Downhole Tools are the basic tools employed at the bottom hole level for various applications like Well Drilling, Well Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production. These tools are essential for all the services that are related to oil and gas industry.
AI in Oil & Gas market is expected to grow from an estimated $1.57 billion in 2017 to $2.85 billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. The growth of AI in Oil & Gas market will be mainly driven by the rise in adoption of the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs.
The offshore decommissioning market is projected to reach $8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.
The global Digital Oilfield Market is projected to grow from an estimated $24.1 billion in 2019 to $30.4 billion by 2024, at a CAGR of 4.77% from 2019 to 2024. The Digital Oilfield market is set to witness growth due to the increasing focus on optimization through digitization mostly in mature fields. New technological advancements, increased need from oil and gas operator to scale up production, and increased focus on the remote management of oil field for process optimization & automation are expected to be the key factors driving the digital oilfield market.