In a recent published report, Kenneth Research has updated the market report for Digital Oilfield Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Oilfield Market products.
The Digital Oilfield Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
Digital oilfield Market was valued at USD 21.27 Billion in 2017 and is projected to reach USD 31.12 Billion by 2025, growing at a CAGR of 4.9% from 2018 to 2025.
What is Digital oilfield?
Digital Oilfield is defined as a section of the energy industry that includes advanced software and data analysis techniques to its operations in order to provide better outputs and enhance the profitability of the production process. The main focus of Digitization of an oilfield is on IT for enhancing the business drivers that comprises of improving safety, optimizing production rate of hydrocarbons, environmental protection, finding reserves and exploiting them to the fullest. Digital oilfield offers numerous advantages such as enhanced decision making, increased return on investment, maximum oilfield recovery, optimum usage of time and Net present value improvement.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Global Digital Oilfield Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Emphasis on process optimization through digitalization by Oil & Gas Operators, growing need from Oil & Gas operators and availability of cloud computing services in the Oil & Gas industry have been driving the global digital oilfield market. On the other hand, factors such as fluctuations in crude oil price and cyber-threats along with resistance toward new technologies might hinder the overall growth at a global level.
Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Digital oilfield Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Digital oilfield Market Competitive Landscape
The “Global Hardware Security Module Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Schlumberger Limited, The Halliburton Company, Baker Hughes, Weatherford International Plc, Sinopec Oilfield Service Corporation, Rockwell Automation, Inc., Honeywell International Inc., Accenture PLC, Siemens AG, and International Business Machines (IBM) Corporation. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Digital oilfield Market Segmentation, by Process
• Reservoir Optimization
• Production Optimization
• Drilling Optimization
Global Digital oilfield Market Segmentation, by Solutions
• Hardware Solutions
o Distributed Control System
o Supervisory Control & Data Acquisitions
o Safety System
o Wireless Sensor
o Programmable Logic Controller
o Others (process automation manager and human-machine interaction)
• Software & Service Solutions
o IT Outsourcing
o IT servicing & Commissioning
o Collaborative Product Management
• Data Storage solutions
Global Digital oilfield Market Segmentation, by Application
Global Digital oilfield Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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