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Digital Oilfield Market Cost Structure, Key Companies and Forecast to 2031
3/16/2022
Digital Oilfield Market: Snapshot
The race for developing digitally equipped oilfields is likely to fetch multiple growth avenues for the digital oilfield market. The COVID-19 pandemic has changed the market equations across the world as it created need for online operations which can be possible even from remote location. Several organizations are transforming digitally with the changing circumstances owing to several restrictions and protocols set due to the pandemic.
Automation has become one of the necessary aspects due to the volatility of the COVID-19 infection. The industries are adopting automation mechanisms to minimize human intervention as a precautionary measure to curb the spread of the virus. Hence, the digital oilfield market is likely to experience an upward trajectory during the forecast period of 2021-2031.
The oil and gas industries need a well-established digital model to increase production and minimize costs. Digital oilfield is a concept that has incorporated operational procedures with information technology to enhance the production process.. The combination of technology and operations will positively impact the growth of the digital oilfield market in the near future.
The team of analysts at TMR are meticulously curating the report on the digital oilfield market to present an in-depth analysis of different aspects affecting the growth rate. These factors include the key trends, competitive landscape, and regional analysis. The stakeholders can immensely benefit from this thoroughly researched report. Furthermore, this report also includes the effect of the COVID-19 outbreak on the digital oilfield market.
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Digital Oilfield Market: Key Trends
The oilfield companies are digitalizing the oilfields to analyze the collected data to analyze the performance status of the equipment. The benefits of digital oilfields include reduced downtime of the equipment and real-time surveillance from any location. The management of complex projects is simplified through the machine data in digital oilfields. These aspects may prove to be growth boosters for the digital oilfield market.
The oilfield companies are adopting the use of digital technology in their oilfields for the management of remote and offshore locations. Further digital oilfields cater to enhanced production and reduce labor. The benefits associated with oilfield technology offer improved performance, cost-effectiveness, environmental compliance, and safety of the operators. The hassle-free operations in the automation run environment may create lucrative growth opportunities for the digital oilfield market
Digital Oilfield Market: Competitive Analysis
The key market players are looking for smart solutions for data deployment of advanced systems in the oilfields. Furthermore, they are actively investing in R&D activities to upgrade the existing technology. These activities and advancements in technology may bode well for the growth of the digital oilfield market.
The key players are encouraging team collaboration between engineers, geoscientists, operation managers, and financial analysts to instantly find proper techniques and solutions for offshore or onshore issues. The market players are getting into strategic collaborations and partnerships to strengthen their presence. For instance, Kuwait Oil Company signed an agreement with Halliburton for the maintenance and expansion of digital solutions in February 2021.
The key players operating in the digital oilfield market are Siemens, Kongsberg, Digi International, ABB, Honeywell International, and Rockwell Automation.
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Digital Oilfield Market: Regional Prospects
The digital oilfield market can be segmented into North America, Latin America, Asia Pacific, Europe, the Middle East, and South Africa based on region. Europe is expected to hold a substantial share of the digital oilfield market owing to the rising demand for extensive data management in this region. Furthermore, the companies in Europe are observing the growth and production optimization which may help Europe be a frontrunner in the digital oilfield market.
The technology-driven revolution in North America and Europe has shown a substantial rise in the onshore segment in these countries. These aspects may boost the growth of the digital oilfield market. Geographically, there are many existing untapped opportunities to create lucrative growth platforms for Europe.
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