Economy
Digital Oilfield Solutions Market to Be Worth $41.7 Billion by 2030 – Exclusive Report by Meticulous Research®
Redding, California, June 22, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘Digital Oilfield Solutions Market by Offering (Hardware, Software, Services), Process (Production Optimization, Drilling Optimization, Others), Technology (IoT, AI, Others), Application (Onshore, Offshore), and Geography – Global Forecast to 2030,’ the digital oilfield solutions market is projected to reach $41.7 billion by 2030, at a CAGR of 7.6% from 2023 to 2030. Digital oilfield solutions combine business process management with digital technologies to automate workflows for maximizing productivity, reducing costs, and minimizing the risks associated with oil & gas operations. Digital or smart oilfield solutions optimize production, improve operational efficiency, and increase productivity through integrated workflows.Download Free Sample Report Now: https://www.meticulousresearch.com/download-sample-report/cp_id=5529Some of the major factors driving the growth of this market are the growing need to enhance production from mature oilfields and technological advancements in the oil & gas industry. In addition, the growing demand for offshore/ultra-deepwater discoveries is expected to create opportunities for market growth. However, data retrieval and analysis and the scarcity of quality information hamper decision-making processes, restraining the growth of this market.The digital oilfield solutions market is segmented by offering (hardware, software, services), process (production optimization, drilling optimization, reservoir optimization, safety management, and other processes), technology (IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies), application (onshore, offshore), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.Based on offering, the digital oilfield solutions market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the digital oilfield solutions market. However, the hardware segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by rising digitization in the oil & gas industry and significant research & development activities to build advanced hardware and solutions such as Supervisory Control and Data Acquisition (SCADA) and Distributed Control Systems (DCS).Have Any Query? Ask To Analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5529 Based on process, the digital oilfield solutions market is segmented into production optimization, drilling optimization, reservoir optimization, safety management, and other processes. In 2023, the production optimization segment is expected to account for the largest share of the digital oilfield solutions market. However, the reservoir optimization segment is expected to record the highest CAGR during the forecast period. The high growth of this segment is driven by oil & gas companies’ increasing need to assess normal as well as complex reservoirs with higher accuracy. Based on technology, the digital oilfield solutions market is segmented into IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the digital oilfield solutions market. However, the big data analytics segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by downstream energy businesses’ rising need to streamline operations, improve efficiency, minimize risks, and reduce downtimes and maintenance costs of refining equipment.Oil & gas companies face the challenge of obtaining insights from an enormous amount of data to make better, more informed decisions. To innovate exploration and production, they need to make sense of operational data from the plant floor, supply chains, and connected products. By applying advanced analytics, oil & gas companies can identify trends and predict events throughout processes to quickly respond to disruptions and improve efficiencies. Quick Buy – Digital Oilfield Solutions Market- Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/67476444Based on application, the digital oilfield solutions market is segmented into onshore and offshore. In 2023, the onshore segment is expected to account for the larger share of the digital oilfield solutions market, mainly due to the accessibility of large-capacity reservoirs on land in conventional and unconventional reserves. Additionally, discoveries of oil, gas, and shale reserves and production from mature wells are expected to drive the growth of this segment. However, the offshore segment is expected to record the higher CAGR during the forecast period. The high growth of this segment is driven by growing investments in subsea oil & gas assets and the increasing need to handle multiple types of equipment, which are very risky and challenging to operate manually.Various oilfield service providers are investing in offshore assets to increase well productivity and reservoir performance, which is expected to drive the growth of this segment.Based on geography, the digital oilfield solutions market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the digital oilfield solutions market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is driven by the advent of digitization in the oil & gas sector across the region, increasing penetration of emerging technologies such as artificial intelligence (AI) and IoT, rising investments in Industry 4.0, and increasing exploration operations in uncharted offshore/ultra-deep waters.Key Players:The key players operating in the digital oilfield solutions market are Schlumberger (U.S.), Halliburton (U.S.), Rockwell Automation (U.S.), NOV Inc. (U.S.), ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Baker Hughes Company (U.S.), Weatherford (U.S.), Infosys Limited (India), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), and KONGSBERG (Norway). To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/digital-oilfield-solutions-market-5529Scope of the Report: Digital Oilfield Solutions Market Assessment, by OfferingHardwareSoftwareServices Digital Oilfield Solutions Market Assessment, by ProcessProduction OptimizationDrilling OptimizationReservoir OptimizationSafety ManagementOther Processes Digital Oilfield Solutions Market Assessment, by TechnologyIoTArtificial IntelligenceBig Data AnalyticsCloud ComputingCybersecurityBlockchainOther Technologies Digital Oilfield Solutions Market Assessment, by ApplicationDigital Oilfield Solutions Market Assessment, by GeographyNorth America Europe U.K.GermanyFranceItalySpainSwitzerlandNetherlandsRest of Europe Asia-Pacific ChinaIndiaJapanSouth KoreaAustralia & New ZealandSingaporeRest of Asia-Pacific Latin America BrazilMexicoRest of Latin America Middle East & Africa IsraelUAERest of the Middle East & Africa Request Free Sample Report Now: https://www.meticulousresearch.com/request-sample-report/cp_id=5529 Related Reports:Industrial Robotics Market – Global Opportunity Analysis and Industry Forecast (2022–2029)https://www.meticulousresearch.com/product/industrial-robotics-market-5278Industrial Control Systems Security Market – Global Opportunity Analysis and Industry Forecast (2023–2030)https://www.meticulousresearch.com/product/industrial-control-systems-security-market-5339Industrial Cybersecurity Market – Global Opportunity Analysis and Industry Forecast (2023–2030)https://www.meticulousresearch.com/product/industrial-cybersecurity-market-5316Industrial IoT Market – Global Opportunity Analysis and Industry Forecast (2022–2029)https://www.meticulousresearch.com/product/industrial-iot-market-5102Industrial Analytics Market – Global Opportunity Analysis and Industry Forecast (2022–2029)https://www.meticulousresearch.com/product/industrial-analytics-market-5330Oilfield Services Market – Global Opportunity Analysis and Industry Forecast (2019–2025)https://www.meticulousresearch.com/product/oilfield-services-market-4963Industrial Automation Market – Global Opportunity Analysis and Industry Forecast (2020–2027)https://www.meticulousresearch.com/product/industrial-automation-market-5172About Meticulous Research®Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- sales@meticulousresearch.com Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Content Source: https://www.meticulousresearch.com/pressrelease/760/digital-oilfield-solutions-market-2030 Mr. Khushal Bombe
Meticulous Research®
Direct Lines: +1-646-781-8004 (North America)
+44-203-868-8738 (Europe)
+91 744-7780008 (Asia-Pacific)
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Meticulous Research® Blog: https://meticulousblog.org/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies
