The latest report on Digital Oilfield Market by Infinium Global Research gives complete coverage of the Digital Oilfield Market by solution (automation and instrumentation, and it services), process (reservoir, production, drilling optimizations, and other processes) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Digital Oilfield such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Efficient and Optimal Exploration and Production of Oil Drives the Growth of the Digital Oilfield Industry
Digital oilfield is a suite of interactive and complementary technologies used to maximize oilfield recovery. The digital oilfield technology is used to eliminate non-productive time with an increase in profitability through the deployment and design of integrated workflows. In oil & gas production operations digital oilfield uses several advanced software and data analysis techniques for the improvements in the profitability.
Benefits offered by digital oilfield includes reduced cost for drilling and other on-site operations, increased efficiency and productivity in the field, on-time maintenance for key equipment improved compliance with environmental and safety regulations, added information that can ensure the most effective use of the equipment and human resources. Technologies in digital oilfield must be scalable robust, and upgradable in both control centers and in the field to handle the addition of new wells and advances in technology.
Increasing demand for crude oil and the need for integrated operations to increase efficient and optimal exploration and production of oil drives the growth of the digital oilfield market. Consumption of oil is increasing in energy sectors. Every major oil companies are rapidly investing in the oil fields as demand for oil on the rise. Major private sector oil company uses oil field to improve their financial bottom line while enhancing the productivity of their workers in the modern oilfield environment.
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Increasing Digital Trend in Oilfield Provides Beneficial Opportunities for the Digital Oilfield Industry
That, in turn, contribute to the growth of the digital oilfield market. Furthermore, advancement in digital oilfield technologies fuels the growth of the digital oilfield market. Adoption of advanced digital oilfield technologies in energy companies is increasing as it helps in drill and locates oil in the area. Investment in these advanced digital oilfield technologies, and oil and gas training courses provide beneficial opportunities for the major leaders in the industry.
However, the growth in the digital oilfield market is likely to be restrained by factors such as high investment costs and longer duration of implementation, and volatile crude oil prices. Moreover, increasing exploration and production of oil and increasing digital trend in oilfield provides beneficial opportunities for the digital oilfield market.
Among the regions, North America dominates the digital oilfield market. The U.S dominates consumption and demand for oil that is roughly 18 million barrels of oil a day. The U.S is a powerhouse for oil demand and consumption and has higher Gross Domestic Product (GDP) that is coupled with the consumption of oil and the reliance upon it for economic activity. Middles East produces 50% of the world’s oil supply. Adoption of digital oilfield technologies is increasing rapidly in the Asia Pacific region. Growth of digital oilfield in Europe is moderate and it is expected to increase.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Digital Oilfield.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.