Efficient production to prevent spills and technological advancements drive the Global Digital Oilfield Market from 2024-2028.
TechSci Research’s report, “Digital Oilfield Market– Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,” the market is expected to grow robustly during this period. Digital oilfields integrate technology, information, people, and processes to maximize asset performance and value throughout the oil and gas production lifecycle. By streamlining production, improving operational efficiency, and increasing productivity through integrated workflows, digital oilfields offer promising solutions for operators to optimize operations in real-time. These solutions rely on vast amounts of data collected from various sources, including 3D seismic surveys and production systems, which are analyzed and visualized to enhance asset insights and optimize production. With remote operations and data-driven security processes, digital oilfields help companies produce safely and meet environmental demands efficiently.
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The Global Digital Oilfield Market is categorized by process and technology. Process segments include drilling, production, reservoir optimization, and others. Reservoir optimization is projected to lead from 2024-2028, involving data analysis from various surveys and drilling data, facilitated by big data analytics. Improved decision-making through data analysis can enhance productivity and reduce costs, crucial for optimizing field productivity and saving operating expenses.
For instance, Barron Petroleum’s discovery of oil reserves in Valverde County, Texas in September 2020, highlights the growing demand for reservoir optimization, driving the growth of the Global Digital Oilfield Market.
Key market players in the Global Digital Oilfield Market are:
- Baker Hughes Ltd.
- Siemens AG
- Schlumberger Ltd
- Halliburton Energy Services, Inc
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Accenture PLC
- International Business Machines (IBM) Corporation
- Weatherford International PLC
- Sinopec Oilfield Service Corporation
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“Digitalization is revolutionizing daily operations in the oil and gas industry, offering solutions to prevent oil leaks and optimize resource utilization. Reservoir optimization, incorporating data analysis from various sources, is poised to lead the market in the forecast period,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Global Digital Oilfield Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,” assesses the market’s future growth potential, providing insights on size, structure, and trends. It aims to offer valuable market intelligence for investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Global Digital Oilfield Market.
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