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Digital Oilfield Market Report 2024-2033: Share, Trends, Demand, Overview
Digital Oilfield Market Demand
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According to The Business Research Company's, The digital oilfield market size has grown strongly in recent years. It will grow from $27.89 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rise of edge computing, increased focus on sustainability, rise in data analytics adoption, automation of oilfield operations, enhanced connectivity and communication, increased focus on health, safety, and environment (hse).
The digital oilfield market size is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai), increasing demand for oil and gas, shift towards predictive manitenance, cybersecurity measures, remote operations and collaboration, sustainable practices in oil and gas. Major trends in the forecast period include remote operations and collaboration, integration of internet of things (iot), digital twin implementation, partnerships, shift towards predictive maintenance.
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Market Drivers and Trends:
Increasing utilization of cloud computing is expected to drive the growth of the digital oilfield market going forward. Cloud computing refers to the delivery of various computing services, including servers, storage, databases, networking, software, analytics, and more, over the internet. Cloud computing provides scalable and flexible storage solutions, allowing oil and gas companies to efficiently store and manage the vast amounts of data generated in oilfield operations. This data can include information from sensors, drilling operations, reservoir simulations, and more. Cloud platforms offer easy accessibility to this data from various locations, facilitating collaboration and decision-making. For instance, in November 2022, according to Exploding Topics, a US-based journal website, the annual revenue from cloud infrastructure services will be $178 billion, and 90% of large businesses will have a multi-cloud infrastructure in place. Further, the cloud applications market is expected to be worth $168.6 billion by 2025. Therefore, the increasing utilization of cloud computing is expected to contribute to the growth of the digital oilfield market.
Technological advancements are a key trend gaining popularity in the digital oilfields market. Major companies operating in the digital oilfields market are advancing toward next-generation automation technology to gain a competitive edge in the market. For instance, in February 2023, Baker Hughes, a US-based energy technology company, unveiled Leucipa, a new digital solution aimed at enhancing efficiency and sustainability in oil and gas operations. The cloud-based automated field production software is designed to assist operators in proactively managing production while concurrently reducing carbon emissions. The focus of Leucipa is on achieving specific outcomes by leveraging data to drive intelligent operations. This innovation reflects Baker Hughes' commitment to advancing digital capabilities for more efficient, informed, and sustainable energy operations.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
TE Connectivity Ltd., Omron Corporation, Eaton Corporation plc, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Engineering Technology, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG
Digital Oilfield Market 2024 Key Insights:
• The digital oilfield market size is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Offshore Exploration And Drilling Driving Digital Oilfields Market Growth
• Technological Advancements Shaping The Digital Oilfields Market
• North America was the largest region in the digital oilfield market share in 2023
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