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APAC Digital Oilfield Market to get Significant Proceeds by 2027
Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “Asia Pacific Digital Oilfield Market Size By Process (Production Optimization, Reservoir Optimization, Drilling Optimization), By Service (Instrumentation & Automation, Information Technology), By Application (Onshore, Offshore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility), Industry Analysis Report, Regional Outlook (China, India, Australia, Indonesia, Thailand, Malaysia), Application Potential, Competitive Market Share & Forecast, 2021 – 2027”, To Prevalent Opportunities up to 2027.
Increasing inclination toward achieving economic recovery rates coupled with declining production from existing wells will propel the Asia Pacific digital oilfield market size. Growing demand for advanced digital technology for effectively managing and optimizing oilfield operations along with onsite personnel safety will foster the industry landscape. Moreover, growing production from deep sea areas accompanied by real time site monitoring will augment the business scenario.
Increasing crude oil demand on account of rising population across the emerging economies will drive the industry spectrum. Accelerated E&P activities complemented by favorable regulatory policies along with increasing investment across the upstream sector is set to boost the digital oilfield market growth. Moreover, accelerating funding for research and development activities toward advanced analytics services will drive the Asia Pacific digital oilfield market outlook.
Accelerating investments toward development of new oil fields along with advance sensing, automation, connectivity and data analytics solutions will enhance the offshore digital oilfield market share. Moreover, the increasing government support to boost domestic production primarily across the developing nations will complement the business outlook. Moreover, ongoing strategic collaboration for improving technological offerings will stimulate the business scenario.
The ongoing Covid-19 pandemic has led to the lockdown across various economies which has resulted in the interruptions in the field services. However, with the opening of economies and companies planning their investments toward advanced technological solutions, the Asia Pacific digital oilfield market is set to witness significant growth.
Increasing availability of enhanced technological solutions including development planning, reservoir planning along with equipment management services including smart alarms, sensors and actuating devices will embellish the reservoir optimization. In addition, upsurge in deployment of enhanced oil recovery systems followed by surge in aging oil wells will enhance the Asia Pacific digital oilfield market growth.
Shifting focus toward utilization of artificial intelligence and machine learning across upstream sector to validate borehole integrity and minimize safety risks will accelerate the advance analytics segment. Rapid advancement in data gathering and interpretation system to monitor ongoing process will encourage the product adoption.
India’s digital oilfield market is set to rise on account of growing energy demand along with shifting trend toward digitally advanced analytics. Ongoing Investments by public and private companies toward development of digitalized solutions coupled with increasing number of upcoming field development plans will further accelerate the business growth. Moreover, accelerating industrial and commercial activities along with escalating demand of petrochemical products will enhance the product adoption.
Key players operating across the Asia Pacific digital oilfield market includes Shell, Schlumberger, Halliburton, Weatherford, Infosys, Accenture, Exxon Mobil, General Electric, Intel, Emerson, Katalyst, Cisco, Wipro. Companies, CISCO and ABB Limited. The companies are aligned toward inorganic growth ventures to enhance the business presence across the region.