Energia
Digital Oilfield Market Size Worth $40.21 Billion By 2025 | CAGR: 4.7%: Grand View Research, Inc.
Read 95 page research report with ToC on "Digital Oilfield Market Size, Share & Trends Analysis Report By Application (Upstream, Midstream, Downstream), By Service (IT Services, Instrumentation & Automation), By Region, And Segment Forecasts, 2019 – 2025'' at: https://www.grandviewresearch.com/industry-analysis/digital-oilfield-market
Growing requirement for real-time monitoring systems that provide timely updates through wireless connectivity is anticipated to provide growth opportunities for digital oilfield technology. The market is primarily driven by the need to maximize oilfield recovery, eliminate nonproductive time, and reduce capital and operating expenses by integrating the workflow.
The upstream application segment accounts for a significant share in the industry. Digitalization of upstream processes, including production, reservoir, and drilling optimization through digital twin well evaluation, is expected to benefit the industry growth. In addition, growing digitalization of other upstream processes such as production surveillance, predictive process control, intelligent command centers, and control systems is anticipated to positively impact the market growth. Such control systems include Supervisory Control and Data Acquisition (SCADA).
Industry participants are adopting several strategic initiatives such as technological collaborations with software providers to expand their foothold in the industry. For instance, in February 2019 , ExxonMobil partnered with Microsoft, adopting the latter's integrated cloud technology to gain access to real-time data from oilfield assets.
Grand View Research has segmented the global digital oilfield market based on application, service, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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