TechSci Research’s report titled “United States Digital Oilfield Market By Processes, By Solutions, By Application, By Technology, By Service, By End Use, Competition, Forecast & Opportunities, 2027” predicts that the United States digital oilfield market will grow at a CAGR of approximately 5% during the forecast period due to the country’s recovering oil prices and increasing exploration and production activities. Furthermore, the market is expected to be driven by factors such as technological advancements, the need for oil and gas operators to increase production, and the focus on remote oilfield management for optimization and automation processes. However, reluctance to adopt digital oilfield methods over conventional methods may hinder market growth during the forecast period, along with fluctuating crude oil prices, growing demand for alternative sources of fuel, and concerns over data security and cyber theft.
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The United States digital oilfield market is segmented based on processes, solutions, application, technology, service, end-use, country, and company. The production optimization process segment is expected to dominate the market due to the growing demand for oil and gas. The hardware solution segment, which includes smart wells, distributed control systems, wireless sensors, and SCADA, is expected to have the highest growth rate during the forecast period since these are key components of the digital oilfield. Onshore applications are expected to witness substantial growth due to the rapid discoveries of new oilfields and development of several halted projects in the region. The advanced analytics technology segment is expected to dominate the market due to major investments made by industry players.
Leading players in the United States digital oilfield market include Schlumberger Limited, Halliburton Company, Baker Hughes, a GE Company, LLC, National Oilwell Varco LP, Emerson Process Management LLLP, Rockwell Automation, Inc., Honeywell International Inc., Cisco Systems, Inc., General Electric Company, and Emerson Electric Co. These companies are using organic strategies such as product launches, mergers, and collaborations to increase their market share. For example, Halliburton is working to integrate, interpret, and act on production-related information on a real-time basis for the maximization of development.
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“United States digital oilfield market is expected to witness significant growth during the forecast period, owing to the presence of leading oil and tech giants in the country. Additionally, surge in domestic production and oilfield discoveries are further anticipated to propel growth in United States digital oilfield market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Digital Oilfield Market By Processes, By Solutions, By Application, By Technology, By Service, By End Use, Competition, Forecast & Opportunities, 2027” has evaluated the future growth potential of United States digital oilfield market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States digital oilfield market.
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