Selbyville, Delaware, United States, September 8 2020 (Wiredrelease) Global Market Insights, Inc –:A comprehensive research report published by Global Market Insights, Inc., suggests that digital oilfield market size will surpass the $39 billion mark by 2025.
Oil & Gas exploration and production activities are increasing due to ongoing oil price recovery, which will escalate digital oilfields market size in the ensuing years. The adoption of advanced technologies, such as cloud computing, Internet of Things (IoT), and advanced analytics has gained impetus in the oil & gas industry over the last few years. In addition, the advent of Industry 4.0 and government initiatives toward advancing domestic technology abilities are likely to further propel digital oilfields industry growth.
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Enlisted below are a few key trends proliferating digital oilfields industry demand:
Increasing exploration and production activities
Towering exploration & production activities and recovering oil prices have substantially supported digital oilfield market growth. Rig count and discoveries of new oilfields are witnessing a marked rise in recent years, which is expected to fuel industry demand. For instance, in 2018, the U.S. rig count soared to 945 from 900 in 2017.
Adoption of the latest drilling technologies in O&G operations
Novel drilling technologies are extensively being adopted to address the challenges of low oil prices, intensified competition, and increasing well complexities. Digital oilfields integrated with the latest technologies reduce drilling risks, improve work safety, offer full-time project support, and lessen nonproductive time. Demand for strategically designed drilling methods along with requirement for high capital investments will offer impetus to digital oilfield industry growth.
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Charts / Figures: 29
Companies covered: 15
Countries covered: 27
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Rising number of mature oilfields
The number of mature oilfields is growing in various regions, such as Russia and Romania, which has amplified the adoption of digital oilfield technology. Several advanced oil recovery methods are being deployed to mature oilfields to retrieve declining production. Innovative solutions, such as reservoir management and testing facilities are aiding operators to turn expensive recovery techniques into cost-effective methods. The need for economic recovery of hydrocarbon resources has also been playing a key role in the growth of digital oilfield market size.
Digitalization in the Middle East digital oilfield industry
The economy of the Middle East is highly dependent upon oil & gas trade, which makes the region a profitable avenue for digital oilfields industry. Massive amounts are being outlaid to transform business operations across the region, which will spur digital oilfield market growth. Saudi Arabia and Kuwait, in particular, are likely to experience growth spurts due to heavy investments directed towards digitalization of O&G operations. Moreover, the Middle East houses several notable investors, including Abu Dhabi National Oil Company, Kuwait Oil Company, and Saudi Aramco, who are investing substantially towards technology enhancement and process automation. For example, in 2019, Kuwait Oil Company rolled out phase 2 of the KwIF project integrating the operations with modeling, field assets, and real-time surveillance.
Technological innovations and partnerships to define the strategic roadmap
Digital oilfield industry has been observing collaborations of several market players with IT companies, which has led to subsequent fall in technology costs. The companies operating in digital oilfield market are deploying advanced technologies and pursuing business strategies to generate growth opportunities. They are striving to improve their IT infrastructure and enhance production. For example, a few of the prominent collaborations in the business include digital partnership of Exxon Mobil and Microsoft, Weatherford and Intel, and Shell and Microsoft among others.
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