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"The global digital oilfield market size is expected to increase from $24.
1 billion in 2019 to $30.
4 billion by 2024, with a CAGR of 4.
77%," international market research firm Markets and Markets revealed in its latest report
。 ”
In terms of service type, production optimization through processes is the largest contributor to the digital oilfield market during the forecast period
.
Production optimization using real-time technology can improve oil recovery and reduce non-productive time
.
Constant market dynamics and fluctuating oil prices necessitate the use of digital oilfield solutions to reduce non-productive time and improve workflow efficiency
.
By application, the onshore segment is expected to be the largest contributor during the forecast period
.
The complexity of deepwater drilling and the increasing adoption of digital oilfield technology in regions such as the Middle East and North America, where the largest fields are located onshore, are expected to drive demand growth
in onshore regions.
Therefore, it is expected that the increase in production activities and the decrease in non-productive time in these regions will drive the onshore segment in the land.
The highest rate of development
during the forecast period.
Based on the solution, the hardware segment is expected to be the largest contributor during the forecast period
.
From 2019 to 2024, the hardware segment is expected to grow
at a faster rate.
Investments by oilfield operators in technological improvements and process automation have enabled the company to eliminate non-productive time, optimize production, enhance control and monitoring of oil and gas fields, thereby driving the hardware market during the forecast period
.
In terms of market segment, Europe is expected to hold the largest market size
during the forecast period.
Because the region has several mature oil fields in the North Sea, more use of technological prowess is needed to produce oil
.
The large number of mature oil and gas fields has led to an increasing demand for digital oilfield solutions such as well intervention and enhanced oil recovery (EOR) technologies
.
From the perspective of major market players, Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment suppliers such as ABB (Switzerland), Emerson (US), Rockwell (US) and Siemens (Germany) will be the major technology service providers
in the digital oilfield market.
"The global digital oilfield market size is expected to increase from $24.
1 billion in 2019 to $30.
4 billion by 2024, with a CAGR of 4.
77%," international market research firm Markets and Markets revealed in its latest report
。 ”
In terms of service type, production optimization through processes is the largest contributor to the digital oilfield market during the forecast period
.
Production optimization using real-time technology can improve oil recovery and reduce non-productive time
.
Constant market dynamics and fluctuating oil prices necessitate the use of digital oilfield solutions to reduce non-productive time and improve workflow efficiency
.
By application, the onshore segment is expected to be the largest contributor during the forecast period
.
The complexity of deepwater drilling and the increasing adoption of digital oilfield technology in regions such as the Middle East and North America, where the largest fields are located onshore, are expected to drive demand growth
in onshore regions.
Therefore, it is expected that the increase in production activities and the decrease in non-productive time in these regions will drive the onshore segment in the land.
The highest rate of development
during the forecast period.
Based on the solution, the hardware segment is expected to be the largest contributor during the forecast period
.
From 2019 to 2024, the hardware segment is expected to grow
at a faster rate.
Investments by oilfield operators in technological improvements and process automation have enabled the company to eliminate non-productive time, optimize production, enhance control and monitoring of oil and gas fields, thereby driving the hardware market during the forecast period
.
In terms of market segment, Europe is expected to hold the largest market size
during the forecast period.
Because the region has several mature oil fields in the North Sea, more use of technological prowess is needed to produce oil
.
The large number of mature oil and gas fields has led to an increasing demand for digital oilfield solutions such as well intervention and enhanced oil recovery (EOR) technologies
.
From the perspective of major market players, Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment suppliers such as ABB (Switzerland), Emerson (US), Rockwell (US) and Siemens (Germany) will be the major technology service providers
in the digital oilfield market.
