In a recent published report, Kenneth Research has updated the Market report for Oilfield Operations Management System Opportunities in India 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 Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 Oilfield Operations Management System Opportunities in India Market Products.
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According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Oilfield Operations Management System Opportunities in India report provides a holistic view of the different use cases, market influencers, and opportunity enablers predominant in the Indian market space.
Oilfield operators are gradually adopting digital strategies to improve business performance. They have become more reliant on innovation and technology. Oilfield operations management system (OOMS) is one such innovation that utilizes technologies like industrial internet of things (IIoT), artificial intelligence (AI), machine learning, and big data to ease operations. OOMS finds application in artificial lift optimization, automated workflow management, well monitoring, flow assurance, multiphase flow simulation, predictive analytics & production simulation, production optimization & allocation, and reservoir management.
A comprehensive range of oilfield operations management system use cases is being established to leverage information capital and transform the traditional oilfield sector into smart enterprises. Primary use cases of oilfield operations management system include fleet management, field productivity, production asset optimization, predictive maintenance, and biometric monitoring. The verticals which can gain major advantages from these use cases are Exploration and Production (E&P), Service and Supply (S&S), and Midstream & Downstream (M&D).
Focus on innovation, digital transformation, and a broad spectrum of advantages are expected to fuel the large-scale adoption of oilfield operations management systems. The current turmoil, caused by the international price war, oversupply, and the COVID-19 pandemic have triggered the digital transformation of the oil and gas sector. Operators have started showing interest in adopting solutions like oilfield operations management systems to sustain in the cost-constrained environment. Advantages like optimized production, reduced operating costs, and improved recovery rate are likely to encourage its adoption. Penetration of advanced technologies like IIoT, AI, machine learning, and big data are likely to be instrumental in leveraging the gamut of real-time data generated from oilfield assets.
However, in India, oilfield operations management system has not witnessed widespread adoption, owing to factors, such as budget constraint, lack of awareness, and organizational barriers, among others. Majority of the industry players lack knowledge regarding its qualitative and quantitative benefits. Furthermore, the implementation of the oilfield operations management system requires departmental collaboration, which is a significant challenge for the oil and gas companies where functional groups perform in silos. Additionally, the concerns regarding cybersecurity and data management challenges are impeding market growth. Oilfield operations management systems in India can capture enormous opportunities through empowering and sharing knowledge, leadership changes, and collective approach. Collaborations between solution providers and oil and gas companies can bring about opportunities. Enhanced knowledge of business cases among users and stakeholders can initiate adoption, and thus improve productivity while reducing operating costs.
Oilfield operations management providers:
• ABB Ltd
• Infosys Limited
• Emerson Electric Co.
• OCS Services (India) Pvt Ltd.
• Protiviti India Member Private Limited
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Oilfield Operations Management System Opportunities in India Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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