DUBLIN--(BUSINESS WIRE)--The "Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The digital oilfield market is projected to grow from an estimated USD 21.14 billion in 2017 to USD 27.10 billion by 2022, at a CAGR of 5.09%, from 2017 to 2022.
Increasing adoption of digitization techniques in oil & gas fields for enhancing the production outputs and optimizing workflow process has enabled the companies to meet the production targets and eliminate nonproductive time in oilfields. Europe and North America are expected to be the largest markets for digital oilfield during the forecasted year. Data security and cyber threats are key pain points for oil field operate that restrain the growth of the market during the forecast year.
The hardware segment of the global digital oilfield market is expected to grow at a fast pace during the forecast period. The capital investment by oilfield operators toward technology enhancement and process automation enables the companies to eliminate non-productive time, optimize production and enhanced control, and monitor oil & gas fields.
The Middle East is the largest market for digital oilfield, followed by North America and Asia Pacific. The region consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. These countries continue to drive the demand for the market in the region. Despite the recent decline in profit margins for the national oil companies, the companies continue to increase their production output. The use of digitization techniques would enhance the production output synergies thereby enabling the oilfield operators to improve their operational efficiency.
The key players in the digital oilfield market include integrators such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Digital Oilfield Market, By Process
7 Digital Oilfield Market, By Solutions
8 Digital Oilfield Market, By Application
9 Digital Oilfield Market, By Region
10 Competitive Landscape
11 Company Profiles
- Digi International
- IHS Markit
- National Oilwell Varco
For more information about this report visit https://www.researchandmarkets.com/research/pdcwwk/digital_oilfield?w=4