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Global Digital Oilfield Market is expected to be dominated by Reservoir Optimization Segment During the Forecast Period.

Need for efficient production to avoid spills and advancement in technologies are the major factors driving the Global Digital Oilfield Market in the forecast period 2024-2028.

According to TechSci Research report, Digital Oilfield - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, the Global Digital Oilfield Market is expected to register robust growth during the forecast period, 2024-2028, The Digital Oilfield integrates technology, information, people, and processes to maximize asset performance and value throughout the oil and gas production lifecycle. The purpose of a digital or smart oilfield solution is simple.

Streamline production, improve operational efficiency, and increase productivity through integrated workflows. Hundreds of techniques, systems, and measurements are used in every oil field. The difference with the digital oilfield is that all data and processes related to plant operations are interconnected. These include a fast loop process for device monitoring and leak detection, a medium loop process for lift optimization, and a slow loop process for reservoir optimization. Digital oilfields offer a promising solution to help operators integrate, interpret, and manipulate production-related information in real time to optimize oilfield operations. At the heart of any digital oilfield solution is the vast amount of data that must be collected, analyzed, and visualized from sources such as 3D seismic surveys, well logs, production, and safety systems. This requires devices with integrated networked intelligence, a supporting network, and cloud infrastructure that provides maximum control, flexibility, and transparency. They operate more efficiently due to real-time controls, distributed analytics, automated workflows, and help companies reduce field service costs, improve asset performance, reliability, and eliminate unplanned maintenance. They help in optimizing production by using scalable edge computers at their wells and production facilities, companies gain enhanced asset insights that enable optimal operations, production, and recovery.

With remote operations, reduced site visits, and data-driven security processes, the digital oilfield helps companies produce in the safest way possible. More efficient field operations, deeper sensor intelligence, and AI-based forecasting enable oil and gas companies to meet or exceed environmental demands.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Digital Oilfield Market"

The Global Digital Oilfield Market is segmented based on process and technology. Based on process, the market is segmented into drilling optimization, production optimization, reservoir optimization, and others. During the projected period of 2024-2028, Reservoir Optimization is expected to dominate the market. Reservoir optimization includes processing data collected from seismic surveys, geophysical surveys, reservoir fluid surveys, drilling data, and production data. Big data analytics services can help in many ways to analyze data during this process. Finding trends and identifying anomalies in data can improve workforce productivity and, more importantly, enable better decision-making, thereby reducing uncertainty and reducing process time. save money. Decisions made during reservoir optimization affect the productive life of the field. Reducing process errors can therefore save operating companies considerable amounts of money over the life of a field production. Increased exploration activity in offshore areas and increased production activity in the Permian region of Texas and the Gulf of Mexico require optimization of deposits to ensure maximum production.

For example, in September 2020, Barron Petroleum announced an oil discovery in Valverde County, Texas. An estimated 417 (billion cubic feet), about (74.2 million barrels) of oil and gas reserves were found there. Therefore, the Global Digital Oilfield Market is expected to grow with increasing demand for reservoir optimization during the forecast period. 

Key market players in the Global Digital Oilfield Market are:

  • Baker Hughes Ltd.  
  • Siemens AG    
  • Schlumberger Ltd   
  • Halliburton Energy Services, Inc    
  • Honeywell International Inc. 
  • Rockwell Automation, Inc.
  • Accenture PLC
  • International Business Machines (IBM) Corporation
  • Weatherford International PLC
  • Sinopec Oilfield Service Corporation

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" Digitalization is enhancing the day-to-day operations of the oil and gas sector, finding ways to prevent oil leaks and assisting businesses in saving money and resources. Reservoir Optimization is expected to dominate the market during the forecast period as this includes analyzing data from seismic surveys, geophysical surveys, reservoir fluid surveys, drilling data, and production data.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Global Digital Oilfield Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028. Segmented By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, and Others), By Technology (Internet of Things, Artificial Intelligence, Cloud Computing & Others), By Region,” has evaluated the future growth potential of Global 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 Global Digital Oilfield Market. 

Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
 [email protected]

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