Digital Oilfield Services Market - Overview Digital oilfields encompass variety of tools, tasks and disciplines altogether. The most important factors extending the global digital oilfield market growth include technological advancement and increase the need for productivity from the mature oil & gas wells. Other factors bolstering the market growth include proper usability of cloud computing in the oil & gas industry, meticulous efforts from service provider companies to secure the networks, and improvisation of operational efficiency. However, cyber theft can slow down market growth. The global Digital Oilfield Services Market is projected to grow USD 22.36 billion by 2023 with a CAGR of more than 5.5% in the forecast period. The high-profile factors pushing the global digital oilfield market growth are the advancement of technology and increase the need for productivity from the mature oil & gas wells. Other factors nurturing the market growth include meticulous efforts from service provider companies in order to secure the networks, improvisation of operational efficiency, and proper usability of cloud computing in the oil & gas industry. However, cyber theft can restrain market growth. Prominent Players Key players profiled in the report Schlumberger Limited, Weatherford International plc, Halliburton, National Oilwell Varco, Baker Hughes Incorporated, Siemens AG, Kongsberg Oil & Gas Technologies Inc., Emerson Electric Co., Rockwell Automation, Company profile includes assign such as company summary, financial summary, business strategy and planning, SWOT analysis and current developments. Digital Oilfield Services Market Segmental Analysis: The global digital oilfield services market has been segmented on the basis of application, process, solution, and lastly, region. By Process •
Reservoir
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Production
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Drilling Optimization
By Solution •
Hardware
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Software
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Data Storage
By Application •
Onshore
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Offshore
By Regions •
North America
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Asia-Pacific
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Europe
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Middle East & Africa
Regional Analysis The regional segmentation of the global digital oilfield services market segments the global market into regional markets namely North America, Europe, Asia Pacific, and the Middle East & Africa (MEA). During the forecast period, North America region has been projected for the largest market share as there is large shale oil & gas reserve. The technological advancement and presence of many key market players also play an important role in the growth of this market. Important country-specific markets in this region are the USA and Canada. The Asia Pacific is the second largest regional market. In this region, growing economies like China and India are attracting investment. Various companies are working to integrate, interpret, and act on production related information on a real-time basis for the maximization of development. Another important country-specific market in this region is Australia, followed by the remaining countries of the Asia Pacific region. Europe is another important regional market. In this region, the market is growing due to technological advancement. In this region, the key regional markets are Norway and Russia, followed by the remaining countries of Europe. The MEA region has lots of oilfields. However, the reach of technology is limited. Therefore, the market for digital oilfields is small. Other factors causing the limited market growth are lack of awareness, lack of infrastructure, and lack of education. Latest Industry News •
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A new cargo and flow tracking platform called OilX has been launched as a collaboration between the well-established maritime services organization The Signal Group and OilX. This platform provides users with a real-time view of the supply-demand balance globally. It also offers accurate oil analytics to empower traders and analysts to make better commercial decisions. 17 JAN 2019 NSI Technologies has unveiled the new ‘Cloud-based’ version of hydraulic fracturing integrated software solution called StimPlan. 25 JAN 2019 BHGE has launched a new digital integrated platform called LUMEN. This platform helps operators to protect the environment by detecting harmful methane leaks. Using advanced data analysis, this technology helps to identify and reduce emissions. It also increases safety for operators. 29 JAN 2019
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