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According to the forecast of international market research agency Markets and Markets, the global digital oilfield market will grow from $21.
11 billion in 2017 to $27.
1 billion in 2022, with a compound annual growth rate of 5.
09%
during the period.
The market growth is attributed to the increased focus
on optimization in mature areas through digitalization.
The global digital oilfield market will reach $27.
1 billion by 2022
By process, the production optimization market will become the largest market
The production optimization market will continue to grow in the future due to the increasing production activities of major global oil and gas suppliers to
increase their respective oil production.
The adoption and implementation of digital optimization technologies can enable these companies to achieve production targets and increase profitability
.
By application, the onshore segment is expected to account for the largest market share
Onshore applications are more
intense in regions such as the Middle East and North America.
Digitalization in these regions can maximize oil and gas production, reduce non-productive time and increase profitability
by integrating workflows.
This will ultimately generate new revenue
for the digital oilfield market.
By region, Europe will be a key market for the digital oilfield market
The report analyzes the digital oilfield market in six regions, including Asia Pacific, Europe, North America, South America, the Middle East, and Africa
.
By 2022, Europe will become the world's largest digital oilfield market
.
The European region has several mature fields in the North Sea, which require more technological strength to produce oil
.
Russia, Britain and Norway share most of the region's reserves
.
In the UK and Norway, oil and gas production is mainly offshore, while Russia has more onshore fields
.
The sheer number of oil and gas fields has led to an increase in demand for digital fields such as well intervention and enhanced recovery technologies
.
To gain insight into the competitive landscape, the report outlines profiles of some of the key players, including integrators such as Schlumberger (US), Weatherford (Switzerland), Haliburton (US), BHGE (US), and equipment suppliers
such as National Well Company (US), ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
,
According to the forecast of international market research agency Markets and Markets, the global digital oilfield market will grow from $21.
11 billion in 2017 to $27.
1 billion in 2022, with a compound annual growth rate of 5.
09%
during the period.
The market growth is attributed to the increased focus
on optimization in mature areas through digitalization.
The global digital oilfield market will reach $27.
1 billion by 2022
1 billion by 2022
By process, the production optimization market will become the largest market
By process, the production optimization market will become the largest marketThe production optimization market will continue to grow in the future due to the increasing production activities of major global oil and gas suppliers to
increase their respective oil production.
The adoption and implementation of digital optimization technologies can enable these companies to achieve production targets and increase profitability
.
By application, the onshore segment is expected to account for the largest market share
By application, the onshore segment is expected to account for the largest market shareOnshore applications are more
intense in regions such as the Middle East and North America.
Digitalization in these regions can maximize oil and gas production, reduce non-productive time and increase profitability
by integrating workflows.
This will ultimately generate new revenue
for the digital oilfield market.
By region, Europe will be a key market for the digital oilfield market
By region, Europe will be a key market for the digital oilfield marketThe report analyzes the digital oilfield market in six regions, including Asia Pacific, Europe, North America, South America, the Middle East, and Africa
.
By 2022, Europe will become the world's largest digital oilfield market
.
The European region has several mature fields in the North Sea, which require more technological strength to produce oil
.
Russia, Britain and Norway share most of the region's reserves
.
In the UK and Norway, oil and gas production is mainly offshore, while Russia has more onshore fields
.
The sheer number of oil and gas fields has led to an increase in demand for digital fields such as well intervention and enhanced recovery technologies
.
To gain insight into the competitive landscape, the report outlines profiles of some of the key players, including integrators such as Schlumberger (US), Weatherford (Switzerland), Haliburton (US), BHGE (US), and equipment suppliers
such as National Well Company (US), ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
,