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Europe Digital Oilfield Market Trends

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

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Europe Digital Oilfield Market Trends

The Europe digital oilfield industry is witnessing several prominent trends. There is a growing focus on data analytics and artificial intelligence, which are being used to optimize production, predict equipment failures, and enhance reservoir management. The adoption of IoT sensors and automation is on the rise, allowing for real-time monitoring of field operations and improved decision-making. Additionally, there's a shift toward remote operations and digital twins, enabling companies to manage assets and processes virtually, reducing the need for on-site personnel. Partnerships and collaborations between technology providers and oil and gas companies are fostering innovation and the development of tailored digital solutions.

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.