The advancement in novel technologies boosts growth in the digital oilfield market. There is an increasing requirement from oil and gas operators to boost production. These factors are bolstering demand in the digital oilfield market.
Different companies serving in oil fields across the globe are emphasizing remote management of oil fields. These initiatives are taken to process optimization and automation in these oil field industries. This increased adoption of advanced services is expected to bring opportunities in the digital oilfield market.
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There are substantial improvements in the management and performance of digital oilfield facilities. This initiative is expected to bolster demand in the digital oilfield market. Furthermore, the rising rate of technological advancements in wireless technology, data analysis, mobility, and collection platforms are also fueling opportunities in the digital oilfield market.
COVID-19 Pandemic and Digital Oilfield Market
The outbreak of COVID-19 has adversely affected the digital oilfield market at the global level. Government from different countries have imposed lockdown to maintain social distancing in order to prevent the cases of coronavirus due to infection. These activities have put a negative impact on the growth in the digital oilfield market.
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The manufacturing units in the digital oilfield market have been hit by the pandemic. Similar to other industries, the manufacturing tasks were suspended to ensure the safety of the workers. Furthermore, different major projects in the digital oilfield market have been either delayed or suspended because of the COVID-19 pandemic. These factors have hampered the growth opportunities in the digital oilfield market. In addition to this, well drilling and oil prices have been reduced due to less availability of laborers during the pandemic. The manufacturing, as well as supply units of gas and oil projects, have also been adversely impacted due to the COVID-19 pandemic. So, these factors have put a negative impact on the growth prospect in the digital oilfield market.