Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Digital Oilfield - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Digital Oilfield Market to Reach $34.4 Billion by 2030
The year 2022 witnessed this sector reach a significant milestone, with an estimated market value of US$23.6 Billion.
However, this is just the beginning of its ascent, as projections unveil a compelling trajectory. By 2030, the Digital Oilfield market is poised to expand its horizons, surging to a projected magnitude of US$34.4 Billion, accompanied by a commendable compound annual growth rate (CAGR) of 4.8% during the analytical span from 2022 to 2030.
The landscape of the Digital Oilfield market is characterized by intricate segmentation, and among the facets under scrutiny, the Hardware segment emerges as a driving force. With a projected CAGR of 5.1%, this segment is anticipated to culminate in a valuation of US$19.1 Billion by the culmination of the analysis period. Alongside this, the Software & Services sector recalibrates its growth trajectory in the wake of post-pandemic recovery, exhibiting a readjusted CAGR of 4.6% over the forthcoming 8 years.
The impact of this market evolution reverberates globally, with the United States taking center stage, estimating a market value of US$6.9 Billion in 2022. A glance towards China, the world's second-largest economy, showcases its ascent, projected to reach a market size of US$6.1 Billion by 2030, underpinned by a steadfast CAGR of 4.6% from 2022 to 2030.
The global economic landscape on the horizon of 2023 is one fraught with complex challenges and interconnected crises. Amidst these uncertainties, considerations encompass the ongoing conflict involving Russia and Ukraine, lingering inflation concerns, and the potential implications for global stability. The persisting specter of food and fuel inflation looms large, influencing economic dynamics.
Governments grappling with inflation resort to interest rate hikes, thereby impacting job creation and overall economic growth. Such conditions are likely to precipitate a slowdown in new job opportunities, concurrently impinging on economic activity and expansion. Companies, cautious due to inflation worries and subdued demand, are anticipated to curtail capital expenditure, potentially shaping a scenario of diminished investments.
With slower growth and elevated inflation, developed markets could teeter on the brink of recession. The uncertainties surrounding potential COVID-19 resurgences and China's enigmatic post-pandemic trajectory further contribute to the prospect of heightened supply chain disruptions and manufacturing impediments in the current year.
Amidst this backdrop of volatility, emerging trade tensions, evolving regulatory frameworks, and the mounting imperative to integrate climate considerations into economic decisions collectively amplify the complexity of the challenges ahead. The year 2023 is poised to be a testing ground for global markets, investors, and consumers alike. However, amidst the challenges, opportunities await resilient businesses and visionary leaders who can navigate the terrain with adaptability and resolve.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 179 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $23.6 Billion |
| Forecasted Market Value (USD) by 2030 | $34.4 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- Impact of Covid-19 and a Looming Global Recession
- Digital Oilfield - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Digital Oilfield Driving Next Wave of Digital Transformation in the Oil and Gas Industry
- Global Oil Production (In Million Metric Tons) for the Years 2014-2019
- STable Long-Term Outlook Projected for Crude Oil Demand Bodes Well for Market Prospects: Daily Global Crude Oil Demand (In Million Barrels) for the Years 2017, 2018, 2019, 2020, 2021 & 2040
- North America to Dominate Overall Market Growth
- Production Optimization to Witness High Growth in Process Segment
MARKET TRENDS & DRIVERS
- Technology Growth and Advancements Spearheads Demand for Digital Oilfield
- Market to Benefit from Growing Application of Digital Oilfield Technology in Exploration and Production Activities
- Stable Growth Outlook for E&P Industry Bodes Well
- Global Investments (In US$ Billion) in Oil Exploration and Production for the Years 2015 to 2019
- Notable Implementations of Digital Oilfield
- Rebound in Offshore Oil and Gas Sector Presents Opportunities for Adoption of Digital Technologies
- Global Offshore Oil Drilling Market (In US$ Billion) for the Years 2019, 2021, 2023, 2025 & 2027
- Growing Demand for Remote Management of Oil Fields and High ROI Strengthens the Business Case for Digital Oilfield
- Growing Focus on Smart Wells Driven by Increased Drilling Activities in Deepwater and Ultra-Deepwater
- Revitalization of Mature Fields and Wells: A Major Market Opportunity
- Innovations in Digital Oilfield Market
- Modern Wireless Technology Crucial to Oilfield Communications
- Application of Artificial Intelligence to Improve Digital Oilfield Operations
- Key Role of 5G in Shaping the Future of Digital Oilfield
- Key Challenges Facing the Market
- Cybersecurity Concerns Pose a Threat to Market Growth
- Lack of Interoperability of Different System Components
- Application of Numerous Analytics Tools Delays Decision-Making Process
- An Overview of Covid-19 Impact on Digital Oilfield Market
FOCUS ON SELECT PLAYERS
- ABB Ltd.
- Baker Hughes, a GE company
- CGG S.A.
- Digi International, Inc.
- EDG, Inc.
- Emerson Electric Co.
- Halliburton
- Honeywell International, Inc.
- Ihs Markit Ltd.
- Kongsberg Group
- National Oilwell Varco, Inc.
- OleumTech
- Pason Systems Corp.
- Petrolink International Ltd. (Isle of Man)
- Redline Communications
- Rockwell Automation Inc.
- Schlumberger Ltd.
- Siemens AG
- Weatherford International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/dg8c8n
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