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Digital Oilfield Solutions Market 2024 - By Growth Rate, Sales, Production, Consumption Manufacturers, Shares And Outlook By 2033
Digital Oilfield Solutions Market
As per the report, the digital oilfield solutions market size has grown strongly in recent years. It will grow from $41.16 billion in 2023 to $43.35 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The digital oilfield solutions market size is expected to see strong growth in the next few years. It will grow to $53.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
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Surge In Offshore And Ultra-Deepwater Discoveries Fuels Growth Of The Digital Oilfield Solutions Market
The growing demand for offshore and ultra-deepwater discoveries is expected to propel the growth of the digital oilfield solutions market going forward. Offshore/ultra-deepwater discoveries refer to identifying petroleum reserves beneath the surface of oceans, seas, or lakes. Digital oilfield solutions improve exploration, production, and operational efficiency to overcome technical challenges such as extreme water depths, harsh weather conditions, and remote locations. For instance, according to the Journal of Petroleum Technology (JPT) Report, a US-based Society of Petroleum Engineers (SPE) publication, in 2022, the oil and gas industry experienced a significant increase in offshore and ultra-deepwater discoveries worth $33 billion, generating full-cycle returns of 22% based on $60 per barrel brent prices. Notably, the average discovery in 2022 was more than 150 million barrels of oil equivalent. Therefore, the growing demand for offshore and ultra-deepwater discoveries is driving the growth of the digital oilfield solutions market.
Advancements In Digital Oilfield Solutions
Major companies operating in the digital oilfield solutions market are developing advanced solutions, such as artificial intelligence (AI)-driven vision platforms, to gain a competitive edge in the market. An AI-driven vision platform is a technology solution that integrates artificial intelligence (AI) algorithms with computer vision capabilities. For instance, in November 2021, OspreyData, a US-based oil and natural gas company specializing in AI-driven production optimization solutions, launched the OspreyData Vision platform on all mobile devices. This innovative platform allows users to access critical operating information and take action on alerts from anywhere, enhancing collaboration and control within the digital oilfield environment. The Vision platform's capabilities enable engineers, artificial lift technicians, and production engineers to work remotely from a virtual control center, accessing essential operational data and enhancing decision-making processes.
The digital oilfield solutions market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Internet Of Things (IoT), Artificial Intelligence, Big Data Analytics
3) By Process: Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Other Processes
4) By End Use: Upstream, Midstream, Downstream
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Major companies operating in the digital oilfield solutions market are Microsoft Corporation, Siemens AG, Intel Corporation, The International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, General Electric, PricewaterhouseCoopers, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Schlumberger Limited, Baker Hughes Inc., Eaton Corporation plc, Halliburton Company, Infosys Limited, Emerson Electric Co., S&P Global Platts, Rockwell Automation Inc., National Oilwell Varco Inc., Weatherford International plc, Kongsberg Gruppen Asa, IHS Inc., DIGI International Inc., Katalyst Data Management, Wood Mackenzie, Rystad Energy
Contents of the report:
1. Executive Summary
2. Digital Oilfield Solutions Market Report Structure
3. Digital Oilfield Solutions Market Trends And Strategies
4. Digital Oilfield Solutions Market - Macro Economic Scenario
5. Digital Oilfield Solutions Market Size And Growth
…..
27. Digital Oilfield Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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