Digital Oilfield Market by Analysis, Status and Business Outlook 2021-2030

At an estimated value of over USD 23.97 billion in 2019, the global Digital Oilfield Market is predicted to thrive at a CAGR of 4.5% and valued at USD 38.90 billion by 2030.

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Competitive Landscape

Lucrative growth opportunities make the digital oilfield market extremely competitive. Some of the major players in the market 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). Strategic alliances and acquisitions adopted by companies are among key strategies exercised to maintain market dominance.

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Market Segmentations and Scope of the Study:

The global digital oilfield market share has been segmented on the basis of process, component and geography. On the basis of process, the market is categorized into reservoir optimization, drilling optimization, production optimization, and others. On the basis of component, the market is segmented into hardware, software and services. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America held the lion share of the digital oilfield market in 2019 due to the re-engineering efforts of oilfield solutions for optimization and management of the operations and increasing discoveries of oil reserves resulting stiff growth in the production. Europe is expected to hold a significant share due to the presence of various mature oilfields in the North Sea and other places, coupled and the presence of developed infrastructure. The Asia Pacific region is predicted to show rapid and consistent growth in terms of market share within the forecast period. Factors such as low-cost production along with rise in acceptance of the digital oilfield solutions are major contributors to the market growth in this region.

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