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Europe Digital Oilfield Market Size

Report ID: GMI7208
Published Date: Oct 2023
Report Format: PDF

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Europe Digital Oilfield Market Size

Europe Digital Oilfield Market was valued at USD 7.1 billion in 2023 and is predicted to witness more than 6.5% CAGR from 2024 to 2032. The region's continuous emphasis on optimizing operational efficiency and reducing production costs has led to the widespread adoption of digital technologies in the oil and gas sector. The need to extract oil and gas from aging and mature fields has fueled the demand for digital oilfield services across Europe.

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Stringent environmental regulations have encouraged the implementation of digital solutions that monitor and reduce the industry's environmental footprint. Furthermore, the growing availability of high-speed connectivity and the integration of cloud computing and big data analytics are further propelling the market by enabling real-time data analysis and decision-making. These collective factors are reshaping the European oil and gas industry, driving the adoption of digital technologies for enhanced operational efficiency and sustainable practices.

Europe Digital Oilfield Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Digital Oilfield Market Size in 2023:	USD 7.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 12.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	210
Tables, Charts & Figures:	231
Segments covered:	Process, Service, Application, Technology
Growth Drivers:	Volatile crude oil & gas prices Growing number of mature fields
Pitfalls & Challenges:	Budget constraints and limited availability of skilled workforce Poor data quality and increased cybersecurity risks

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of digital oilfield in Europe was surpassed USD 7.1 billion in 2023 and is anticipated to reach over USD 12.4 billion by 2032, attributed to the region's continuous emphasis on optimizing operational efficiency and reducing production costs which has propelled the adoption of digital technologies in the oil & gas sector.

Europe digital oilfield market from the instrumentation & automation services segment generated more than USD 3.6 billion in revenue in 2022 and is estimated to amass over USD 6.4 billion by 2032, attributed to the rising need to improve operational performance and address environmental concerns across European countries.

Russia digital oilfield market accounted for more than USD 3.7 billion in 2022 and is projected to surpass USD 6.7 billion by 2032, driven by the rising need to modernize aging oil infrastructure which has surged the adoption of advanced technologies such as IoT and automation to enhance operational efficiency and reduced maintenance costs.

The major firms engaged in the market are ABB, Siemens Weatherford, National Oilwell Varco, General Electric, SLB, Schneider Electric, Rockwell Automation, Inc., Emerson Electric Co., Accenture, Infosys Limited, Intel Corporation, Honeywell International Inc., and many others.