Digital Oilfield Solutions Market to Grow at a Significant CAGR of 6.3% Through 2028 - Future Market Insights

VALLEY COTTAGE, New York, August 13, 2018 /PRNewswire/ --

In the last couple of years, the oil and gas industry has changed tremendously, with crude oil prices hitting an all-time low, thereby, changing the investments dynamics. The price fluctuations of crude oil is not associated with the origin of its production or consumption. The price tends to move and change in the same direction- at a similar rate. Moreover, new supplies and other disruption like elevated or reduced demand will affect the crude oil prices, globally. However, with increasing energy consumption across the globe, pressures are tightening on the oil and gas industry to cater to the growing demands as extractions become challenging. The word has already lost on shale and traditional gas owing to commercial exploitation. So, how does the oil and gas industry locate new oil fields, considering it is much behind the technology graph owing to manual processes? The glaring answer to this are the time and cost-effective digital oilfields.

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Time & Cost-Effective Digital Oilfields Solutions is the Glaring Answer 

Digital Oilfields enable oil and gas companies to maximize oilfield recovery, eliminate lean time and increase profitability and work efficiency through the design and deployment of integrated workflows. With increasing need to collect data, digital oilfields places business process management combined with advanced IT solution in the forefront to streamline and automate tasks performed by cross-functional teams-to improve the oil and gas production. According to a recent market study by Future Market Insights, the sales of global digital oilfield solutions is estimated to stand at a market valuations of US$54,415.5 Mn by 2028, expanding at a significant CAGR of 6.3% over the forecast period of 2018-2028.

A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-615

MEA region is projected to dominate the global digital oilfield solutions market during the forecast period owing to more oil and gas companies are looking to adopt digital solutions in new installations and capacity expansion. In terms of investments, U.S is projected to present maximum opportunities.