World News: 14:16 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
The global digital oilfield market is expected to post a CAGR of nearly 5% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global digital oilfield market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in rig count. The operation facilities in most of the industries, including oil and gas have evolved with the emergence of digital technologies. Advantages like cost savings, increased productivity, and safer operations can be achieved through digitization of the oil and gas industry. The adoption of digital technology helped provide the required resilience against the downturns of the industry even when the oil and gas industry witnessed a downturn in the industry due to weak oil prices.
This market research report on the global digital oilfield market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
In this report, Technavio highlights the increasing applications of digital oilfields as one of the key emerging trends in the global digital oilfield market:
Global digital oilfield market: Increasing applications of digital oilfields
Globally, the increasing demand for hydrocarbon fuel is putting pressure on the oil and gas industry. However, the oil and gas companies are not able to cater to the demand due to the complexity in hydrocarbon extraction. Even though the exploitation of shale gas has been enabled due to the high cost of imported fossil fuels, the exploration and production companies need to go deeper and farther to locate new oil and gas fields.
“Companies need to increasingly invest to maintain safety in the processes and provide transparency in the process owing to the increased regulations and operational guidelines. Hence, the need for digital oilfields is increasing. Digital oilfield systems allow better management of the plants, with more reliable and accurate performances management when compared with manually monitored management,” says a senior analyst at Technavio for research on oil and gas.
Global digital oilfield market: Segmentation analysis
This market research report segments the global digital oilfield market by technology (services, software, and hardware) and geographical regions (APAC, EMEA, and the Americas).
The services segment held the largest market share in 2017, accounting for nearly 40% of the market. This segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 46%. This region is expected to dominate the market through 2022, with over 1% increase in its market share.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 14:16 GMT Thursday 6th December 2018
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