iCrowd Newswire
20 Mar 2023, 17:32 GMT+10
The global digital oilfield market size was estimated at $35.05 billion in 2022, according to a new report by GlobalData Plc. Increasing preference of the companies to automate processes to mitigate operational as well as labor risks and reduce operational costs in the long term is expected to drive the market growth.
Digital Oilfield Market Outlook 2022-2026 ($ Billion)
Digital oilfield market outlook report with detailed product and end-use category segment analysis is available with GlobalData Now! Read our FREE sample!
Digital Oilfield Market FAQs
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Digital Oilfield Market Dynamics
The demand for digital oilfield is projected to increase as it allows companies to achieve operational efficiencies through the effective use of sensor-driven data, thereby becoming cost effective. Additionally, automating repeated tasks using digitalization is expected to boost the operational efficiency at the oilfields, which is predicted to have a positive impact on market growth.
Digital oilfields are gaining traction due to increased awareness regarding advanced technologies in the oil & gas industry. Furthermore, the growing need to reduce carbon footprints has prompted oil & gas companies to invest in digital technologies to detect and contain operational emissions. As a result, Leading operators, such as TotalEnergies, BP, and Chevron are turning to digital technologies to streamline processes and workflows to cut carbon emissions from routine tasks, thus, propelling the digital oilfield market growth.
However, factors such as lack of digital maturity and limited availability of skilled talent might create some bottlenecks for the digital oilfield market growth. In addition, the growing number of cyberattacks including malware and phishing can be a serious threat to the global digital oilfield market.
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Digital Oilfield Market Report Highlights
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GlobalData Plc has segmented the digital oilfield market report by product, end-use and, and region:
Global Digital Oilfield Product Outlook (Revenue, $ Million, 2019-2026)
Global Digital Oilfield End-use Outlook (Revenue, $ Million, 2019-2026)
Digital Oilfield Regional Outlook (Revenue, $ Million, 2019-2026)
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About us
GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
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