Product ID: SQMIG10D2030
Report ID:
SQMIG10D2030 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|
Tables:
90 |
Figures:
78
Global digital oilfield market size was valued at USD 35.25 billion in 2022 and is poised to grow from USD 36.98 billion in 2023 to USD 54.22 billion by 2031, at a CAGR of 4.90% during the forecast period (2024-2031).
The protection of sensitive data and the lowering of potential cyber threats have become issues as a result of the integration of smart technology and digitization. The demand for digitalization in oilfields is being driven by an increasing portion of unconventional oil and gas deposits and falling production from existing wells. Digital oilfield technologies also offer remote monitoring and automated operations from a central location, lowering the overall operational cost. Becoming increasingly widespread across areas such as hardware, software, and services there is a clear tendency for the use of IoT sensors, advanced analytics, and automation technologies to initiate real-time monitoring, to allow data-driven decisions to be made, and to achieve beyond-performance asset growth. The production enhancement factor for the oil and gas industry is highlighted which involves oil and gas firms investing in digital devices to maximize the recovery of hydrocarbon deposits, reduce downtime, and enhance operations.
Furthermore, reservoir optimisation and drilling optimization segments are driving through with higher growth rates due to the cause of attaining optimised operations of reservoirs, cost-effective drilling and safety from drilling disasters. North America takes the lead when it comes to geographical market domination, spurred by immense investments in shale exploration and production. While Asia Pacific and Middle East & Africa raise eyebrows as market with a lot of potential because of the huge energy demand and the influx of offshore activities. With the adoption of digital transfiguration taking over the industry, utilizing the innovated digital oilfield solutions is the only way of maintaining the market leadership among the associated oil marketing firms in the competitive and unstable energy landscape.
US Digital Oilfield Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG10D2030