The Global Digital Oilfield Market is experiencing remarkable growth from the past decades. The report evaluates the various market shares, revenues, and restraints in the worldwide market. It gives an in-depth look at the marketing strategies of the top leading companies in the world. The report gives data and brand assessments of the trending consumer demands. It provides detailed volumetric and regional analysis on different regions such as North America, South America, India, China, Australia, France, Italy, and South Korea. The report even talks about the major challenges faced by the industry during the covid 19 pandemic. It aims to give a comprehensive, finer study about the future and current growth opportunities.
According to the research report, Digital Oilfields Market: Current Analysis and Forecast (2021-2027), say that the digital oilfield is a concept that combines business process management with digital technologies that offers automation of workflow for maximising productivity. In general, it includes advanced data analysis and software systems to improve oil recovery from the seabed. This helps to simplify the decision making process with the help of intelligently filtered data and optimum utilization of technology. Moreover, the discovery of new oilfields is also increasing the need for digital oilfields. For instance, China discovered a billion-ton super-deep oil and gas area in the Tarim Basin in the Northwest China’s Xinjiang Uygur Autonomous Region. It even helps in reducing costs and minimising the overall risks associated with oil and gas operations. It benefits in achieving productivity gains through improved reservoir understanding, remote monitoring of drilling and completion operations and through logistics and supply chain optimization.
In 2021, the Global Digital Oilfield Market was valued at USD billion and is projected to reach a significant USD billion by the end of 2027. It is expected to increase by a double-digit CAGR in the worldwide markets during the forecast period. The surge in demand for oil and oil derivatives across numerous industries, combined with the oil & gas industry’s potentially dangerous working environment, has increased the demand for digital oilfields significantly. Weatherford International, NOV, ABB, Emerson, Rockwell Automation, Siemens, Honeywell International, CGG, Kongsberg, and Digi International are some of the prominent leading companies in the worldwide markets during the forecast period.
Countries such as North America (United States, Canada, and North America), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia). North America is dominating the market by accounting for the highest share in the industry and is expected to continue the dominate the Digital Oilfield market on account of increasing uses of crude oil.
The Covid 19 has slightly negatively impacted the industry. Likewise other manufacturing industries, the Green Building industry has also gained losses during the pandemic. Due to the immediate shutdowns, travel bans, restaurants closed all indoor or outdoor events restricted led to an immense slowing of supply chains. Digital oilfield is an umbrella term for all technology-centric solutions incorporated advanced data analysis and software systems that are known to enhance the oil recovery process from oilfields. Besides providing information regarding key players in the Digital Oilfield Market report recalibrates, the impact of macroeconomic and microeconomic factors that has the potential to impact the growth of the Oilfields Market.
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Global Digital Oilfields Market
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