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"Global Digital Oilfield Solutions Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 33.8 Bn by 2028, Likely to Grow with the CAGR of 4.4% During the Forecast Period."
The market of global digital oilfield services is anticipated for higher growth by the rising fluctuation of oil prices globally. The companies are now shifting towards digital solutions in order to achieve instant advantages including cost efficiency, cloud technology, and the internet of things (IoT) that are significantly supporting the digital oilfield services. Oil and Gas operators are putting efforts in increasing their productivity especially in the mature oil fields that could be achieved by digital oilfield services. These services have significant solutions that support in faster and efficient planning in intervention techniques thus driving the services oilfield services market globally. Moreover, there is limited funding by oil & Gas companies for automation in eliminating cyber-attacks.
As per the Environmental Defense Fund (EDF), the global oil and gas industry is dropping by USD 34 billion per annum by leaked, vented, and flared methane. In order to decrease methane emissions, the digital transformation of methane management is substantially generating greater opportunities in the digital oilfield services market. By an increased production of oil & gas, offshore activity, and generation from shale fields, North America anticipated to become a key market during the forecast period.
Heavy investments made for digital oilfield solutions are stimulating the prices of crude oil that are recovered after recent plummeting. Moreover, the unsafe nature of the gas and oil industry and the impacts regarding the human resource and the climatic change amid of accidents are happening in the past years. Growth in the exploration and production practices globally are having unfavorable environmental conditions supporting the market growth of digital oilfield services. The key factor that is restraining the market growth is the lack of awareness to adopt the method of digital oilfield over the conventional methods.
Rising Demand for Reservoir Optimization Is Anticipated To Drive the Demand for Digital Oilfield Solutions
Reservoir optimization needs good management of the data gathered during the seismic surveys, geophysical analysis, reservoir fluid analysis, data mining, and generation of data. The big data analytics services support the digital oil field services that generate the data during process, including the trends of data, in order to identify anomalies, as a result, it supports in decreasing fluctuations coupled with optimization of the resource utilization and improves the productivity and efficient decision-making capabilities.
The production life of oilfields is impacted by the decisions made during reservoir optimization. Therefore, decreased errors while the process of operations in the digital oilfield services saves a higher amount of resources that are operating in the time of production life of the oil fields. Increased oil-field exploration practices offshore globally and rise in the oil generation capabilities of the organization especially in the Permian region of Texas and Federal Gulf of Mexico had increased the reservoir optimization to maximize their production practices. Thus, an increase of demand for reservoir optimization had contributed to the global digital oilfield services market that is anticipated to expand during the forecast period.
North America Is Expected To Dominate the Digital Oilfield Solutions Market during the Forecast Period
North America has led the digital oilfield services market in 2019 and it is projected to exhibit a substantial demand during the forecast period. North American region accounted larger share in the oil and gas production nations that are having the largest petroleum reserves in the global platform. Such expansion of the oil & gas industry is contributing to the companies to embrace digitalization techniques in order to improve their production efficiency. The oil and gas industry is growing rapidly in this region therefore many of the mature oilfields are anticipated to shift towards digitalized operations that support the demand of digital oilfield services during the forecast period in the North American region.
The United States Interior Department permitted drilling for oil & gas in most of the country's waters, which are attributed to some biggest expansions in offshore oil & gas leasing dealt by the federal government of the United States in 2018. Such advancement made by the government could be accounted for driving the offshore exploration and production activity of oil & gas products. Therefore the demand for digital oilfields solutions is expected to enhance during the forecast period. However, increased offshore field activities in the Gulf of Mexico along with compliance in which the health and safety policies are projected to drive the digital oilfield services market during the forecast period.
The global digital oilfield services market is fragmented among the number of local and global players. Therefore the competency between these rivalry forces is generating new opportunities in this industry.
Key players operating in the global digital oilfield solutions market are listed as follows: Schlumberger Ltd., Halliburton Company, and Kongsberg Gruppen AS. Baker Hughes Co., Siemens AG. Weatherford International Ltd.
Global Digital Oilfield Solutions Market Key Segments:
Global Digital Oilfield Solutions Market, By
- Reservoir Optimization
- Production Optimization
- Drilling Optimization
Global Digital Oilfield Solutions Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America