The digital oilfield market is driven by factors such as new technological developments, improved return on investment (ROI), and the increasing need to scale up from mature wells to maximize production. Investments in digital oilfield solutions are likely to rise due to the reason that crude oil prices have recovered after the recent plummeting. Adopting new techniques such as IoT (Internet of Things), seismic imaging, and Artificial Intelligence (AI) helps to deploy the minimum workforce at remote onshore & offshore exploration sites.
The future technological transition is caused by today’s low-cost of crude oil along with the combination of information technology and the Internet of Things with Virtual Oilfield operational technology. Increasing stress on operational management and capital and operating expenses reduction will contribute to the adoption of smart digitized devices and solutions. Advancement in wireless technology, connectivity, data analysis, and collection systems have allowed substantial improvements in decision making and efficiency.
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The Digital Oilfield is not just about computer chips, applications, and processors. It is about melding the technology of operations with information technology and the Internet of things. Digital Oilfield is a combination of different technologies to improve production in innovative ways. The seamless flow of information from the field via technologies such as IoT, digital mobile communications, and satellite allows for real-time analysis and response.
As there is an increasing demand for energy across the globe, digital oilfield technology is used to maximize oil and gas production, reduce non-productive time, and thus helps companies to increase profits. As digital oilfield enables companies to collect advanced data, interpret data, and continuous monitoring of oil and gas well, these features will help companies to improve their production capabilities. Production optimization in the process segment is expected to grow at the highest rate due to increased production activities among the major oil & gas suppliers worldwide for improving their respective oil outputs. The emphasis on innovation has given rise to game-changing extraction innovations that have opened the oil sands through surface mining.
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North America is expected to grow at a significant pace due to the presence of leading oil and tech companies and also owing to the ultimate technological capabilities. As the USA is one of the leading countries in the oil and gas industry, and the presence of leading oil and gas companies in the region is expected to drive the digital oilfield market. The Middle East is one of the fastest-growing markets for digital oilfields. Countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran have some of the world’s largest oil reserves. Saudi Arabia continues to fuel the region’s market demand.
Prominent players operating in the Digital Oilfield market are Halliburton, Weatherford, Osprey Informatics, IBM, Digi International, Microsoft, Baker Hughes, National Oilwell Varco, Kongsberg Digital, General Electric, Rockwell Automation, Accenture, Honeywell Process Solutions, ABB, Emerson, Schlumberger, Cisco, National Oilwell Varco, Siemens, and Other Prominent Companies are expanding their presence in the market by implementing various innovations and technology.
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The Global Composites Market is expected to grow at a significant rate during the forecast period. The Global Composites Market is projected to reach the valuation of USD 143.6 million by the year 2026 by growing at a CAGR of 8.1 % during the forecast period 2019- 2026. The market is growing owing to various factors.
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