Ozone Market Reports projects that the Digital Oilfield market size will grow from USD 27.20 Billion in 2017 to USD 35.14 Billion by 2023, at an estimated CAGR of 4.36%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
The growth of the market is attributed to the competition in the oil & gas industry for the market share, resulting in production focused solutions being implemented in the mature and newly developed fields. Currently, fiscal oil present in the global market exceeds the demand this is the major reason for oil price slump. This decline has impacted the CAPEX for field development. Therefore, the target is solely on efficient and economic recovery of crude.Among the various processes for which DOF solutions are employed, production optimization is expected to be the largest market. The segment is also expected to have the highest CAGR, due to increased investments for optimizing production levels worldwide. Operators have plans to implement these solutions in some of the highest producing fields. Thus, these factors are expected to drive the market of production optimization followed by reservoir optimization.
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By Market Players:
Schlumberger Limited , Halliburton Company , Baker Hughes Incorporated , National Oilwell Varco, Inc. , Weatherford International PLC , Paradigm Limited , IHS Inc. , Pointcross Inc. , Katalyst Data Management , Ovation Data Services, Inc. , CGG S.A. , DIGI International Inc. , Honeywell International Inc. , Kongsberg Gruppen Asa , Pason Systems Inc. , Redline Communications Group Inc. , Rockwell Automation, Inc. , Siemens AG , EDG, Inc. , Oleumtech Corporation
Production Optimization , Drilling Optimization , Reservoir Optimization , Others Processes,
Instrumentation & Automation , It Expenditure, , ,
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The prime objective of this report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing. Deep researches and analysis were done during the preparation of the report. The readers will find this report very helpful in understanding the market in depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations. This enhances the visual representation and also helps in understanding the facts much better.
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