MarketStudyReport.com Adds New Digital Oilfield Market 2019 – 2025 research report providing information and data By Process, By Service, By Application, By Technology, Industry Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast spreading across 340 Pages with table and figures in it.
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.
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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.
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.
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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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.
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.
Table of content:
Chapter 1 Methodology & Scope
1.2 Market definitions
1.3 Market estimates & forecast parameters
1.4 Data sources
220.127.116.11 Paid sources
18.104.22.168 Public sources
Chapter 2 Executive Summary
2.1 Digital oilfield market 360 degree synopsis, 2014 - 2025
2.1.1 Business trends
2.1.2 Process trends
2.1.3 Service trends
2.1.4 Application trends
2.1.5 Technology trends
2.1.6 Regional trends
Chapter 3 Digital Oilfield Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014 - 2025 (USD Million)
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Regulatory landscape
3.4.1 North America
22.214.171.124.1 Industry 4.0 and European innovation policy
126.96.36.199.2 Industry 4.0
3.4.3 Asia Pacific
188.8.131.52.1 Petroleum and Natural Gas Regulatory Board (PNGRB)
3.5 Innovation & sustainability
3.5.2 GE & Noble Group
3.5.4 Rockwell Automation
3.6 Industry impact forces
3.6.1 Growth drivers
184.108.40.206.1 Volatile crude oil prices
220.127.116.11 North America
18.104.22.168.1 Increasing exploration and production activities
22.214.171.124.1 Growing number of mature fields
126.96.36.199 Asia Pacific and Middle East
188.8.131.52.1 Growing investment toward digital technology
3.6.2 Industry pitfalls & challenges
184.108.40.206 Budgets constraints and limited availability of skilled workforce
220.127.116.11 Poor data quality and increased cyber security risk
3.7 Entry Barriers
3.8 Growth potential analysis
3.9 Porter's Analysis
3.10 Competitive Landscape, 2018
3.10.1 Strategy dashboard
Chapter 4 Digital Oilfield Market, By Process
Chapter 5 Digital Oilfield Market, By Service
Chapter 6 Digital Oilfield Market, By Application
Chapter 7 Digital Oilfield Market, By Technology
Chapter 8 Digital Oilfield Market, By Region
Chapter 9 Company Profiles
Global Digital Oilfield Market Size, Status and Forecast 2019-2025
The global digital oil field market, by application, has been segmented into onshore and offshore, with the onshore segment growing at a faster pace. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East, and North America, where the maximum of the oilfields are located onshore, are expected to drive the onshore segment. Thus, the increasing production activities in these regions and reduction of non-productive time is expected to drive the onshore segment at the highest rate during the forecast period.
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