Digital Oilfield Market Size Worth $40.21 Billion By 2025 | CAGR: 4.7% | Global and Regional Forecast | Grand View Research, Inc.
The global digital oilfield market size is expected to reach USD 40.21 billion by 2025, expanding at a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Expected growth in the number of oil and gas reserves, coupled with the need for increased operational efficiency, is likely to strengthen the demand for digital oilfields. Growing requirement for real-time monitoring systems that provide timely updates through wireless connectivity is anticipated to provide growth opportunities for digital oilfield technology. The market is primarily driven by the need to maximize oilfield recovery, eliminate nonproductive time, and reduce capital and operating expenses by integrating the workflow. The upstream application segment accounts for a significant share in the industry. Digitalization of upstream processes, including production, reservoir, and drilling optimization through digital twin well evaluation, is expected to benefit the industry growth. In a...