WESTFORD, Mass., July 24, 2024 /PRNewswire/ -- According
to SkyQuest, the 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 4.9% during the forecast
period (2024-2031).
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In the last few years, the demand for digitalization in the
oilfields have increased extensively. This is primarily because of
the rising portion of unusual oil and gas deposits and reducing
production of the current wells. Digital oilfield technologies also
provide remote monitoring and automated operations from a
centralized location, resulting in the reduction of operational
expense. Nowadays, there is a huge inclination for using advanced
technologies like IoT sensors, analytics, and automation in the
oilfield. These solutions can help in initiating real-time
monitoring so that it becomes easy to make decisions based on data
and accomplish better performance. Oil and gas companies are
increasingly investing in digital services to increase the
production. It has also helped in enhancing the recovery of
hydrocarbon deposits, minimize downtime, and improve operations.
Digitalization will also assist the oil firms to improve the
operations in the reservoirs, maintain cost-efficient drilling, and
rise the safety from drilling issues.
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Digital Oilfield Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 36.98
Billion
|
Estimated Value by
2031
|
$ 54.22
Billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 4.9%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Process, Solution,
Technology, Application, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Integration of improved
technologies to streamline productions
|
Key Market
Opportunities
|
Increased investment
shale exploration and production for high demand of
energy
|
Key Market
Drivers
|
Implementing
digitalization to augment market growth and automate
maintenance
|
Segments covered in Digital Oilfield Market are as
follows:
- Process
- Production Optimization, Drilling Optimization, Reservoir
Optimization, Safety management, and Asset management
- Solution
- Hardware Solutions, Software & Service Solutions, and Data
Storage Solutions
- Process
- Production Optimization, Drilling Optimization, Reservoir
Optimization, Safety management and Others
- Technology
- Internet of things, Artificial Intelligence, Robotics and
Automation, Big data and analytics, Cloud Computing, and
Others
- Application
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Digitalization Optimizing the Supply Chain with Process
Management Boosts the Market Growth
Innovations such as real-time data, virtual worlds, and cloud
computing with the help of digitalization are augmenting the
transformation of the oil and gas sector. In recent times, digital
oilfields were able to restructure the oil and gas systems and
allow complete optimization in the supply chain by implementing
process management combined with digital technologies. Moreover,
digital oilfields also aid the sector to move towards greener
practices. AI and predictive analytics can help companies to
discover oil leaks before they even happen, reducing various
damages. The oil and gas organizations can also automate
maintenance and control equipment more efficiently.
Increasing Demand for Mature Oil and Gas Reserves to Extract
and Profit from these Assets Drive the Digital Oilfield
Market
The rising demand for mature oil and gas reserves is boosting
the digital oilfield market as operators are trying to increase the
extraction and profits of these ageing assets. The mature fields
that have reducing production rates and increasing operational
problems immensely benefit from the digital oilfield technologies
with their improved monitoring and optimizing abilities. The
operators can enhance the performance of the reservoir with the
help of real-time data analytics, predictive maintenance, and
automated control systems. These innovative technologies help in
extending the productive life of the wells and lower downtime,
resulting in better recovery rates with continuous use of the aged
fields. The digital oilfield technologies also help in precise and
efficient enhanced oil recovery process that are vital for
gathering the remaining reserves in the mature field. The advanced
data analytics and simulation models assist in designing and
integration of EOR technologies. It includes features like water
flooding, chemical flooding, gas injection, and improved oil
recovery. All these can be performed with accuracy and efficiency,
augmenting the demand for the digital oilfield market.
View report summary and Table of Contents (TOC):
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Improvement in Production by Optimizing Operational Functions
with Digital Technologies to Augment Growth
The improvement of production is increasing the demand for
digitalization in the oilfield market. The operator's efforts to
improve the efficiency of production and result due to which they
are depending on digital oilfield technologies to optimize the
operational functions. Such technologies include advanced data and
analytics, real-time monitoring systems, predictive maintenance,
and automation. These solutions help in streamlining and improving
the manufacturing workflows. Integrating such digital technologies
also helps the providers in minimizing downtime, enhance resource
allocation, and improve operational performance, boosting the
growth of the market. The use of digital oilfield technologies also
enhances decision making process and better manage the production
operations.
Related Report:
Digital Twin Market
Industry 5.0 Market
Industry 4.0 Market
Oilfield Equipment Market
Oilfield Service Market
About Us:
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Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
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sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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Westford,
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USA (+1) 351-333-4748
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