Portland, OR, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital oilfield market generated $27.4 billion in 2020, and is anticipated to reach $54.4 billion by 2030, manifesting a CAGR of 7.2% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Rise in investments toward digital technologies in the oil & gas industry and surge in demand for manufacturing optimization drive the global digital oilfield market. On the other hand, surge in cyber security risk and awareness regarding data safety hinder the market growth. On the contrary, demand from the pharmaceutical sector is expected to create several market opportunities.
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COVID-19 scenario:
- Due to social and economic lockdown in the pandemic, manufacturing and other sectors suffered. This lead to a drop in the demand for petroleum products, hampering the digital oilfield market in 2020.
- Lack of workforce and interrupted manufacturing of oil led to decreased demand for drilling activities.
- Lesser drilling activities caused a decline in the demand for drilling optimization solutions.
The report segments the global digital oilfield market on the basis of process, solution, application, and region.
Based on application, the offshore segment accounted for the largest market share in 2020, contributing to more than four-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 7.7% from 2021 to 2030. The report also covers the onshore segment.
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Based on the solution, the hardware solutions segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the software & service solution segment is expected to manifest the fastest CAGR of 8.2% from 2021 to2030.
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is anticipated to maintain dominance throughout the forecast period. The global digital oilfield market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 8.4% during the forecast period.
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Key players of the global digital oilfield market analyzed in the research include Halliburton, Schlumberger, Rockwell Automation, ABB, National oil Varco, Siemens, Baker Hugh, Weatherford international, Schneider, and Infosys.
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