Press release
Digital Oilfield Market to grow at a good CAGR between 2019 and 2024
Growing energy consumption and rapid rise in the demand for hydrocarbon fuels is pressurizing global oil and gas industry to go farther and deeper to locate new fields. This requires greater investment in digitalization across oilfield operations, which is driving the growth of digital oilfield market. Stringent workers safety regulations are also boosting the adoption of various digital oilfield solutions, thus positively impacting market growth. Advanced digital technologies for E&P activities are also bolstering the growth of the digital oilfield market. However, the lack of technical expertise and the high initial investment is hindering the growth of the digital oilfield market.
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Offshore application segment witnesses significant CAGR during the forecast period
The offshore segment is projected to witness a significant CAGR between 2019 and 2024 owing to the growing global oil and gas demand due to economic growth and burgeoning population. The rising number of offshore projects is also fueling the growth of offshore digital oilfield market. The uptick in oil prices supported by technological advancements will drive the offshore oil development, thus positively impacting the growth of offshore well intervention market.
North America holds a major market share
Geographically, Digital Oilfield market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America holds the major market share owing to the high oil and gas production in the U.S. supported by the early adoption of advanced technologies across the industry. The U.S. Energy Information Administration (EIA) has projected the country’s average annual crude oil production to rise from 9.33 million barrel per day in 2017 to 11.2 million barrel per day in 2019. Favourable government policies and investments to fuel the country’s crude oil production also contribute to the growth of North America Digital Oilfield market. In April 2018, Donald Trump signed an order allowing for energy exploration and offshore drilling along the U.S. coastlines.
This report also includes a study of strategies and product portfolios of some of the leading companies in the Digital Oilfield market. It consists of company profiles of the leading companies- Rockwell Automation, Inc., Weatherford, Schlumberger Limited, Emerson, Halliburton, Honeywell International, General Electric, and Kongsberg Gruppen among others.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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