United States Digital Oilfield Market Is Expected To Be Dominated By Reservoir Optimization Segment During The Forecast Period
Rapidly growing
demand for oil & gas and rapid advancement in technologies are the major
factors driving the United States Digital Oilfield Market in the forecast
period 2024-2028.
According to TechSci Research report, “United States Digital Oilfield Market -
By Region, Competition Forecast & Opportunities, 2028,” the United States Digital Oilfield Market is anticipated to grow at a steady rate in the forecast period,
2024-2028. Market growth is dependent on a number of variables, including
increased upstream oil and gas investments, rising demand for oil and gas, and
a growing emphasis on unconventional oil and gas exploration and production
(E&P) activities.
The digital
oilfield technology integrates 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 to enhance integrated
workflows and to enable businesses to streamline manufacturing, boost
operational effectiveness, and improve productivity. An oil field employs
hundreds of methods, devices, and measurements. All data and procedures related
to plant operations are connected in a digital oilfield. These include a
fast loop/algorithm process such as monitoring & leak detection, a medium coil process for lift optimization, and a
slow loop process for reservoir optimization to enhance the EOR method or
recovery.
The area in
the United States with the most oil rigs is the Permian basin. In the basin,
there were 344 operating rigs as of the end of August 2022. With 63 rigs at the
time, Eagle Ford had the second-highest number of oil rigs in the world. Texas
is the primary location of both basins, owing to which the
market is expected grow in the forecast period.
A promising approach to supporting operators in
integrating, analysing, and manipulating production-related data in real time
to enhance oilfield operations is provided by digital oilfields. Any digital
oilfield solution's central component is the huge quantity of information that
requires to be gathered, examined, and visualised from sources like 3D seismic
surveys, well logs, production, and safety systems. This requires devices with
integrated networked intelligence and 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 and reliability, and eliminate unplanned maintenance. They
help in optimizing production by using accessible technologies at their wells
and production facilities, companies gain enhanced asset insights that enable
optimal operations, production, and recovery.. More efficient field operations,
deeper sensor intelligence, and AI-based forecasting enable oil and gas
companies to meet or exceed environmental demands. Owing to which demand of United
States Digital Oilfield Market is growing rapidly in the forecast period.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "United States Digital Oilfield Market.”
The United
States Digital
Oilfield Market is segmented based on
process,
technology, region and competitive landscape. Based on process, the market is divided 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. 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.
Based
on technology, the market is bifurcated into internet of things, artificial
intelligence, cloud computing & others. Regionally, the United States is
divided into West, Midwest, Northeast, South.
Recent oil
and gas transport capabilities are promoted by the vigorous expansion of
unconventional oil and gas sector activities. As a result, the daily transport
capacity for natural gas, petrol, and oil has increased by 3.0 million
barrels to 5.0 million barrels correspondingly.
Major companies operating in the United States Digital Oilfield Market are:
- Schlumberger
- Halliburton
- Weatherford
International Inc
- Digi
International
- Microsoft
- Baker Hughes
- Rockwell
Automation
- Honeywell
Process Solution
- Emerson
- National
Oilwell Varco.
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“Digitalization in oil
& gas industry has proven to be an effective step as day-today operations
have become much easier than ever and also help in saving costs. 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.
United States Digital Oilfield Market
By Process (Drilling
Optimization, Production Optimization, Reservoir Optimization, and Others),
By Technology (Internet of Things, Artificial Intelligence, Cloud Computing
& Others), By Region, Competition
Forecast and Opportunities, 2018-2028,” 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 the United States
Digital Oilfield Market.
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