Digital Oilfield Solutions Market to Witness Steady Growth at 6.3% CAGR During 2017-2027
The extensive range of operations in the oil and gas industry is enhancing the demand for digital solutions as they reduce the operational expenditure of oil and gas operators. Considering the demand for and developments in automation solutions and security technologies, digital solutions will play a pivotal role in the oil and gas industry. As a result, the global digital oilfield solutions market is expected to witness significant growth in 2018 and will reach a market value of US$ XX Bn, exhibiting a y-o-y growth rate of 6% as compared to 2017. Furthermore, the global demand for digital oilfield solutions will also be influenced by the rising trend of connected oil and gas industry.
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Digital oilfield solutions are being adopted by a large number of oil and gas operators worldwide. The innovative digital oilfield solutions validate different types of software and services, such as analytical tools and cyber-security services. The oil and gas industry is inducing automation into upstream, midstream and downstream operations to reduce operational expenditure and enhance performance in the global market. Advancements in data safety in the oil and gas industry are expected to boost the demand for digital oilfield solutions over the coming years.
Based on component type, the software segment will continue to dominate the digital oilfield solutions market in terms of global market share and is expected to account for approximately 47.9% share by the end of 2028.
Based on end use, the upstream segment will continue to dominate the digital oilfield solutions global market and is expected to account for US$ XX Bn by 2028 end. However, the demand for digital oilfield solutions in midstream and downstream segments is expected to grow in the European region over others.
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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Increasing demand for digital oilfield solutions in the coming years will influence prominent manufacturers to collaborate with technology providers for expanding their business. ABB, Emerson Electric, Rockwell Automation, Siemens AG, Schneider Electric, Honeywell International Inc, and General Electric are some of the key players in the global digital oilfield solutions market.