Digital Oilfield market size to reach $54.5 Bn by 2032

Digital Oilfield Market size is anticipated to cross USD 54.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
 

Rising energy demand, combined with increased attempts to improve energy security, will drive product implementation across the expanding number of oil and gas exploration and production projects worldwide. As technology advances at an unprecedented rate, oil & gas companies are increasingly relying on a secure, strong communication network to support production, exploration, and other related operations. Transitioning to a digital oilfield is critical for these organizations to develop an efficiently linked enterprise, as well as to continue driving innovation both offshore and onshore, which is favoring the industry landscape by 2032.
 

Increasing number of mature reservoirs to favor reservoir optimization segment growth

The digital oilfield market from the reservoir optimization segment will grow considerably at 7% CAGR from 2023 to 2032. Digital oilfields give real-time data on reservoir pressure, glow, acoustics, and flow, which assists operators in increasing profitability and well performance, which is a primary driver fueling industry demand. Furthermore, the growing number of mature reservoirs has resulted in an increase in the use of suitable optimizing solutions to maximize hydrocarbon recovery, favorably boosting business expansion by end of 2032.
 

Massive IT investments by business players to spur information technology sector growth

The industry size from the information technology segment exceeded USD 13 billion in 2022. The market will expand steadily during 2023-2032 owing to increasing technology integration and diverse business strategies driving O&G firms to innovate and construct substantial IT infrastructure and services. Major players are increasing their IT investments, which is likely to promote business growth. However, ongoing collaboration with various digital solution providers to foster technical offerings, as well as attempts to adopt prevailing methods implemented by industry competitors to improve operations are accelerating market development.
 

Browse key industry insights spread across 510 pages with 829 market data tables & 40 figures & charts from the report, “Digital Oilfield Market - By Optimization Process (Production, Reservoir, Drilling), By Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology), By Application, Technology & Global Forecast 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-oilfield-market
 

Rapid digitalization to complement Europe industry valuation

Europe accounted for 23% of the global digital oilfield market share in 2022 and is estimated to exhibit a notable growth rate through 2032 majorly driven by increased expenditure on digitalization in the European countries with enterprises aiming to garner their existing IT investment by more than 50%. Moreover, the EU government is expanding its energy supply by launching a new licensing cycle and lifting the prohibition on shale gas extraction to increase the UK's energy resilience and assist the country in achieving its target of becoming a net energy exporter by 2040. These initiatives are likely to augment the regional business outlook by 2032.
 

Development of data-driven solutions to define the competitive landscape

ABB, Digi International Inc., General Electric, Schneider Electric, Weatherford, Kuwait Oil Company, Siemens, Rockwell Automation, Emerson Electric Co, Accenture, OleumTech., Saudi Arabian Oil Company (Saudi Aramco), Pason Systems Corp., Katalyst Data Management, and Aviat Networks, Inc. are some of the top firms in the digital oilfield market. To increase their market share, these organizations frequently engage in strategic efforts such as partnerships and service portfolio expansions.