Dallas, Texas, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The “Global Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), By Region and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
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Adroit Market Research report on global digital oilfield market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global digital oilfield market have been studied in detail.
The global digital oilfield market size is projected to reach a value of USD 32,855.3 million by 2025, growing at a CAGR of 4.8%. The global digital oilfield market is driven by factors including increased adoption of high-performance and power-efficient devices for the consumer and healthcare sector along with investments in electric vehicles due to the concern for hazardous environmental impact.
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The increase in rig count is a key factor driving demand growth. With the advent of emerging technology, operating facilities in the majority of industries like oil and gas have grown. Advantages such as cost savings increased efficiency, and healthier operations can be accomplished by oil and gas industry digitization. The implementation of digital technologies also helps provide the resilience needed against industry downturns.
The growing adoption of digital oilfields is recognized as one of the main emerging trends in global digital oilfield market. Globally, the rising demand for hydrocarbon fuel puts strain on the oil and gas industry because the difficulty of hydrocarbon production renders companies unable to satisfy the demand. Because of the increased legislation and organizational guidelines, businesses need to invest progressively to preserve safety and provide consistency in the process. Digital oilfield systems allow better plant management, with more efficient and accurate performance monitoring over manually controlled monitoring.
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The Middle East is the largest digital oilfield market followed by the Asia Pacific and North America. The region is made up of major oil & gas producing countries including Saudi Arabia, the UAE, Kuwait, Iraq, and Iran that have some of the world's largest petroleum reserves. Saudi Arabia continues to drive consumer demand in the region. Despite the recent decrease in profit margins for the national oil firms, the firms are continuing to increase their production. Using digitization techniques will enhance the synergies of production performance while allowing oilfield operators to increase their operational efficiency.
The global digital oilfield market is fragmented with the presence of many global and regional players. These include Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, ABB, Kongsberg Gruppen, Cisco Systems, Emerson Electric, General Electric, Weatherford International, Rockwell Automation, Pason Systems, International Business Machines (IBM), Accenture, Wipro, and Dell EMC among others.
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Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Digital Oilfield Market by Solutions, 2015-2025 (USD Million)
5. Digital Oilfield Market by Processes, 2015-2025 (USD Million)
6. Digital Oilfield Market by Application, 2015-2025 (USD Million)
7. Digital Oilfield Market by Region 2015-2025 (USD Million)
8. Competitive Landscape
9. Company Profiles
10. Appendix
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Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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