Global Market Insights adds Digital Oilfield Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
The digital oilfield market share is set to grow on account of recovering oil prices and rising exploration and production activities. Rapid discoveries of new oilfields along with increasing rig count will enhance the industry outlook. For instance, in 2018 the U.S. rig count increased to 945 when compared to 900 in 2017.
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Digital Oilfield Market is set to grow over USD 39 billion by 2025. Technological advancement coupled with increasing awareness pertaining to the potential of digitalized solutions empowered with advanced analytics, cloud computing and Internet of Things (IoT) will accelerate the business growth. Ongoing promotions amongst the industry through Fourth Industrial Revolution or Industry 4.0 along with respective government measures toward enhancing the domestic technology capabilities will complement the business outlook.
Growing need for economic recovery of hydrocarbon resources along with increasing number of mature fields will propel the digital oilfield market growth. Romania and Russia are set to witness increasing deployments owing to a large number of mature oilfields across the region. Various enhanced oil recovery methods are being actively used to boost the declining production. Innovative solutions including well testing facilities and reservoir management will allow the operators to save cost on performing expensive recovery methods.
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Economic dependency on oil and gas trade and production coupled with prevailing need for transformation of business operations will propel the Middle East digital oilfield market. Kuwait and Saudi Arabia is set to drive the industry growth on account of massive investment toward digitalization. In order to boost their oil recovery and maximize return the companies are using new technologies. Some of the key investors present across the region include Saudi Aramco, Abu Dhabi National Oil Company and Kuwait Oil Company. For instance, in 2019, the Kuwait Oil Company launched the phase two of the KwIF project integrating the operations with real time surveillance, modelling and field assets.
Growing need for strategically planned drilling processes along with need for high capital investments will put thrust to digital oilfield market by drilling operations. Well complexity, low oil prices and increased competition are some of the key factors leading to the adoption of new drilling technologies. It further minimizes the nonproductive time, drilling risk, enhances the work safety along with full time project support will encourage its adoption.
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Ongoing industry collaborations along with rapid decline in technology cost will foster the digital oilfield market by information technology. The companies are focusing on enhancing their services and IT infrastructure along with rapid integration of business strategies and technologies will open new growth prospects. For instance, some of the major industry collaborations include the digital partnership of Exxon Mobil and Microsoft, Shell and Microsoft and Weatherford and Intel and others.
Key industry players operating across digital oilfield market include ABB, Halliburton, Weatherford, Schlumberger, Rockwell, Intel, General Electric, Siemens, National Oil Varco, Accenture, Schneider, Kuwait Oil Company and Infosys.