Hardware Segment to Witness Swift Growth in United States Digital Oilfield market until 2024
Recovering oil prices and
growing exploration & production activities are expected to drive United
States digital oilfield market during forecast period
According to
TechSci Research report, “United States Digital Oilfield Market By Processes, By
Solutions, By Application, By Technology, By Service, By End Use, Competition,
Forecast & Opportunities, 2024”, United States digital
oilfield market is expected to grow at a CAGR of around 5% during the forecast
period on account of the recovering oil prices and rising exploration and
production activities in the country. Additionally, factors such as new
technological advancements, increasing need from oil & gas operator to
scale up production, rising focus on the remote management of oilfield for
process optimization & automation, among others are further anticipated to
drive the United States digital oilfield market during forecast period. However,
the unwillingness to adopt the method of digital oilfield over the conventional
methods can hamper the market during forecast period. Additionally, fluctuating
crude oil prices, growing demand for alternative sources of fuel, data
security/cyber theft, among others are some other factors restricting the
growth of the market.
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The United States digital oilfield
market is segmented based on processes, solutions, application, technology,
service, end use, country and company. Based on processes, the market can be categorized
into reservoir, production optimization and drilling optimization. The
production optimization segment is anticipated to lead the market owing to the
growing demand for oil & gas. Based on solutions, the market can be fragmented
into hardware, software & service and data storage solutions. The hardware
segment is expected to register the highest growth during forecast period since
hardware solution includes smart well, distributed control system, wireless
sensors, SCADA (Supervisory Control and Data Acquisition), among others and
these are prime components for digital oilfield. On the basis of application,
the market can be divided into on-shore and off-shore. The on-shore segment is likely
to witness substantial growth during forecast period attributable to the
ongoing rapid discoveries of new oilfield along with development of several
halted projects in the region. Based on technology, the market can be segmented
into IoT, advance analytics, robotics, cloud computing, mobility and others. The
advance analytics segment dominates the market owing to the increasing
investments by the major players in this industry.
Schlumberger Limited, Halliburton
Company, Baker Hughes, a GE Company, LLC, National Oilwell Varco LP, Emerson
Process Management LLLP, Rockwell Automation, Inc., Honeywell International
Inc., Cisco Systems, Inc, General Electric Company and Emerson Electric Co. are some of the
leading players operating in United States digital oilfield market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share. For instance, Halliburton is
working to integrate, interpret, and act on production related information on
real time basis for maximization of development.
“United States digital
oilfield market is expected to witness significant growth during the forecast
period, owing to the presence of leading oil and tech giants in the country.
Additionally, surge in domestic production and oilfield discoveries are further anticipated
to propel growth in United States digital oilfield market during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
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“United States Digital Oilfield Market By
Processes, By Solutions, By Application, By Technology, By Service, By End Use,
Competition, Forecast & Opportunities, 2024” has evaluated
the future growth potential of United States digital oilfield market and
provides statistics & 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 decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in United States digital oilfield market.
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