Posted 3/11/2024, 10:30:00 AM
Digital Oilfield Market Poised for Steady Growth to $43 Billion by 2029 Driven by Production Optimization and Onshore Applications
- Digital Oilfield Market expected to reach $43 billion by 2029, growing at a CAGR of 6.3%
- Market growth driven by need for improved efficiency, reduced costs, and addressing industry challenges
- Production optimization to see highest CAGR due to increased hydrocarbon recovery and asset lifespan
- Onshore application to account for largest market share due to less complex operations compared to offshore
- Europe expected to be second largest region due to emphasis on environmental sustainability and regulations