DUBLIN, Dec. 21, 2020 /PRNewswire/ -- The "Digital Oilfield Market by Process, by Component - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Oilfield Market was valued at USD 23.97 billion in 2019 and is expected to reach USD 38.90 billion by 2030, expanding at a CAGR of 4.5%, during the forecast period, from 2020 to 2030.
Digital oilfield, also known as digitization of oilfield, entails the automation of various upstream, midstream, and downstream oilfield activities. It involves advanced software and various data analysis technique that help provide better outputs and improved profitability. Digital oilfields offer various other advantages including the ease in finding oil and gas reserves, improved safety, environmental protection, and optimized production of hydrocarbons. They deploy various resources to offer efficient and cost-effective outcomes.
Improvements and modernization of activities undertaken in oil fields, technological advancements, infrastructure developments for cost-efficiency, and rising demand for crude oil from various industries are expected to drive the growth of the digital oilfield market.
Additionally, increasing investment by market players and rise in population boosting the consumption of fuel are contributing to the market growth. However, increase in cyber-attacks and data security concerns are hampering the market. Conversely, rise in collaborations among market participants, new product launches and software upgrades are expected to create opportunities in the market.
Key players in the global digital oilfield market include Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).
For more information about this report visit https://www.researchandmarkets.com/r/qfl64a
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.