DUBLIN, Aug. 24, 2023 /PRNewswire/ — The “Digital Oilfield – Global Strategic Business Report” report has been added to  ResearchAndMarkets.com’s offering.

Global Digital Oilfield Market to Reach $34.4 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Digital Oilfield estimated at US$23.6 Billion in the year 2022, is projected to reach a revised size of US$34.4 Billion by 2030, growing at a CAGR of 4.8% over the analysis period 2022-2030.

Hardware, one of the segments analyzed in the report, is projected to record a 5.1% CAGR and reach US$19.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software & Services segment is readjusted to a revised 4.6% CAGR for the next 8-year period.

The Digital Oilfield market in the U.S. is estimated at US$6.9 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$6.1 Billion by the year 2030 trailing a CAGR of 4.6% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 4.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem.

As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Story continues

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Key Attributes:

MARKET OVERVIEW

• Influencer Market Insights

• Impact of Covid-19 and a Looming Global Recession

• Digital Oilfield – Global Key Competitors Percentage Market Share in 2022 (E)

• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

• Digital Oilfield Driving Next Wave of Digital Transformation in the Oil and Gas Industry

• Global Oil Production (In Million Metric Tons) for the Years 2014-2019

• STable Long-Term Outlook Projected for Crude Oil Demand Bodes Well for Market Prospects: Daily Global Crude Oil Demand (In Million Barrels) for the Years 2017, 2018, 2019, 2020, 2021 & 2040

• North America to Dominate Overall Market Growth

• Production Optimization to Witness High Growth in Process Segment

MARKET TRENDS & DRIVERS

• Technology Growth and Advancements Spearheads Demand for Digital Oilfield

• Market to Benefit from Growing Application of Digital Oilfield Technology in Exploration and Production Activities

• STable Growth Outlook for E&P Industry Bodes Well

• Global Investments (In US$ Billion) in Oil Exploration and Production for the Years 2015 to 2019

• NoTable Implementations of Digital Oilfield

• Rebound in Offshore Oil and Gas Sector Presents Opportunities for Adoption of Digital Technologies

• Global Offshore Oil Drilling Market (In US$ Billion) for the Years 2019, 2021, 2023, 2025 & 2027

• Growing Demand for Remote Management of Oil Fields and High ROI Strengthens the Business Case for Digital Oilfield

• Growing Focus on Smart Wells Driven by Increased Drilling Activities in Deepwater and Ultra-Deepwater

• Revitalization of Mature Fields and Wells: A Major Market Opportunity

• Innovations in Digital Oilfield Market

• Modern Wireless Technology Crucial to Oilfield Communications

• Application of Artificial Intelligence to Improve Digital Oilfield Operations

• Key Role of 5G in Shaping the Future of Digital Oilfield

• Key Challenges Facing the Market

• Cybersecurity Concerns Pose a Threat to Market Growth

• Lack of Interoperability of Different System Components

• Application of Numerous Analytics Tools Delays Decision-Making Process

• An Overview of Covid-19 Impact on Digital Oilfield Market

FOCUS ON SELECT PLAYERS 

• ABB Ltd.

• Baker Hughes, a GE company

• CGG S.A.

• Digi International, Inc.

• EDG, Inc.

• Emerson Electric Co.

• Halliburton

• Honeywell International, Inc.

• Ihs Markit Ltd.

• Kongsberg Group

• National Oilwell Varco, Inc.

• OleumTech

• Pason Systems Corp.

• Petrolink International Ltd. (Isle of Man)

• Redline Communications

• Rockwell Automation Inc.

• Schlumberger Ltd.

• Siemens AG

• Weatherford International Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/ueu5sb

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