfield Market
- In December of 2021, Weatherford International PLC made public its receipt of a Digital Oilfield contract from the Kuwait Oil Company, which would last for three years. In a press release, Petrofac revealed that they would continue working with Neo Energy past their contract’s original January 2022 end date. It will function for 27 wells throughout the United Kingdom’s many regions.
- Leading U.S.-based oil and natural gas firm OspreyData unveiled its cutting-edge OspreyData Vision platform in November 2021, making it accessible from any mobile device. Lease operators, artificial lift technicians, and production engineers might all sit at the ‘Virtual Control Center,’ giving them access to crucial operating information and facilitating problem-solving from almost anywhere.
Hardware Category in Digital Oilfield Market to Generate Over 62% Revenue
Digital Oilfield are an expensive investment. Vantage Market Research has analyzed the market for digital oilfield to understand its current state and potential future growth factors. For better understanding, based on the solution, the market is divided into hardware solution and software & service solution.
During the forecast period, the market for digital oilfield is anticipated to experience the highest CAGR for the hardware category. Companies can eliminate semi time and scale up output thanks to investments made by oilfield operators in process automation and technology advancement.
On the other hand, the software & service solution category is expected to grow significantly over the forecast period. The simplicity of finding consulting firms can offer technical, philosophical, and expert support as a network operator for the digital oilfield sector. The market for software solutions in the digital oilfield sector is growing primarily due to the rapid development of new artificial intelligence and information storage technologies.
North America Region in Digital Oilfield Market to Generate More 33% Revenue
North American region dominates the market, and this trend will continue throughout the projection period because of the industry in terms of mechanization and rising oil demand. During the assessment period, the market in the U.S. is expected to grow due to the continual upgrading of the technology solutions already in place to control and optimize operations for oil and gas.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Digital Oilfield Market Forecast Report (2022-2028).
Global Digital Oilfield Market Segmentation
- Hardware Solutions
- Software & Service Solutions
- Data Storage Solutions
- Production Optimization
- Drilling Optimization
- Safty Management
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
|Market Size in 2021||USD 24.1 Billion|
|Revenue Forecast by 2028||USD 34.7 Billion|
|CAGR||6.3% from 2022 to 2028|
|Forecast Year||2022 to 2028|
|Key Players||Schlumberger, Halliburton, Rockwell Automation, National Oil Varco, ABB Ltd., Siemens, Schneider, Baker Hugh, Weatherford International, Infosys|
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