Industry Outlook and Trend Analysis
The Digital Oilfield Market was worth USD 18.56 billion in 2014 and is expected to reach approximately USD 29.07 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.11% during the forecast period. The primary function of the digital oilfield is to boost the recovery of oilfield, diminish non-productive time, and increment gainfulness through the deployment and design of integrated work processes. Digital oilfield work processes combine business process management with cutting edge information technology and designing skill to streamline and, in several cases, mechanize the execution of assignments performed by cross-functional groups.
Process Outlook and Trend Analysis
Based on the process the market is segmented into production optimization, drilling optimization, reservoir optimization and others. The others portion incorporates maintenance & repair, asset management, and safety management. The production optimization portion drove the digital oilfield market by process and is anticipated to grow at a significant CAGR over the forecast period. Utilizing real-time techniques for production optimization expands the recovery of oil and decrease the non-productive time.
Application outlook and Trend Analysis
The complications in deep-water drilling, alongside the expanding adoption of digital oilfield techniques in several regions where the maximum of the oilfields are located onshore, are foreseen to drive the onshore fragment. Consequently, the expanding production exercises in these locales and diminishment of non-productive time is anticipated to drive the onshore portion at the most astounding rate amid the conjecture time frame.
Solution Outlook and Trend Analysis
The hardware section is evaluated to develop at a speedier rate over the forecast period. The investments by oilfield operators towards technology upgrade and process mechanization empower the organizations to dispense with non-productive time, improve generation, and improve control and monitoring of oil and gas fields, accordingly driving the equipment market amid the figure time frame.
Regional Outlook and Trend Analysis
Europe is anticipated to rule the digital oilfield market amid the figure time frame as the area has a few develop fields in the North Sea which require expanded usage of technological prowess to produce oil. The high number of mature oil & gas fields prompts the expanding interest for digital oilfield solutions, for example, well intervention and upgraded oil recuperation (EOR) methods.
The major players in the market are Baker Hughes, Rockwell Automation, Siemens, Schlumberger, Emerson Electric, ABB, Halliburton Technology Centre, Weatherford International and National Oilwell Varco. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Digital Oilfield Market is segmented as follows-
Software & Service Solutions
Data Storage solutions
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?