Recovering oil prices and growing exploration & production activities are expected to drive United States digital oilfield market during forecast period
According to TechSci Research report, “United States Digital Oilfield Market By Processes, By Solutions, By Application, By Technology, By Service, By End Use, Competition, Forecast & Opportunities, 2027”, United States digital oilfield market is expected to grow at a CAGR of around 5% during the forecast period on account of the recovering oil prices and rising exploration and production activities in the country. Additionally, factors such as new technological advancements, increasing need from oil & gas operator to scale up production, rising focus on the remote management of oilfield for process optimization & automation, among others are further anticipated to drive the United States digital oilfield market during forecast period. However, the unwillingness to adopt the method of digital oilfield over the conventional methods can hamper the market during forecast period. Additionally, fluctuating crude oil prices, growing demand for alternative sources of fuel, data security/cyber theft, among others are some other factors restricting the growth of the market.
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The United States digital oilfield market is segmented based on processes, solutions, application, technology, service, end use, country and company. Based on processes, the market can be categorized into reservoir, production optimization and drilling optimization. The production optimization segment is anticipated to lead the market owing to the growing demand for oil & gas. Based on solutions, the market can be fragmented into hardware, software & service and data storage solutions. The hardware segment is expected to register the highest growth during forecast period since hardware solution includes smart well, distributed control system, wireless sensors, SCADA (Supervisory Control and Data Acquisition), among others and these are prime components for digital oilfield. On the basis of application, the market can be divided into on-shore and off-shore. The on-shore segment is likely to witness substantial growth during forecast period attributable to the ongoing rapid discoveries of new oilfield along with development of several halted projects in the region. Based on technology, the market can be segmented into IoT, advance analytics, robotics, cloud computing, mobility and others. The advance analytics segment dominates the market owing to the increasing investments by the major players in this industry.
Schlumberger Limited, Halliburton Company, Baker Hughes, a GE Company, LLC, National Oilwell Varco LP, Emerson Process Management LLLP, Rockwell Automation, Inc., Honeywell International Inc., Cisco Systems, Inc, General Electric Company and Emerson Electric Co. are some of the leading players operating in United States digital oilfield market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, Halliburton is working to integrate, interpret, and act on production related information on real time basis for maximization of development.
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“United States digital oilfield market is expected to witness significant growth during the forecast period, owing to the presence of leading oil and tech giants in the country. Additionally, surge in domestic production and oilfield discoveries are further anticipated to propel growth in United States digital oilfield market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Digital Oilfield Market By Processes, By Solutions, By Application, By Technology, By Service, By End Use, Competition, Forecast & Opportunities, 2027” has evaluated the future growth potential of United States digital oilfield market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States digital oilfield market.
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