Press Release

Digital Oilfield Market to Cross $ 18 Billion by 2023

Anticipated revival of crude oil prices coupled with increasing oil & gas exploration & production activities to drive global digital oilfield market through 2023

According to a recently published TechSci Research report Global Digital Oilfield Market By Process, By Solution, By Region, Competition Forecast & Opportunities, 2013–2023’’, the global digital oilfield market is projected to cross $ 18 billion by 2023. Operators are going into ultradeep water to address the growing demand for oil & gas. Moreover, rise in the crude oil prices, increase in the number of offshore oil reserves and the sanctions imposed on Iran have being increasing the demand for oil & gas, globally. Additionally, growing investments in the offshore exploration & production activities across the world is further expected to drive digital oilfield market during the forecast period. Schlumberger Limited was the leading player in the global digital oilfield market in 2017, followed by The Halliburton Company and Baker Hughes, among others.

Browse 168 market data Figures and Tables spread through 154 Pages and an in-depth TOC on "Global Digital Oilfield Market"

Drilling optimization process accounted for the largest market share, in terms of value, in the global digital oilfield market in 2017, on account of increasing crude oil reserves and rising consumption of crude oil across major economies. However, the scenario is expected to change during forecast period, with the production optimization segment expected to emerge as the most dominant segment in the global digital oilfield market by 2023, due to increasing demand from field operators and improving hydrocarbon recovery rates.

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North America and Europe are the major demand generating regions for digital oilfield market, globally. “Rising number of mergers and joint ventures by the leading players and growing consolidation in the global digital oilfield marketplace are positively influencing the market across the globe. Moreover, innovations in the digital oilfield technologies along with rising production from offshore fields would further steer growth in the global digital oilfield market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Digital Oilfield Market By Process, By Solution, By Region, Competition Forecast & Opportunities, 2013–2023’’ has evaluated the future growth potential of global digital oilfield market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global digital oilfield market.

About TechSci Research

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