Press release
Digital Oilfield Market Share, Size, Financial Summaries Analysis By 2032 | Halliburton Company, Schlumberger Limited, Baker Hughes Company
Digital Oilfield Market
The global digital oilfield market is expected to grow from $26.20 billion in 2022 to $27.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital oilfield market is expected to grow to $33.93 billion in 2027 at a CAGR of 5.2%.
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Digital Oilfield Market Drivers
The increase in offshore exploration and drilling activities is expected to propel the growth of the digital oilfields market going forward. Offshore exploration and drilling refer to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. The offshore oil industry uses digital oilfield technology to assist with deep-water drilling. Additionally, digital oilfield products and services are used for increasing productivity, reducing costs, and minimizing risks in oil and gas operations.
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Digital Oilfield Market Segments
1) By Solution: Hardware Solutions, Software and Service Solutions, Data Storage Solutions
2) By Process: Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Other Process
3) By Service: Instrumentation and Automation, Information Technology
4) By Application: Onshore, Offshore
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Digital Oilfield market.
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Digital Oilfield Market Key Players
Major players in the digital oilfield market are Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International plc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Digi International, National Oil Varco, Accentur*e PLC., Infosys Limited, and International Business Machines Corporation.
The Business Research Company's "Global Digital Oilfield Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Digital Oilfield Market Include:
1. Executive Summary
2. Digital Oilfield Market Characteristics
3. Digital Oilfield Market Trends And Strategies
4. Digital Oilfield Market - Macro Economic Scenario
5. Digital Oilfield Market Size And Growth
......
26. Africa Digital Oilfield Market
27. Digital Oilfield Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital Oilfield Market
29. Digital Oilfield Market Future Outlook and Potential Analysis
30. Appendix
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