Global Digital Oilfield Market is valued approximately USD 22.8 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2019-2026. The Digital oilfield market is on the surging trend considering the global scenario. The Digital oilfield is referred as the automation of upstream, midstream & downstream oilfield activities. The Digital oilfield is considered as the part of energy sector which has incorporated several advanced software along with data analysis techniques into its operations to offer better outputs & enhance the profitability of the production process. The Digital oilfield provided advantages which precisely include optimized production rate of hydrocarbons, environmental protection and ease of finding reserves along with exploiting them to the full optimization and utilization. The Digital oilfield market is primarily driven owing to novel technological advancements precisely in the digital oilfield, surging return on investment in the digital oilfield, introduction of digital trends in digital oilfield and enhanced need from oil & gas operators to upgrade production from mature wells on the global scenario. For instance, January 2019, Osprey Informatics (a provider of intelligent monitoring solutions for industrial operations) Secured about $3.75 million investment led by the Evok innovations and Shell venture LLC. & InterGen capital towards development of intelligent visual monitoring platform including methane detection. However, delay in decision making process due to deploying several analytic tools along with cybersecurity threat are acting as restraining factors for the growth and development of digital oilfield market.
The regional analysis of global Digital Oilfield Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the novel technological advancements in the digital oilfield and enhance return on investment in the digital oilfield sector in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Owing to the surging need from oil & gas operators to upgrade production region.
Major market player included in this report are:
Qinetiq Group PLC
Baker Hughes, Inc.
Future Fibre Technologies Ltd.
Northrop Grumman Corp.
Fotech Solutions Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Fiber Type:
Single Mode Fiber
Oil & Gas
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Digital Oilfield Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers