North America Digital Oilfield Market to get Significant Proceeds by 2026

Published Date: 2020-01-31

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According to the Graphical Research new growth forecast report titled “North America Digital Oilfield Market Share By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), and Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility, Others) By Application (Onshore, Offshore), By Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology {Software, Computer Equipment & Application Hardware, IT Outsourcing Services, Others}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”, to get Significant Proceeds by 2026.

North America digital oilfield market share will witness substantial growth on account of growing investments towards development advanced automated technology for well operations. Ease of data compilation and analysis, with effective wireless technologies are some of the vital factors favoring the technology adoption. In addition, focus on reduction in capital expenditure and operation downtime will further drive the business outlook over the forecast period.

Effective optimization and improved performance for various monitoring processes will significantly enhance the technology demand in the onshore seabeds. Declining production from conventional systems coupled with the introduction of stringent HSE regulations will further augment the industry growth over the forecast period.

Growing investments towards the development of unconventional hydrocarbon reserves will raise the demand for oilfield analytic services. Growing E&P investments with focus towards enhancing the production from matured oil wells by the adoption advanced IoT technologies will further boost the North America digital oilfield market growth.

Government several measures towards the adoption of sustainable drilling and production technologies will boost the demand for automated monitoring services. Moreover, use of machine learning and artificial intelligence for regulating several parameters including pressure, temperature, flow, etc. to reduce the human error will further escalate the business growth.

Data handling services including Big data and Hadoop enhances analytical operations by analyzing huge amount of oilfield data. This in in turn will stimulate global digital oilfield services market substantially. Furthermore, growing requirement of continuous monitoring for collection and segregation of data will further fuel the technology adoption over the forecast period.

Canada digital oilfield market will witness strong growth on account of increasing investments towards the development of various unconventional hydrocarbon resources. Moreover, government focus to enhance the production from deep and ultradeep well heads will further stimulate the technology adoption over the forecast timeline.

Along with its technological superiority. U.S. market will further develop on account of abundant availability of tight oil and shale gas. For instance, as per EIA, with the introduction of technologies like hydraulic fracking, it is estimated that U.S. produced 20.95 trillion cubic feet of dry shale gas in 2018, which accounts for 69% of total U.S. dry natural gas production by U.S. in 2018

Major players in North America digital oilfield industry include National Oilwell Varco, Weatherford, General Electric, Schlumberger limited, Halliburton, ABB Limited, Rockwell Automation, Schneider Electric, Siemens, Emerson, Baker Hughes GE, Accenture, Intel Corporation, Infosys Limited amongst others.