Connected Oilfield Market to Witness an Outstanding Growth During 2021- 2026

(The Express Wire via Comtex)

The global connected oilfield market size is prognosticated to rise remarkably on account of new technological advancements in the digital oilfield worldwide. Fortune Business Insights™ in their report titled, “Connected Oilfield Market Size, Share and Industry Analysis, By Solution (Hardware, Software, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026,” provides a 360-degree analysis on the market and its key industry developments.

According to the connected oilfield market analysis, the market is segmented based on solution, application, and geography. With respect to the solution, the market is classified into hardware, software, and others. In terms of application, the market is grouped into offshore and onshore.

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Some of the key industry developments in the connected oilfieldmarket are:

February 2019 A joint venture was signed between Rockwell Automation and Schlumberger for solving problems of the gas and oil industry by creating a completely integrated digital oilfield solution. This solution will allow oil companies to

June 2019, a Californian software solution provider and Baker Hughes, a GE company, entered into a joint venture for delivering Artificial Intelligence solutions across the gas and oil industry. With the help of Artificial Intelligence, it will be easy to control and monitor the equipment and processes for making better business decisions.

Some of the significant connected oilfieldmarket manufacturers include:

  • Petrolink
  • Schlumberger
  • Baker Hughes (GE Company)
  • Halliburton
  • Rockwell Automation
  • National Oilwell Varco
  • Emerson
  • Digi International
  • Siemens
  • Redline Communications
  • Pason Systems Corp
  • Weatherford
  • ABB

Research Methodology:

We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country level is derived from the most credible published sources and through interviews with the right stakeholders.

The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.

Rise in Return on Investment for Digital Oilfield will Boost Market

An important factor promoting the market growth is the advancement of new technologies into the digital oilfield sector. Besides this, the rise in demand from gas and oil operators for scaling up their production from mature wells are anticipated to help increase the market size in the coming years. Furthermore, the rise in return on investment or ROI in digital oilfield will further help attract high market revenues in the forecast duration.

On the contrary, factors such as cybersecurity threats that hamper the digital oilfield and its growth is a major threat to the overall market growth in the coming years.

Nevertheless, new ultra-deep or offshore water discoveries are likely to create lucrative growth opportunities for the market in the long run. Besides this, the introduction of digital trends in digital oilfield activities is likely to help attract high market revenues in the near future.

Regional Analysis Market Research Report:

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and the Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)

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Massive Investment in Unconventional Production of Hydrocarbons to Help North America Emerge Dominant

Geographically, the market is widespread into five major regions, namely the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Each of these regions is further segmented into countries. Among these, North America has emerged dominant in the market on account of massive investment in the unconventional production of hydrocarbon. This, coupled with the implementation of high-end technology in the oilfield market, are likely to help this region generate the highest market shares in the coming years.

On the other hand, the market is Europe is anticipated to witness significant market growth on account of the rise in demand for technological processes for enhancing the overall efficiency of the oil wells. This, coupled with better asset management, is likely to help the Europe market grow remarkably. Furthermore, the market in Asia Pacific is anticipated to witness steady growth on account of increasing demand for gas and oil from developing nations such as China and India. The nations mentioned above are embracing digital oilfield technologies for cutting down the overall cost and optimization of business operations.

Companies Entering into Joint Ventures for Improving Productivity

Major players functioning in the market are focusing on adopting strategies such as joint ventures for expanding their names to various geographies. Besides this, companies are also adopting automation in the oilfield for better productivity and rapid growth during the forecast period.

Major Table of Content for Connected Oilfield Market:

  1. Introduction
  2. Executive Summary
  3. Market Dynamics
  4. Key Insights
  5. Global Market Analysis, Insights and Forecast, 2026
  6. North America Market Analysis, Insights and Forecast, 2026
  7. Europe Market Analysis, Insights and Forecast, 2026
  8. Asia Pacific Market Analysis, Insights and Forecast, 2026
  9. Middle East and Africa Market analysis, Insights and Forecast, 2026
  10. Latin America Market Analysis, Insights and Forecast, 2026
  11. Competitive Landscape
  12. Company Profile
  13. Conclusion

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Press Release Distributed by The Express Wire

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