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Digital Oilfield Market - Trends in Forthcoming years and key Factors Behind the Growth and Demand
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On the basis of process, global digital oilfield market has been segmented into production optimization, drilling optimization, reservoir optimization, and others. On the basis of process, the drilling optimization is currently dominating the global digital oilfield market in the year 2016 because of its high operational costs involved in drilling process. The situation is anticipated to change however during forecast period, and the production optimization segment is anticipated to lead the global digital oilfield market in 2023, because of rising demand from filed operators, as hydrocarbon recovery rates are to be improved in the forecast period. Owing to rising offshore field development activities being undertaken in the Gulf of Mexico, North America is the largest market of digital oilfield in the world.
The global digital oil field market has been segmented into onshore and offshore on the basis of application.Based on application, the onshore segment is anticipated to grow at a faster pace. The rising acceptance of digital oilfield techniques in regions including North America and Middle-East, where the most of the oilfields are located onshore, are anticipated to drive the onshore segment in the forecast period. The digital oilfield market is segmented on the basis of solution into hardware solutions, software & service solutions, and data storage solutions. The hardware segment is anticipated to grow at a rapid rate from 2017 to 2025. The investments by oilfield operators towards process automation and technology enhancement will make it possible for the companies to eliminate optimize production, enhance control and monitoring of oil and gas eliminate non-productive times therefore driving the hardware market during the forecast period.
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Some of the companies in the Digital Oilfield market are Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Sinopec Oilfield Service Corporation, Honeywell International Inc, Siemens AG, National Oilwell Varco, Inc., ABB Ltd, among others. The major companies operating in the global Digital Oilfield market will eventually grab the opportunity presented by the new technology to further enhance their product offerings.
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