Global digital oilfield solutions are projected to rise in its growth by a frequent fluctuation of oil prices worldwide. Organizations are currently shifting towards digital solutions for achieving significant benefits constituting of cost reduction, cloud technology and internet of things (IoT) are supporting the digital oilfield solutions. Oil & Gas organizations are putting efforts for increased productivity mostly in mature oil fields markets that can be reached by digital oilfield services. These solutions support the organizations in faster and efficient planning by intervention techniques therefore such forces are driving the digital oilfield solutions market worldwide. However, the oil & gas companies are having little funding in oil & Gas automation for reducing cyber-attacks.
The key factors that support the growth of digital oilfield solutions are being made by various industries in upstreaming their assets are enhancing the digital oilfield market. Investments made on digital oilfield solutions are stimulating the prices of crude oil in order to recover after a recent drop in their prices. However, the unprotected nature of the gas and oil industry impacts human resource and environmental factors that change. Growth of exploration and production of oil & gas activities worldwide had created an unfavourable environmental condition that is backing market growth of digital oilfield services.
Global Digital Oilfield Solutions Market was Valued at US$ AA Mn in 2018 is Expected to Grow at a CAGR of 4.5% During the Forecast Period.
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Rising Demand for Reservoir optimization is anticipated to drive the demand for Digital Oilfield Solutions.
Reservoir optimization requires substantial management of information that is generated while seismic surveys, geophysical analysis, reservoir fluid analysis, data mining, and creation of data. The big data analytics services contribute in the digital oil field solutions for the generation of the data during process, constituting of such trends in the market data, that could identify anomalies resulting in decreased fluctuations coupled by optimization of resource utilization along with greater the productivity and efficient decision-making capabilities.
North America Is expected to dominate the Digital Oilfield Solutions Market during the Forecast Period
North America is leading in the market growth of digital oilfield services in 2018 that is projected to have good market growth during the forecast period. The region has registered a higher share in the oil and gas production nations having higher petroleum reserves. This expansion of the oil & gas industry is supporting the organizations for the adoption of a digitized model of improving their production efficiency. Oil and gas industry is steadily growing thus many of the mature oilfields are projected to shift towards automated operations in support of a demand for digital oilfield solutions during the forecast period in the North American region.
The global digital oilfield services market is fragmented in a number of local and global players. Therefore the competency between these rivalry forces is generating new opportunities in this industry.
Key players operating in the global digital oilfield solutions market are listed as follows: Schlumberger Ltd., Halliburton Company, and Kongsberg Gruppen AS. Baker Hughes Co., Siemens AG. Weatherford International Ltd.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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