Digital Oilfield Market to grow by USD 10.23 billion from 2022 to 2027 | Increasing application in remote monitoring and control to boost market growth- Technavio

NEW YORK, Oct. 4, 2023 /PRNewswire/ -- The digital oilfield market is expected to grow by USD 10.23 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 5.99% during the forecast period. Helps in remote monitoring and controlling is notably driving the digital oilfield market. However, factors such as High implementation costs may impede market growth. The market is segmented by application (onshore and offshore), solution (hardware, software, and service), and geography (North America, Middle East and Africa, Europe, APAC, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format 

Key Segment Analysis

• The onshore segment is estimated to witness significant growth during the forecast period. Digital oilfields use sensors and data systems that monitor in real-time oilwell state, production capacity, maintenance of facilities as well as environmental factors. The analysis of this data is carried out at the central control center. An integrated operational center using digital tools for the monitoring and management of a series of wells and assets from centralized locations is commonly established by technicians working in onshore Digital Oilfield Services. Additionally, creating digital twins of land assets and processes enables real-time monitoring, simulation, and testing of various scenarios to improve performance and resolve problems. Hence, these factors are expected to drive segment growth during the forecast period.

To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report.

Geographical Market Analysis 

• North America is estimated to contribute 28% to the growth of the global market during the forecast period. The main sales countries in the Northern American market are the US and Canada. They have substantial oil resources, making them the biggest producers in this part of the world. In this region, the commercialization of hydraulic fracturing has created an opportunity for many independent energy companies to enter the market and substantially boost drilling activity. In addition, after the recovery of world oil prices, North America has continued to invest in deep and ultra-deepwater exploration with a particular focus on the US. It is one of the largest users of offshore oil and gas exploration in the region, spending more on offshore drilling. Hence, these factors are expected to drive market growth in the region during the forecast period.

Company Insights 

The digital oilfield market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including ABB Ltd., Aviat Networks Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Detechtion Technologies, Emerson Electric Co., General Electric Co., Halliburton Co., Hitachi Ltd., Honeywell International Inc., Infosys Ltd., Kongsberg Gruppen ASA, MicroSeismic Inc., Moxa Inc., Pason Systems Inc., Petrolink International Ltd., Rockwell Automation Inc., Schlumberger Ltd., Siemens AG, and Weatherford International Plc

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The manifolds market size is estimated to grow at a CAGR of 3.52% between 2022 and 2027. The market size is forecast to increase by USD 564.08 million.

The oil and gas pipeline monitoring equipment market size is estimated to grow at a CAGR of 4.46% between 2023 and 2027. The market size is forecast to increase by USD 1,045.47 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Solution

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio