Data Bridge Market Research analyses that the global digital oilfield market is expected to reach a value of USD 41,654.30 million by 2029, at a CAGR of 7.2% during the forecast period. The global digital oilfield market report also comprehensively covers pricing, patent, and technological
report comprises of basic, secondary and advanced information related to the global status, recent trends, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2018 - 2025. Market research analysis data included in this report lend a hand to businesses for planning of strategies related to investment, revenue generation, production, product launches, costing, inventory, purchasing and marketing. What's more, Digital Oilfield report presents the data and information for actionable, most recent and real-time market insights which makes it easier to even take critical business decisions.
Data Bridge Market Research analyses that the global digital oilfield market is expected to reach a value of USD 41,654.30 million by 2029, at a CAGR of 7.2% during the forecast period. The global digital oilfield market report also comprehensively covers pricing, patent, and technological advancements.
Digital oilfield is defined as the automation of upstream, midstream, and downstream oilfield activities. It is a part of the energy industry that has incorporated advanced software and data analysis techniques into its operations to provide enhanced outputs and improve the profitability of the production process. They offer advantages such as optimized production rate of hydrocarbons, improved safety, environmental protection, and ease in finding reserves and exploiting them to the fullest. Digital oilfield is about sensors and screens installed on an oil and gas field. Integrating business processes with digital technologies and automating workflows is a concept. It allows a company to reduce human interference and minimize the risks associated with oil and gas operations. The flow of data and information is rapidly integrated with the analysis interface, allowing timely and best decisions for the operation.
Some of the major players operating in the Global digital oilfield
market are Baker Hughes Company, IBM Corporation, Microsoft, Rockwell Automation, Inc., Halliburton Energy Services, Inc., CGG, Schlumberger Limited, Redline Communications, Osperity, Emerson Electric Co., Siemens AG., ABB, Honeywell International Inc., OleumTech, NOV Inc., Petrolink., Weatherford, Katalyst Data Management, Digi International Inc., Kongsberg Digital (a subsidiary of KONGSBERG), among others.
Post COVID-19 Impact on Global Digital Oilfield Market
COVID-19 created a negative impact on the global digital oilfield market due to lockdown regulations and rules at oilfield facilities.
The COVID-19 pandemic has impacted the global digital oilfield market to an extent a negative manner. However, the rise in demand for well-intervention services and operational digital oilfield solutions has helped the market to grow after the pandemic. Also, the growth has been high since the market opened after COVID-19, and it is expected that there will be considerable growth in the sector owing to the rise of immersive technology and cloud-based digital oilfields solution.
Solution providers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the technology involved in the digital oilfield. With this, the companies will bring advanced technologies to the market. In addition, government initiatives for the use of automation technology have led to the market's growth
In September 2022, IBM Corporation partnered with Saudi Data, the AI Authority (SDAIA), and the Ministry of Energy to accelerate sustainability initiatives in Saudi Arabia using artificial intelligence. This partnership will help the company to drive digitalization in the oil and gas industry and accelerate revenue growth
In April 2021, Microsoft announced the partnership with Ambyint to provide oil and gas exploration and production solutions to optimize rod lift and plunger lift wells. This partnership will help the company leverage the solutions and software to transform oil fields, attract customers toward digitalization, and accelerate revenue growth
TABLE OF CONTENTS
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers and Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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