A collective analysis on ‘Digital Oilfield Services market’ by 360 Market Updates, offers an exhaustive study based on current trends influencing this vertical throughout assorted geographies. Key information regarding market size, market share, statistics, application, and revenue are in the research to develop an ensemble prediction. In addition, this research offers a detailed competitive analysis focusing on business outlook emphasizing expansion strategies accepted by market majors.COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
Global “Digital Oilfield Services Market” Report 2021 studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter’s Five Forces Analysis. Also, Digital Oilfield Services Market is predicted to grow at a CAGR of Growing rate during the forecast period. And report provides a complete market overview, a list of top manufactures, the scope of the report, key market trends of the Digital Oilfield Services market, and the main aspect of the report- why do you have to buy this research report? So don’t miss it.
The report gives – Who are the global key players in this keyword market? What are their company profile, product information, and contact information? What Was the Global Market Status of Digital Oilfield Services Market? What Was Capacity, Production Value, Cost and PROFIT of Digital Oilfield Services Market?
Digital Oilfield Services Market Overview 2021:
After the oil price crisis in 2014, the majority of E&P companies, who had invested heavily in exploration and production activity, suffered severe losses as the oil prices dropped well below the breakeven oil prices. After this, many organizations started adopting the digital oilfield solutions, because of their ability to reduce the operation costs by helping with faster decision making, improving the productivity of the workforce, and assisting with the Asset Integrity Management (AIM). Moreover, during the forecast period, the operators focus is expected to shift toward services that provide long-term benefits such as improving analytics capabilities by employing big data analytics solutions.
Low Oil Prices – Driving the Market
With current low oil-price scenario, the focus is on installing the digital solutions which provide immediate benefits in terms of lowering costs, such as cloud technology and IoT. The digital services have helped the operators in reducing the cost successfully by assisting with the decision-making process and by improving operational efficiency. Operators have been focusing toward operational efficiency improvements for cost savings through sustainable exercises, such as major changes in drilling strategy to optimize the production. As a result, breakeven prices have consistently reduced in many oil fields all across the world. Lower oil prices scenario is expected to drive the digital oilfield services market during the forecast period.
North America Shale Gas Production – Increased Offshore Activity is a Market Driver
Due to record high production, increased offshore activity, and production from shale fields, North America is expected to be among the market leaders during the forecast period. Supported by industrys growing focus toward the reduction in the operating costs, particularly for the offshore oil fields and shale oil production. For example, the breakeven price of Eagle Ford Shale, located in the United States, decreased by about 55% during the 201316 period. The operating company, ConocoPhillips, installed sensors across the wells drilled in this field for data collection and monitoring purpose. The data collected by the sensors were used for improving the development strategy and drilling operations. This data helped the company reduce the drilling cost substantially, saving billions of dollars.
US A Regional Hotspot for Digital Oilfield Services Market
In 2016, the oil and gas production from the United States accounted for about 13% and 21% of the total global production respectively. The country has been a pioneer of the technological developments in the oil & gas industry. In January 2018, US Interior Department allowed drilling in nearly all US waters, which is among the biggest expansions of offshore oil & gas leasing by the federal government in the history of the United States. This new development is expected to drive the offshore exploration and production activity, and hence, the demand for digital oilfields solutions is likely to increase in the future.
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Top Key-players/Leading Manufacturers of Digital Oilfield Services Market:
- Baker Hughes
- Siemens AG
- Rockwell Automation
- Honeywell International Inc.
- Kongsberg Gruppen ASA
- Paradigm (A Emerson Electric Co. owned company)
- Pason Systems Corp.
With tables and figures helping analyze the worldwide Global Digital Oilfield Services market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
The Global Digital Oilfield Services market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
Key Developments in the Digital Oilfield Services Market:
This Digital Oilfield Services Market Research/analysis Report Contains Answers to your following Questions
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Digital Oilfield Services Industry?
- What Was the Global Market Status of Digital Oilfield Services Market? What Was Capacity, Production Value, Cost, and PROFIT of Digital Oilfield Services Market?
- What Are Projections of Global Digital Oilfield Services Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption? What about Import and Export?
- What Is Digital Oilfield Services Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
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- What Is Economic Impact On Digital Oilfield Services Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- Which Manufacturing Technology is used for Digital Oilfield Services? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Digital Oilfield Services Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Is the Current Market Status of the Digital Oilfield Services Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Digital Oilfield Services Market by Taking Applications and Types in Consideration?
- What Are Market Dynamics of Digital Oilfield Services Market? What Are Challenges and Opportunities?
Reasons to Purchase Digital Oilfield Services Market Report:
- The report analyses how stringent emission control norms will drive the global Digital Oilfield Services market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major Digital Oilfield Services market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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