Digital Oilfield Solutions Market growth at 5.09% CAGR by 2024: Research Study
The global digital oilfield market was valued USD 20.10 Billion in 2016; it is projected to reach USD 27.10 Billion by 2024, growing at a CAGR of 5.09%, from 2017 to 2024. Investment for digitization of oil & gas fields are increasing for enhancing their workflow process, for optimizing production, thereby meeting the product forecast and improving profitability. Europe and North America are expected to be the largest markets for digital oilfield during the forecast year. The regions such as Asia Pacific, Africa, and the Middle East are expected to drive the growth of digital oil field market.
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The onshore segment is the fastest growing market during the forecast period and is projected to dominate the market during the forecast period. The larger intensity of onshore applications regions such as the Middle East and North America. These areas where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time and increased profitability through integrating the workflows. This would ultimately create new revenue pockets for the digital oilfield market during the forecast period.
As per the report Europe is anticipated to be the largest market during the forecast period owing to the increasing investment on IT infrastructure with the focus to improve the production from matured oilfields. Followed by it, North America is expected to be the second largest market for digital oilfield solutions by 2023 due to increasing non-conventional shale production activities in the region.
In 2018, North America is estimated to be the most lucrative region in the global digital oilfield solutions market and is likely to hold more than 24.4% of the global market share. Further, advancements in wireless communication technologies will drive the demand for digital oilfield solutions in Western Europe, North America, China and SEA & Pacific.
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The leading players identified across the value chain of digital oilfield solutions market are highly focusing on developing innovative solutions in order to gain the competitive edge and increasing awareness about the advantages of digital oilfield solution to increase their market penetration.
some of the prominent key players reported in this research of the global digital oilfield solutions market include ABB, Emerson Electric, Rockwell Automation, Siemens AG, Schneider Electric, Honeywell International Inc, and General Electric, among others. These players are key participants in the global digital oilfield solutions market and there are some regional players who are offering hardware products. In recent times, automation suppliers are merging or collaborating with service companies such as Microsoft and IBM to enhance the security and safety of their systems.