Press release
Digital Oilfield Market Anticipated to Reach 29.07 billion by end of 2023 With the Key Players Baker Hughes, Rockwell Automation, Siemens, Schlumberger, Emerson Electric, ABB, Halliburton Technology Centre within the forecast period 2014-2023
Digital Oilfield Market
Market Highlights:
The Digital Oilfield Market was worth USD 18.56 billion in 2014 and is expected to reach approximately USD 29.07 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.11% during the forecast period. The primary function of the digital oilfield is to boost the recovery of oilfield, diminish non-productive time, and increment gainfulness through the deployment and design of integrated work processes. Digital oilfield work processes combine business process management with cutting edge information technology and designing skill to streamline and, in several cases, mechanize the execution of assignments performed by cross-functional groups.
Competitive Insights
The major players in the market are
Baker Hughes, Rockwell Automation, Siemens, Schlumberger, Emerson Electric, ABB, Halliburton Technology Centre, Weatherford International and National Oilwell Varco. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Digital Oilfield Market Is Segmented As Follows:
Digital Oilfield Market-By Process
Drilling Optimization
Reservoir Optimization
Production Optimization
Others
Digital Oilfield Market-By Application
Offshore
Onshore
Digital Oilfield Market-By Solutions
Software & Service Solutions
Hardware Solutions
Data Storage solutions
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Digital Oilfield Market-Application outlook
The complications in deep-water drilling, alongside the expanding adoption of digital oilfield techniques in several regions where the maximum of the oilfields are located onshore, are foreseen to drive the onshore fragment. Consequently, the expanding production exercises in these locales and diminishment of non-productive time is anticipated to drive the onshore portion at the most astounding rate amid the conjecture time frame.
What Our Report Offer:
1) An extensive research study on the global digital oilfield market, and its entire ecosystem, describes the market trends, drivers, restraints and opportunities of the digital oilfield market.
2) We provide you the longest possible market segmentation based on type of products, procedures and geography and describe the market share region wise.
3) The report gives a bird eyes view on the competitive landscape which includes mergers and acquisitions, collaborations, market strategies, and new product launches.
Regional Outlook and Trend Analysis:
Europe is anticipated to rule the digital oilfield market amid the figure time frame as the area has a few develop fields in the North Sea which require expanded usage of technological prowess to produce oil. The high number of mature oil & gas fields prompts the expanding interest for digital oilfield solutions, for example, well intervention and upgraded oil recuperation (EOR) methods.
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Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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