Digital Oilfield Market to Witness Huge Growth by 2030 โ Infosys, SCHLUMBERGER, Siemens, WEATHERFORD, etc.
Digital Oilfield Market Expected to Reach $54.4 Billion by 2030
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ -- The digital oilfield is a digital transformation for the oil sector. Utilizing a combination of emerging technologies such as the Internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, and cloud computing the digital oilfield promises to help the oil industry to analyze, gather, and make quick decisions. The digital oilfield market size was valued at $27.4 billion in 2020 and is projected to reach $54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐: https://www.alliedmarketresearch.com/request-sample/1623
The factors contributing to the market growth are intense competition in the oil sector and the advantages of the digital oil field. Because of the intense competition, the oil majors are investing heavily in the digital oilfield.
Integrating advance digital technology with innovative processes eases the operation. The digital oilfield can improve output, manage operational costs, and reduce unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts of their value chains captured by the operators, the Internet of Things (IoT), and engineers. However, the growth of the renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services. This is consequently hindering the growth of the digital oilfield market. The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital oilfield solutions also hinders the digital oilfield market growth.
Based on the solution, the hardware solutions segment garnered 46.6% in terms of revenue and is expected to grow at a CAGR of 6.9% during the forecast period. This is attributed to the increased adoption of digital solutions in the oilfield. As implementing digital solutions in the oilfield required intelligent hardware.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/1623
Based on process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. The advantages of production optimization to the oil & gas industry are one of the major growth factors for production optimization. The advantages of production optimization are increasing or decreasing the target production of gas and oil across multiple locations, and decreasing the production cost.
Based on application, the offshore segment garnered 81.3% in terms of revenue and is expected to grow at a CAGR of 7.7% during the forecast period. Rising deepwater drilling and production activities are driving the market growth.
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
The Digital Oilfield industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
๐๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐๐ฃ๐จ๐ซ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ข๐ฅ๐๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐,
ROCKWELL AUTOMATION
WEATHERFORD
Siemens, NOV INC
SCHLUMBERGER, BAKER HUGHES COMPANY
ABB, Infosys
HALLIBURTON
SCHNEIDER ELECTRIC SE
Based on region, the Asia-Pacific region garnered a 37.2% share in terms of revenue and is anticipated to grow at a CAGR of 8.4% during the forecast period. China has a strong presence in the South China Sea. Chinese oil & gas companies have come across with gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.
The digital oilfield market is segmented into solution, process, application, and region. Based on solutions, the digital oilfield market is fragmented into hardware solutions, software and service solutions, and data storage solutions. By process, the market is analyzed across reservoir optimization, drilling optimization, production optimization, safety management, and others. Based on application, the market is divided into onshore and offshore. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The digital oilfield market share is analyzed across all significant regions countries and segments.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/1623
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
- The report outlines the current digital oilfield market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The digital oilfields market size is provided in terms of revenue.
- Based on process, the safety management segment garnered a market share of 18.2% in 2020 in terms of revenue.
- Based on application, the onshore segment gained an 18% share in 2020 in terms of revenue.
- Based on region, the Asia-Pacific region garnered a market share of more than 37% in 2020 in terms of revenue.
๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐๐ง๐๐ซ๐ ๐ฒ ๐๐ง๐ ๐๐จ๐ฐ๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
๐. ๐๐ซ๐ญ๐ข๐๐ข๐๐ข๐๐ฅ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ ๐ข๐ง ๐๐๐ง๐๐ฐ๐๐๐ฅ๐ ๐๐ง๐๐ซ๐ ๐ฒ ๐๐๐ซ๐ค๐๐ญ - https://www.prnewswire.com/news-releases/ai-in-renewable-energy-market-to-reach-4-6-billion-globally-by-2032-at-23-2-cagr-allied-market-research-301965265.html
๐. ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ญ๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐๐ซ๐ค๐๐ญ - https://www.prnewswire.com/news-releases/digital-utility-market-to-reach-594-2-million-globally-by-2032-at-10-8-cagr-allied-market-research-301868110.html
๐. ๐๐ญ๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐๐ซ๐ค๐๐ญ -https://www.prnewswire.com/news-releases/utility-communications-market-to-garner-37-0-billion-globally-by-2032-at-5-7-cagr-allied-market-research-301893652.html
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
+1 5038946022
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
![](https://www.einpresswire.com/tracking/article.gif?t=2&a=7gnX2o1Boue2Telx&i=mcVRrgCRQZcEa1oz)