Digital Oilfield Market Forecast to 2027 | Top Companies, Trends & Growth Factors, and Overview

Astute Analytica’s recent report on the global Digital oilfield market outlines various sections discussing the prospects of the market. The report contains a thorough analysis of the market, discussing trends, growth factors, challenges, innovations, and outperforming strategies. Based on primary and secondary research, this in-depth analysis includes both qualitative and quantitative studies.

The global Digital oilfield market size was US$ $$$ billion in 2021. The global Digital oilfield market is forecast to grow to US$ 32 billion by 2027 by registering a compound annual growth rate (CAGR) of $$% during the forecast period from 2021 to 2027.

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The global Digital oilfield market is forecast to experience strong growth potential due to growing energy consumption across the world. It is majorly attributed to the rising population, increasing industrialization, and growing urbanization. Further, the growing range of data centres and other commercial buildings will also contribute to the growth of the market.

COVID-19 Impact Analysis

The global Digital oilfield market experienced a sharp decline due to the COVID-19 outbreak. According to data from BP’s Statistical Review of World Energy, Primary energy consumption dropped by nearly 4.5% in 2020, which is considered to be the largest decline since 1945.  The same source estimates that the US, India, and Russia witnessed the largest declines in energy consumption. However, China recorded a significant increase of nearly 2.1% in the energy demand. This thorough study by Astute Analytica covers all the factors impacting the market directly or indirectly. The report discusses the contribution of regions and companies in the form of investments and innovative strategies.

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Regional Analysis

The global Digital oilfield market is forecast to record the highest growth in Asia-Pacific due to the presence of highly populated countries like India and China. According to EIA’s International Energy Outlook 2017, India will record the highest consumption of building energy by 2040.  Furthermore, the same source estimates that delivered energy consumption for residential and commercial buildings in India is expected to rise at a rate of 2.7 percent per year between 2015 and 2040, which is more than double the global average.

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