Selbyville, Delaware, June 26, 2019 (GLOBE NEWSWIRE) --
Middle East digital oilfield market is poised to achieve significant CAGR up to 2025, owing to growing need to transform business operations on account of economic dependency on oil production and trade. Majority of the investment in the region is witnessed across Saudi Arabia and Kuwait. The companies have started adopting new digitalized solutions in order to boost their production output and returns. Major investors across the region include Kuwait Oil Company, Saudi Aramco, and Abu Dhabi National Oil Company. In 2019, the Kuwait oil company have planned to initiate the phase two of KwIF project in which it has integrated operations involving optimization of field assets, real time surveillance and modelling.
Requirement of large capital investments along with growing need for strategically planned drilling operations will foster the digital oilfield market by drilling optimization. Increasing well complexity and low oil prices are the prime factor instigating the requirement of advance drilling solutions. In addition, it further offers enhanced safety, reduce drilling risk, minimize nonproductive time while provide guidance for the project that are likely to boost its adoption.
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Declining technology cost along with growing industry merger & acquisition will drive the digital oilfield market size by information technology. In addition, growing integration of technology and business strategies are compelling the oil and gas companies to innovate and develop extensive IT infrastructure and services.
Global Digital Oilfield Market is expected to surpass USD 39 billion by 2025, as reported in the latest study by Global Market Insights, Inc. Ongoing advancement in technology along with growing awareness among industry players regarding the potential of IoT, analytics and cloud computing will drive the digital oilfield market growth. Prevailing technology promotion through Industry4.0 or Fourth Industrial Revolution along with government programs to enhance the domestic technological capabilities will augment the industry landscape.
Growing number of mature fields along with need for economic recovery of resources will propel the Europe digital oilfield market growth. Large number of fields across Russia and Romania have reached their maturity. The companies are adopting enhanced oil recovery methods to boost the production. Advance solutions including reservoir optimization and well testing facilities will help the operators to take necessary actions while saving cost on expensive recovery methods.
Browse key industry insights spread across 340 pages with 554 market data tables & 29 figures & charts from the report, “Digital Oilfield Market By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology {Software, Computer Equipment & Application Hardware, IT Outsourcing Services, Others}), By Application (Onshore, Offshore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility, Others) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, Norway, UK, Denmark, Italy, Germany, Netherlands, France, China, India, Indonesia, Malaysia, Thailand, Australia, Saudi Arabia, Iraq, Kuwait, UAE, Qatar, Oman, Nigeria, South Africa, Brazil, Argentina,) Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-oilfield-market
Growing exploration and production activities on account of recovering oil prices will put thrust to digital oilfield market share. Increased rig count along with discoveries of new oilfields will provide substantial growth prospects for the investors. For instance, the U.S. rig count increased from 900 in 2017 to 945 in 2018.
Key participants functioning across the digital oilfield market include Halliburton, Schlumberger, Weatherford, ABB, Rockwell, Siemens, General Electric, National Oil Varco, Kuwait Oil Company, Accenture, Schneider, Infosys and Intel.
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