What is the global market size of Smart Manufacturing Market?

Global Smart Manufacturing Market size was valued at USD 225.99 billion in 2022 and is poised to grow from USD 260.56 billion in 2023 to USD 813.86 billion by 2031, at a CAGR of 15.3% during the forecast period (2024-2031).

Who are the key vendors in the Global Smart Manufacturing Market?

There are several significant participants in the reasonably competitive market for smart manufacturing. The major firms that hold significant market shares are concentrating on growing their clientele abroad. The businesses are utilizing tactical joint ventures to raise their market share and profitability. To improve the functionality of their products, industry participants are also buying up start-ups developing automated robotic technologies. 'Siemens AG', 'General Electric Company', 'Schneider Electric SE', 'IBM Corporation ', 'Cisco Systems, Inc. ', 'Rockwell Automation, Inc. ', 'ABB Ltd ', 'Honeywell International Inc. ', 'Mitsubishi Electric Corporation ', 'Fanuc Corporation ', 'Bosch Rexroth AG ', 'Yokogawa Electric Corporation ', 'SAP SE ', 'Oracle Corporation ', 'PTC Inc. ', 'Emerson Electric Co. ', 'Microsoft Corporation ', 'Hewlett Packard Enterprise (HPE) ', 'Stratasys Ltd.', '3D Systems Corporation'

What is the key driver of Global Smart Manufacturing Market?

Governments all over the world are backing and financing Research and development for developments like the IoT and commercial 3D printing as they become more aware of the huge opportunities of smart manufacturing technologies. The governments of various nations are encouraging the development of the IoT because they see themselves as future users of the technology. To create and manage digital infrastructure in the future, they are financially sponsoring fresh IoT research initiatives.

What is the key market trend for Global Smart Manufacturing Market?

One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Likewise, the IoT is the most important trend for the market (IoT). Smart cars, monitoring devices, digital phones, and other connected components are all part of the Internet of Things (IoT), which is a platform supported by AI. All of these gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc. are a few examples of the applications.

Which region accounted for the largest share in Global Smart Manufacturing Market?

Within the smart manufacturing market, North America being the largest region in the world, will most probably attract more customers now and in the coming years. Leading the smart manufacturing collaboration with North America is attributable to some factors such as early adoption of superior technologies, development of automation, and structural supports of synergies of smart manufacturing. Besides, the presence of many IT companies, research institutions, and favouring regulatory environment is an icing on the cake which makes smart manufacturing a global leader.

Digital Oilfield Market Size, Share, Growth Analysis, By Process(Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management), By Technology(IOT, AI, Robotics, Analytics), By Solution(Services, Software, Hardware), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10D2030 | Region: Global | Published Date: August, 2024
Pages: 178 | Tables: 149 | Figures: 80

Digital Oilfield Market Insights

Global Digital Oilfield Market size was valued at USD 35.25 Billion in 2022 and is poised to grow from USD 36.98 Billion in 2023 to USD 54.22 Billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

The integration of smart technology and digitization has made it more difficult to safeguard sensitive data and mitigate potential cyber-attacks. An increasing amount of unconventional oil and gas deposits, along with falling output from traditional wells, is driving demand for oilfield digitalization. Remote monitoring and automated operations from a central location are also available with digital oilfield technologies, which reduce total operating expenses. IoT sensors, sophisticated analytics, and automation technologies are gaining popularity in hardware, software, and services, with the goal of enabling real-time monitoring, data-driven decision-making, and beyond-performance asset growth.

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Various regional and global companies are constantly striving to produce advanced digital oilfield technology and featured goods for usage in the oil and gas industry. To strengthen their position in a competitive environment, large corporations are focusing on mergers and acquisitions, product development, and joint ventures. Key players are also concentrating on delivering a comprehensive set of hardware and software solutions to successfully complete many tasks throughout the oil and gas development and transportation phases. 'NOV Inc.', 'SLB', 'CGG', 'ABB', 'Siemens', 'Expro Group', 'IBM', 'Accenture', 'Oracle', 'Emerson Electric Co.', 'KONGSBERG', 'Weatherford', 'Pason Systems Corp.', 'Digi International Inc.', 'Halliburton'

Enhancement in production and techniques

The digital oil and gas industry is increasingly incorporating advanced technological solutions such as IoT (Internet of Things), AI (Artificial Intelligence), machine learning, and big data analytics into its operations. These machines improve procedures by allowing for real-time monitoring, predictive maintenance, and data-driven decision making, resulting in increased operational efficiency and production.

In 2023, North America has emerged as the largest region, with the United States accounting for most of the revenue. The presence of major digital oilfield technology service providers such as Halliburton, Schlumberger, and Rockwell Automation is the primary driver of the region's growth. Companies are investing in research and development to make digital oilfield solutions more accessible. A higher level of output leads to more digitization in the upstream industry, such as automated drilling, wellhead automation, improved analytics on production data, and predictive maintenance, among other things.

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