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 addition, growing digitalization of other upstream processes such as production surveillance, predictive process control, intelligent command centers, and control systems is anticipated to positively impact the market growth. Such control systems include Supervisory Control and Data Acquisition (SCADA).
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Industry participants are adopting several strategic initiatives such as technological collaborations with software providers to expand their foothold in the industry. For instance, in February 2019, ExxonMobil partnered with Microsoft, adopting the latter's integrated cloud technology to gain access to real-time data from oilfield assets.
Further key findings from the report suggest:
- Instrumentation & automation will emerge as the fastest growing segment exhibiting a CAGR of 5.8% over the forecast period, on account of the development of advanced data acquisition and interpretation systems and rising adoption of wireless networks
- The downstream application segment was valued at USD 10.84 billion in 2018 owing to factors such as rapid digitalization of refining processes, adoption of smart refineries, higher yields, and reduced inventory costs
- North America dominated the global digital oilfield market accounting for 30.70% of the global revenue in 2018 due to surge in domestic production and shale gas reserves discoveries across the region
- Europe was valued at USD 7.08 billion in 2018 and is forecast to witness substantial growth on account of new development projects in North Sea fields such as Johan Sverdrup field, Johan Castberg Field, and Mariner Heavy Oil Field
- The industry witnessed a number of new product launches with Weatherford launching an advanced technology called ForeSite Edge, which increases productivity by identifying optimization opportunities and reducing downtime through predictive-failure analytics.
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Internet of Things became the most promising technology of our time. Do you want a proof of this? Just search for Internet of Things in Google and you will have a whopping 280,000,000 results. With a vast network of devices ruling our life, the connected environment proposed and established by Internet of Things has become the key aspect to determine the future of technology as a whole. Naturally, to predict the future of IOT is bound to be challenging with so many promises on hold.
Here we have picked up 10 most credible predictions about the future of Internet of Things.
Market SynopsisThe global wireless monitoring and surveillance market was valued at USD 44.55 billion in 2017 and is expected to reach USD 111.10 billion in 2023 at a CAGR of 16.85%.Wireless monitoring and surveillance is an advanced measure of monitoring and surveillance using cameras, monitoring systems, and wireless connectivity.
It is the same Wi-Fi technology that is used in residential and corporate complexes.
It also provides an ability to connect with different IoT devices for remote surveillance.SegmentsGlobal Wireless Monitoring and Surveillance Market can be segmented as follows:Segmentation by Components: Digital camera, network nodes, servers, and monitoring stations among others.Segmentation by Technologies: Video and IP technologies among others.Segmentation by End-users: Shopping malls/commercial complex, Banks/financial institutions, Government (Municipalities, Military, law enforcement), Educational institutes, and Transportation among others.Key Players:The prominent players in the wireless monitoring and surveillance market are – Texas Instruments Inc. (US), National Instruments Corporation (US), D-Link Corporation (US), The ADT Corporation (US), Cisco Systems Inc. (US), Uniden Corporation (Japan), Robert Bosch GmbH (Germany), Axis Communications AB (Sweden), Honeywell International Inc. (US), and Panasonic Corporation (Japan).
These players focus on expanding tapping emerging geographies by merging with companies operating locally.Other players in the wireless monitoring and surveillance market include Sigfox (France), Xsensio (Switzerland), Credit Karma (US), Telensa Ltd (UK), Actlight (Switzerland), Enevo (Finland), Perpetuum (UK), Sony Corporation (Japan), Vision Semantics (UK), Calipsa (UK), Attero (India), Intamac (UK), and others.These players majorly focus on research and development to innovate products and enhance its performance enabling them to stay competitive in the wireless monitoring and surveillance market.Regional AnalysisThe global market for wireless monitoring and surveillance is estimated to grow at a significant rate during the forecast period from 2018 to 2023.
Among the regions mentioned above, the wireless monitoring system and surveillance have spread its roots in North America and most of Europe.
Wireless monitoring systems are rapidly replacing the traditional monitoring and surveillance system.
The global Wireless Connectivity Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Wireless Connectivity market include Qualcomm, Intel, Broadcom, MediaTek, Texas Instruments, Cypress Semiconductor, NXP Semiconductors, STMicroelectronics, Microchip, EnOcean, NEXCOM, Skyworks Solutions, Murata Manufacturing, Marvell Technology, Quantenna Communications, Renesas Electronics, Nordic Semiconductor, CEVA, Espressif Systems and Peraso Technologies.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Wireless Connectivity Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/wireless-connectivity-market/download-sampleMarket DynamicsGrowing trends in process optimization, home automation, and lifestyle improvement and increased requirement of smart infrastructure are giving rise to the wireless connectivity market.
The need for the real-time results and the demand for the connected devices are majorly fueling the wireless connectivity market.
The telecom industry and the consumer electronics market are growing rapidly which in turn is mounting the demand for the wireless connectivity market.
