Digital Oilfield Market to Witness Strong Growth by 2026

Global Digital Oilfield Market: OverviewIn order to optimize the recovery of the hydrocarbons and to improve the safety in the operations an advanced application in the information technology is used which is termed as digital oilfield.

The solutions that are provided by the digital oilfield include providing optimum reservoir management and support the exploration and production activities.

The benefit that the digital oilfield solutions provide is it integrates the traditional practices of the oil and gas with the modern information technology, communication, and automation.Global Digital Oilfield Market: SegmentationThe digital oilfield market is globally segmented into its process and service.

Moreover, the unsafe nature of the gas and oil industry and the concerns regarding the human resource and the environment are rising amid the accidents that have occurred in the past years.

The key factor that is restraining the market growth is the unwillingness to adopt the method of digital oilfield over the conventional methods.Request for Table of Contents:  http://www.marketgrowthanalysis.com/reports/toc/203Global Digital Oilfield Market: Regional AnalysisThe global digital oilfield market is regionally diversified into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.

The oil and gas industry is growing in this region; hence, many of the mature oilfields are expected to become digitalized in the coming years.Global Digital Oilfield Market: Competitive PlayersThe major market players in the digital oilfield market include Konsberg Oil & Gas Technologies AS, Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Paradigm, and Honeywell International.Report Description:  http://www.marketgrowthanalysis.com/digital-oilfield-marketAbout Us:Market Growth Analysis is one of the leading digital services provider and a result-oriented company based in Canada.

During 2017–2018, electricity production from coal, natural gas, and crude oil grew by 370 million tonnes of oil equivalent (Mtoe), driving the global electricity generation during this period, says the International Energy Agency (IEA).

Thus, despite the focus shift toward renewable energy, fossil fuels continue to hold the largest share in the earth’s energy mix.

This is perhaps because power production from these sources requires technologies that have been known for over one century.

Moreover, renewable technologies require a high investment, and many of them don’t produce electricity as efficiently; solar plants don’t work at night, while wind plants can only work on really windy days.Thus, with the rising oil and gas exploration and production (E) activities, the digital oilfield technology market size will likely grow from $26,570.4 million in 2017 to $34,871.6 million by 2023, at a 4.6% CAGR between 2018 and 2023.

Moreover, a number of brownfield reserves are being discovered, which have already matured, thus require digital technologies to boost production.Moreover, a huge volume of unstructured data is created when looking for oil and gas and extracting and producing them, which needs to be turned into structured sets and aptly analyzed for taking any action.

Even the discovery of immature oil and gas fields is driving the usage of digital oilfield technologies as the focus on renewable energy has made E firms focus on cost-effective and efficient production, so that the levelized cost of energy (LCoE) of such fossil fuels can be kept low.Reservoir optimization, production optimization, and drilling optimization are the three processes accomplished by digital oilfield technologies.