Steadily climbing global energy demands will fuel the global “digital oilfield“ market growth during the forecast period. According to the International Energy Agency’s Global Energy and CO2 Status Report, in 2018, worldwide demand for energy grew by 2.3%, with fossil fuels meeting 70% of the energy demanded. Moreover, with the world population projected to hit 9.8 billion by 2050, as per UN estimates, the demand for energy will witness an exponential rise in the near future. This is expected to result in a substantial increase in demand for digital oilfield services owing to their multiple advantages such as better efficiency, high rate of return on investment, informed decision-making, and improved productivity. Consequently, the global digital oilfield market size will broaden till 2027.
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- National Oilwell Varco
- Kongsberg Gruppen
- Honeywell International Inc.
Key Market Driver – Focus on increasing exploration efficiency
Key Market Restraint – Volatility in crude oil prices and growing demand for alternative sources of energy
Fortune Business Insights provides a comprehensive market analysis in its report, titled “Digital Oilfield Market Size, Share and Global Trend By Process (Reservoir Optimization, Production Optimization, Drilling Optimization, Others), By Solution (Hardware, Software & Service, Data Storage), By Application (Onshore, Offshore) and Geography Forecast till 2027”. The report also contains a detailed assessment of the various factors that will influence the market, trends that are likely to emerge in the market, and the dynamics that will shape the market during the forecast period.
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1. By Process
- Reservoir Optimization
- Production Optimization
- Drilling Optimization
2. By Solution
- Software & Service
- Data Storage
3. By Application
4. By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
For more information in the analysis of this report,visit https://www.fortunebusinessinsights.com/industry-reports/digital-oilfield-market-100767
Table of Content
5. Global Digital Oilfield Market Analysis, Insights and Forecast, 2015-2027
5.1.Key Findings / Summary
5.2.Market Analysis, Insights and Forecast – By Solution (USD Billion)
5.3.Market Analysis, Insights and Forecast – By Process (USD Billion)
5.3.3. Drilling Optimization
5.4.Market Analysis, Insights and Forecast – By Application (USD Billion)
5.5.Market Analysis, Insights and Forecast – By Region (USD Billion)
5.5.5.Middle East & Africa
6. North America Digital Oilfield Market Analysis, Insights and Forecast, 2015-2027
6.1.Key Findings / Summary
6.2.Market Analysis, Insights and Forecast – By Solution (USD Billion)
6.3.Market Analysis, Insights and Forecast – By Process (USD Billion)
6.4.Market Analysis, Insights and Forecast – By Application (USD Billion)
6.5.Market Analysis, Insights and Forecast – By Country (USD Billion)
7. Europe Digital Oilfield Market Analysis, Insights and Forecast, 2015-2027
7.1.Key Findings / Summary
7.2.Market Analysis, Insights and Forecast – By Solution (USD Billion)
7.3.Market Analysis, Insights and Forecast – By Process (USD Billion)
7.4.Market Analysis, Insights and Forecast – By Application (USD Billion)
7.5.Market Analysis, Insights and Forecast – By Country (USD Billion)
7.5.6.Rest of Europe
8. Asia Pacific Digital Oilfield Market Analysis, Insights and Forecast, 2015-2027
8.1.Key Findings / Summary
8.2.Market Analysis, Insights and Forecast – By Solution (USD Billion)
8.3.Market Analysis, Insights and Forecast – By Process (USD Billion)
8.3.3. Drilling Optimization
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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