According to BlueWeave Consulting, the global Digital Oilfield market has reached USD 24.19 Billion and anticipated to grow nearly at a CAGR of 4.68% to reach USD 33.2 billion by 2026. The digital oilfield aims to optimize recovery of the oilfield, minimize unproductive time, and increase productivity by developing and deploying automated workflows.
The digital oilfield market is driven by factors such as new technological developments, improved return on investment (ROI), and the increasing need to scale up from mature wells to maximize production. Investments in digital oilfield solutions are likely to rise due to the reason that crude oil prices have recovered after the recent plummeting. Adopting new techniques such as IoT (Internet of Things), seismic imaging, and Artificial Intelligence (AI) helps to deploy the minimum workforce at remote onshore & offshore exploration sites.
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The future technological transition is caused by today’s low-cost of crude oil along with the combination of information technology and the Internet of Things with Virtual Oilfield operational technology. Increasing stress on operational management and capital and operating expenses reduction will contribute to the adoption of smart digitized devices and solutions. Advancement in wireless technology, connectivity, data analysis, and collection systems have allowed substantial improvements in decision making and efficiency.
The declining output from existing wells, along with the need to develop a method of economic recovery would accelerate the growth of the industry. Rising O&G production across remote locations with requirements for remote monitoring and automated operations will also boost the outlook for the industry.
The Digital Oilfield is not just about computer chips, applications, and processors. It is about melding the technology of operations with information technology and the Internet of things. Digital Oilfield is a combination of different technologies to improve production in innovative ways. The seamless flow of information from the field via technologies such as IoT, digital mobile communications, and satellite allows for real-time analysis and response.
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North America is expected to grow at a significant pace due to the presence of leading oil and tech companies and also owing to the ultimate technological capabilities. As the USA is one of the leading countries in the oil and gas industry, and the presence of leading oil and gas companies in the region is expected to drive the digital oilfield market. The Middle East is one of the fastest-growing markets for digital oilfields. Countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran have some of the world’s largest oil reserves. Saudi Arabia continues to fuel the region’s market demand. The use of digitization techniques would improve efficiencies in production outputs, thus enabling oilfield operators to enhance their profits.
Prominent players operating in the Digital Oilfield market are Halliburton, Weatherford, Osprey Informatics, IBM, Digi International, Microsoft, Baker Hughes, National Oilwell Varco, Kongsberg Digital, General Electric, Rockwell Automation, Accenture, Honeywell Process Solutions, ABB, Emerson, Schlumberger, Cisco, National Oilwell Varco, Siemens, and Other Prominent Companies are expanding their presence in the market by implementing various innovations and technology.
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