According to a new report published by Allied Market Research, the digital oilfield market size was valued at $27.4 billion in 2020, and is projected to reach $54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
The digital oilfield is digital transformation for the oil sector. Utilizing a combination of emerging technologies such as internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, cloud computing the digital oilfield promises to helps oil industry to analyze, gather, and make quick decisions.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/1623
Asia-Pacific region garnered 37.2% share in terms of revenue and anticipated to grow at a CAGR of 8.4% during the forecast period. China has strong presence in South China Sea. Chinese oil & gas companies have come across with gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.
Some of the major players in the digital oilfield industry include Schlumberger, Halliburton, National Oil Varco, ABB, Schneider, Baker Hughes, Weatherford international, Infosys, and Siemens.
The factors contributing toward the market growth are intense competition in oil sector and advantages of digital oil filed. Because of the intense competition the oil majors are investing heavily in the digital oilfield.
Integrating the advance digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, and manage the operational costs and reduce the unplanned shutdowns of equipment and wells.
Oil companies can use data from all parts their value chains captured by the operators, internet of things (IoT), and engineers.
The growth of renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services.
Buy This Report (288 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/4e2ZV8y
The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital solutions for oilfield also hinders the digital oilfield market growth.
On the basis of application, the offshore segment garnered 81.3% in terms of revenue and expected to grow at a CAGR of 7.7% during the forecast period. Rising deep water drilling and production activities is driving the market growth.
On the basis of process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. Advantages of production optimization to the oil & gas industry is one of the major growth factors for production optimization.
The advantages of production optimization are increasing or decreasing target production of gas and oil across multiple locations, decreasing the production cost.
On the basis of solution, the hardware solutions segment garnered 46.6% in terms of revenue and expected to grow at CAGR of 6.9% during the forecast period. This is attributed to increased adoption of digital solutions in oilfield. As implementing digital solutions in the oilfield required intelligent hardware.
Get a Customized Research Report: https://www.alliedmarketresearch.com/request-for-customization/1623
Impact of COVID-19 on the Digital Oilfield Market
The COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
The spread of COVID-19 in numerous countries halted the industrial activities.
This resulted into oversupply scenario in oil industry.
This consequently resulted into decreased demand for drilling activities.
The decrease in drilling activities resulted in decreased demand for drilling optimization solutions.
Trending Reports in Energy and Power Industry:
Crude Oil Market
https://www.alliedmarketresearch.com/crude-oil-market
Oilfield Services Market
https://www.alliedmarketresearch.com/oilfield-services-market
Oilfield Auxiliary Rental Equipment market
https://www.alliedmarketresearch.com/auxiliary-rental-equipment-market
Oil Shale Market
https://www.alliedmarketresearch.com/oil-shale-market
Oil Storage Market
https://www.alliedmarketresearch.com/oil-storage-market
Oil Country Tubular Goods (OCTG) Market
https://www.alliedmarketresearch.com/oil-country-tubular-goods-octg-market-A09028
Coiled Tubing Market
https://www.alliedmarketresearch.com/coiled-tubing-market
Digital Oilfield Market
https://www.alliedmarketresearch.com/digital-oil-field-market
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
