Published on : Apr 08, 2019
ALBANY, New York, April 8, 2019 - The global market for digital oilfield is projected to expand at s robust rate in the years to follow. There has been a stellar demand for better management facilities across the oil and gas industry which has directly influenced the growth dynamics of the global market. The relative changes in the oil and gas industry have been a matter of discussion across global platforms, and several international entities have shown interest in managing the operations of the oil industry. Considering all of the aforementioned factors, it is legit to prognosticate that the global market for oil and gas industry would expand at a stellar rate in the years to come.
The market for digital oil-field holds immense importance for the oil and gas industry. The advent of digital transformations across the world has reflected in multiple industries including oil and gas. Furthermore, the investment index of the global market for digital oilfield has also improved over the past decade. There is a high possibility of new avenues for revenue generation opening in the global market for digital oil-field.
This article by QY Research on the global market for digital oilfield is a descriptive account of the forces that have aided market growth. There is commendable room for new possibilities and growth prospects in the global market for digital oilfield. This article also builds the foundation to understand the various growth opportunities floating in the global market for digital oilfield.
1. Management of Oilfields
The operations pertaining to an oil and gas industry field are complex and expansive. It is impossible to keep a track of all the functions and factors ensuring an oilfield. Hence, the demand within the global market for digital oilfield has been rising at a robust rate in recent times. Furthermore, a digital analogue for oilfields helps in implementing decisions at a swift pace. This factor has also played a crucial role in the growth of the global market for digital oilfield in recent times.
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2. MEA to Lead Regional Segments
The global market for digital oilfield has relevance across a wide scale of regions. This is because the oil and gas industry has been gathering swing in multiple regional pockets. However, the growth prospects of the market for digital oilfield in the Middle East and Africa are the brightest. The seamless oil and gas industry, coupled with the presence of world-reckoned oil reserves in MEA, has led to the growth of the regional market. Other key regional segments within the digital oilfield market are Asia Pacific and Europe.
Some of the key players operating in the global market for digital oilfield are National Oilwell Varco, Inc., Siemens AG, Honeywell International Inc., and Weatherford International Ltd.