Global Digital Oilfield Market 2020| Increased Need From Oil & Gas Operators to Scale Up Production From Mature Wells
Market Drivers & Opportunities: New Technological Advancements in the Digital Oilfield, Increased Return on Investment (ROI) in the Digital Oilfield, Increased Need From Oil & Gas Operators to Scale Up Production From Mature Wells, Introduction of Digital Trends in the Digital Oilfield, Offshore/Ultra-Deep-Water Discoveries
Market Analysis: Global Digital oilfield Market was valued at USD 21.27 Billion in 2017 and is projected to reach USD 31.12 Billion by 2025, growing at a CAGR of 4.9% from 2018 to 2025.
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What is Digital oilfield
Digital Oilfield is defined as a section of the energy industry that includes advanced software and data analysis techniques to its operations in order to provide better outputs and enhance the profitability of the production process. The main focus of Digitization of an oilfield is on IT for enhancing the business drivers that comprises of improving safety, optimizing the production rate of hydrocarbons, environmental protection, finding reserves and exploiting them to the fullest. Digital oilfield offers numerous advantages such as enhanced decision making, increased return on investment, maximum oilfield recovery, optimum usage of time and Net present value improvement.
Global Digital Oilfield Market Outlook:
In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Emphasis on process optimization through digitalization by Oil & Gas Operators, growing need from Oil & Gas operators and availability of cloud computing services in the Oil & Gas industry have been driving the global digital oilfield market. On the other hand, factors such as fluctuations in crude oil price and cyber-threats along with resistance toward new technologies might hinder the overall growth at a global level.
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Global Digital Oilfield Market Competitive Landscape:
The Global Hardware Security Module Marketo study report will provide a valuable insight with an emphasis on global market including some of the major players such as Schlumberger Limited, The Halliburton Company, Baker Hughes, Weatherford International Plc, Sinopec Oilfield Service Corporation, Rockwell Automation, Inc., Honeywell International Inc., Accenture PLC, Siemens AG, and International Business Machines (IBM) Corporation. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Global Digital Oilfield Market Segmentation, by Process
o Reservoir Optimization
o Production Optimization
o Drilling Optimization
Global Digital Oilfield Market Segmentation, by Solutions
o Hardware Solutions
o Distributed Control System
o Supervisory Control & Data Acquisitions
o Safety System
o Wireless Sensor
o Programmable Logic Controller
o Others (process automation manager and human-machine interaction)
o Software & Service Solutions
o IT Outsourcing
o IT servicing & Commissioning
o Collaborative Product Management
o Data Storage solutions
Global Digital Oilfield Market Segmentation, by Application
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