Digital Oilfield Market Size to experience an impressive growth of 7.2%
February 10, 2020
Digital Oilfield Market is likely to witness an impressive CAGR of 7.2% during the forecast period. The rising production activities in the Middle Eastern region, the prevalence of alternative reserves, and the increasing investments in offshore in Asia-Pacific are the factors that are bolstering the growth of the digital oilfield market globally.
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Digital Oil Field Market Insights:
By Product Type:
Based on the process type, the market is segmented as production optimization, drilling optimization, reservoir optimization, and others. The production optimization segment is estimated to lead the market in the coming five years. The real-time techniques for production optimization augment the recovery of oil and minimize the non-productive time.
By Solutions Type:
Based on the solutions type, the market is segmented as hardware solutions, software & service solutions, and data storage solutions. The hardware solutions segment is expected to grow at the fastest rate during the forecast period. Investments by oilfield operators towards technology enhancement and process mechanization are helping companies to eradicate non-productive time and scale-up production.
By Application Type:
Based on the application type, the market is segmented as onshore and offshore. The onshore segment is expected to lead the market in the coming five years. The market is driven by the large-scale oil & gas exploration activities in the Middle Eastern and the North American regions.
By Region:
In terms of regions, Europe is estimated to dominate the digital oilfield market in the coming five years. This growth is owing to the presence of large oilfields in the North Sea. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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