Steadily climbing global energy demands will fuel the global digital oilfield market growth during the forecast period. According to the International Energy Agency’s Global Energy and CO2 Status Report, in 2018, worldwide demand for energy grew by 2.3%, with fossil fuels meeting 70% of the energy demanded. Moreover, with the world population projected to hit 9.8 billion by 2050, as per UN estimates, the demand for energy will witness an exponential rise in the near future. This is expected to result in a substantial increase in demand for digital oilfield services owing to their multiple advantages such as better efficiency, high rate of return on investment, informed decision-making, and improved productivity. Consequently, the global digital oilfield market size will broaden till 2026.
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- National Oilwell Varco
- Kongsberg Gruppen
- Honeywell International Inc.
Key Market Driver – Focus on increasing exploration efficiency
Key Market Restraint – Volatility in crude oil prices and growing demand for alternative sources of energy
Fortune Business Insights provides a comprehensive market analysis in its report, titled “Digital Oilfield Market Size, Share and Global Trend By Process (Reservoir Optimization, Production Optimization, Drilling Optimization, Others), By Solution (Hardware, Software & Service, Data Storage), By Application (Onshore, Offshore) and Geography Forecast till 2026”. The report also contains a detailed assessment of the various factors that will influence the market, trends that are likely to emerge in the market, and the dynamics that will shape the market during the forecast period.
Digital oilfield is a concept that amalgamates business processes with digital technologies with an aim to streamline workflows and maximize productivity. This enables minimizing risks associated with exploration of oil and gas reserves and reducing costs. Digital oilfield technology facilitates collection, collation, and analysis of large volumes of real-time data to make possible effective decision-making.
1. By Process
- Reservoir Optimization
- Production Optimization
- Drilling Optimization
2. By Solution
- Software & Service
- Data Storage
3. By Application
4. By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Growing Application of Big Data Analytics in Oil and Gas Industry to Boost the Market
Widening fields of application of big data analytics are expected to fuel the global digital oilfield market revenue in the forecast period. According to a report by IBM, utilizing big data tools such as Internet of Things (IoT) and Artificial Intelligence (AI) in oil and gas exploration activities can significantly enhance overall business performance. Most importantly, it would raise the decision-making quality as huge amounts of data can be collected and analysed in a considerably shorter time period. Cost and time-effective actions will increase the demand for digital oilfield systems and expand the global digital oilfield market size.
North America and Europe to Dominate the Market; Middle East and Latin America to Exhibit Impressive Growth
Countries in the Middle East such as Saudi Arabia and Latin America such as Venezuela are known to have some of the largest oil reserves in the world. Therefore, these regions are experiencing a high adoption rate of digital oilfield technology, accelerating the global digital oilfield market size. North America is expected to hold a dominant portion of the global digital oilfield market share in the coming decade owing to shale gas exploration activities by the US. In Europe, energy exploration in the North Sea by the UK, Norway, and Germany is anticipated to bolster the demand for digital oilfield technology in the region. Indonesia, China, and India are increasingly implementing digital oilfield systems as their on-shore and off-shore exploration activities advance.
Collaborations and Innovations to Energize Market Competition
The global digital oilfield market competition is expected to be characterized by increasing innovations and strategic collaborations among major players. For example, in February 2019, Petrolink launched a software solution, Manage by Exception (MBE), in Houston, designed to aid drill managers to prioritize the large volumes of alerts sent out by the system. With regard to collaborations, recently, Rockwell Automations and Schlumberger partnered to create Sensia, an automated solution provider that is fully digitally integrated.
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