SAN FRANCISCO, October 8, 2021 / PRNewswire / – A new market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Digital Oil Field – Global Market Trajectory and Analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 6; Posted: April 2021
Executive pool: 18801
Companies: 12 – Players covered include ABB Ltd .; Baker Hughes, a GE company; CGG SA; Digi International, Inc .; EDG, Inc .; Emerson Electric Co.; Halliburton; Honeywell International, Inc .; Ihs Markit Ltd .; Kongsberg Group; National Oilwell Varco, Inc .; OleumTech; Pason Systems Corp .; Petrolink International Ltd. (Isle of man); Redline Communications; Rockwell Automation Inc .; Schlumberger Ltd .; Siemens SA; Weatherford International Ltd. and others.
Blanket: All major geographies and key segments
Segments: Application (On-shore, Off-shore); Processes (production optimization, drilling optimization, reservoir optimization, other processes); Solution (hardware, software and service, data storage)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global Digital Oilfield Market To Reach $ 34.5 billion by 2026
Amid the COVID-19 crisis, the global digital oilfield market estimated at US $ 25.8 billion in 2020, is expected to reach a revised size of US $ 34.5 billion by 2026, with a CAGR of 4.8% over the analysis period. Hardware, one of the segments analyzed in the report, is expected to register a CAGR of 5% and reach US $ 17 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of Software and Services segment is readjusted to a revised CAGR of 4.7% for the next 7 year period.
The US market is estimated at $ 8.1 billion in 2021, when China is expected to reach $ 6.1 billion by 2026
The digital oilfield market in the United States is estimated at US $ 8.1 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of 6.1 billion US dollars by 2026, with a CAGR of 4.6% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 4.5% and 4.1% respectively over the period of analysis. In Europe, Germany is expected to grow at around 4.6% CAGR.
Data storage segment to be reached US $ 8.1 billion by 2026
In the global data storage segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.8% CAGR for this segment. These regional markets representing a combined market size of 4.9 billion US dollars in 2020 will reach a projected size of 6.8 billion US dollars at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Following
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About Global Industry Analysts, Inc. & StrategyRâ¢
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving more than 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for more than 33 years.
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Global Industry Analysts, Inc.
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SOURCE Global Industry Analysts, Inc.