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Digital Oilfield Market Soars to USD 54.22 Billion by 2031 with Digitalization Adoption | SkyQuest Technology

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WESTFORD, Mass., July 24, 2024 /PRNewswire/ — According to SkyQuest, the 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, at a CAGR of 4.9% during the forecast period (2024-2031).

In the last few years, the demand for digitalization in the oilfields have increased extensively. This is primarily because of the rising portion of unusual oil and gas deposits and reducing production of the current wells. Digital oilfield technologies also provide remote monitoring and automated operations from a centralized location, resulting in the reduction of operational expense. Nowadays, there is a huge inclination for using advanced technologies like IoT sensors, analytics, and automation in the oilfield. These solutions can help in initiating real-time monitoring so that it becomes easy to make decisions based on data and accomplish better performance. Oil and gas companies are increasingly investing in digital services to increase the production. It has also helped in enhancing the recovery of hydrocarbon deposits, minimize downtime, and improve operations. Digitalization will also assist the oil firms to improve the operations in the reservoirs, maintain cost-efficient drilling, and rise the safety from drilling issues.

Download a detailed overview:

https://www.skyquestt.com/sample-request/digital-oilfield-market

Digital Oilfield Market Overview:

Report Coverage 

Details 

Market Revenue in 2023 

$ 36.98 Billion 

Estimated Value by 2031 

$ 54.22 Billion 

Growth Rate 

Poised to grow at a CAGR of 4.9% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Billion) 

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Process, Solution, Technology, Application, and Region

Geographies Covered 

North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Report Highlights 

Integration of improved technologies to streamline productions

Key Market Opportunities 

Increased investment shale exploration and production for high demand of energy

Key Market Drivers 

Implementing digitalization to augment market growth and automate maintenance

Segments covered in Digital Oilfield Market are as follows:

ProcessProduction Optimization, Drilling Optimization, Reservoir Optimization, Safety management, and Asset managementSolutionHardware Solutions, Software & Service Solutions, and Data Storage SolutionsProcessProduction Optimization, Drilling Optimization, Reservoir Optimization, Safety management and OthersTechnologyInternet of things, Artificial Intelligence, Robotics and Automation, Big data and analytics, Cloud Computing, and OthersApplicationOnshore, and Offshore

Request Free Customization of this report:

https://www.skyquestt.com/speak-with-analyst/digital-oilfield-market

Digitalization Optimizing the Supply Chain with Process Management Boosts the Market Growth

Innovations such as real-time data, virtual worlds, and cloud computing with the help of digitalization are augmenting the transformation of the oil and gas sector. In recent times, digital oilfields were able to restructure the oil and gas systems and allow complete optimization in the supply chain by implementing process management combined with digital technologies. Moreover, digital oilfields also aid the sector to move towards greener practices. AI and predictive analytics can help companies to discover oil leaks before they even happen, reducing various damages. The oil and gas organizations can also automate maintenance and control equipment more efficiently.

Increasing Demand for Mature Oil and Gas Reserves to Extract and Profit from these Assets Drive the Digital Oilfield Market

The rising demand for mature oil and gas reserves is boosting the digital oilfield market as operators are trying to increase the extraction and profits of these ageing assets. The mature fields that have reducing production rates and increasing operational problems immensely benefit from the digital oilfield technologies with their improved monitoring and optimizing abilities. The operators can enhance the performance of the reservoir with the help of real-time data analytics, predictive maintenance, and automated control systems. These innovative technologies help in extending the productive life of the wells and lower downtime, resulting in better recovery rates with continuous use of the aged fields. The digital oilfield technologies also help in precise and efficient enhanced oil recovery process that are vital for gathering the remaining reserves in the mature field. The advanced data analytics and simulation models assist in designing and integration of EOR technologies. It includes features like water flooding, chemical flooding, gas injection, and improved oil recovery. All these can be performed with accuracy and efficiency, augmenting the demand for the digital oilfield market.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/digital-oilfield-market

Improvement in Production by Optimizing Operational Functions with Digital Technologies to Augment Growth

The improvement of production is increasing the demand for digitalization in the oilfield market. The operator’s efforts to improve the efficiency of production and result due to which they are depending on digital oilfield technologies to optimize the operational functions. Such technologies include advanced data and analytics, real-time monitoring systems, predictive maintenance, and automation. These solutions help in streamlining and improving the manufacturing workflows. Integrating such digital technologies also helps the providers in minimizing downtime, enhance resource allocation, and improve operational performance, boosting the growth of the market. The use of digital oilfield technologies also enhances decision making process and better manage the production operations.

Related Report:

Digital Twin Market

Industry 5.0 Market

Industry 4.0 Market

Oilfield Equipment Market

Oilfield Service Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Minister Champagne wraps up visit to Silicon Valley

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PALO ALTO, CA, Nov. 16, 2024 /CNW/ – Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, concluded a visit to Palo Alto, California, where he met with business and tech leaders.

The Minister met with the CEO and Founder of Plug and Play, one of the world’s most active startup accelerators. He also met with the CEO and Founder of Groq, a company specializing in artificial intelligence (AI) chip technology.

Minister Champagne also met with key members of the C100, a not-for-profit association of over 400 Canadian expatriates advancing tech entrepreneurship in the Silicon Valley area.

While in Silicon Valley, Minister Champagne took the opportunity to visit the U.S. Department of Defense’s Defense Innovation Unit, which is designed to accelerate the adoption of cutting-edge commercial technologies by the U.S. military.

The Minister was also a guest speaker at the Trilateral Commission’s North American Group meeting where he was interviewed on a panel by Michael Duffy, Opinions editor at large of The Washington Post.

Quote

“Coming on the heels of the launch of the Canadian AI Safety Institute, this visit to Silicon Valley was a great opportunity to engage with tech leaders and entrepreneurs. As AI and other emerging technologies reshape national security, the economy and society at large, Canada will continue to play a central role in strengthening North America’s long-term competitiveness.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

Associated links

Canada launches Canadian Artificial Intelligence Safety InstituteThe Trilateral Commission

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Find more services and information on the Innovation, Science and Economic Development Canada website.

Follow Innovation, Science and Economic Development Canada on social media.
X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

SOURCE Innovation, Science and Economic Development Canada

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The Mortgage Calculator Delivers Real-Time VA Loan Rates with Advanced Application Tools

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The Mortgage Calculator introduces innovative VA loan calculators and tools featuring live mortgage rates updated by the minute. These tools empower veterans and active-duty military personnel with accurate, real-time insights into VA loan programs.

MIAMI, Nov. 16, 2024 /PRNewswire-PRWeb/ — The Mortgage Calculator, a licensed lender, has launched an advanced VA mortgage calculator platform with real-time mortgage rate integration for all VA loan programs from over 100 banks and lenders. Veterans and active-duty military personnel can now access live VA mortgage rates, updated by the minute, to make precise financial decisions. This technology ensures unmatched accuracy and transparency in VA loan planning.

Offering live mortgage rates is a pivotal enhancement for borrowers. This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.

The platform also offers tools to calculate VA mortgage loan payments and explore refinancing options like IRRRL loans (Interest Rate Reduction Refinance Loans). These tools simplify the loan application process and provide a complete understanding of financing options available to eligible borrowers.

Key Features of the Real-Time VA Loan Platform:

Live VA Loan Rates: Borrowers can view rates updated every minute, offering precise, real-time market data for all VA loan programs from multiple banks and lenders.Interactive VA Loan Calculator: Helps users estimate monthly payments based on current live rates, including refinancing options like IRRRL.Customizable Financial Tools: Provides tailored insights into VA loan affordability, terms, and eligibility requirements.Seamless Integration Across VA Loan Programs: Supports home purchases and refinancing with clarity and transparency.

“Offering live mortgage rates is a pivotal enhancement for borrowers,” said Jose Gonzalez, CSO of The Mortgage Calculator. “This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.”

To experience these tools and view live VA mortgage rates, visit the dedicated VA loan calculator page. Borrowers can also calculate savings on VA refinance options with the IRRRL calculator or explore broader resources like the VA mortgage loans guide. For additional information on other mortgage products, such as construction loans, visit the homepage.

About The Mortgage Calculator

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access both Conventional and Non-QM mortgage loan programs with over 100 banks and partners. Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. Our team of over 500 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more! To apply for a mortgage please visit https://themortgagecalculator.com

Mortgage Calculator Company LLC

NMLS#: 2377459

2125 BISCAYNE BLVD SUITE 220

Miami, FL 33137

Media Contact

Kyle Hiersche, The Mortgage Calcualtor, 1 7867331993, pr@themortgagecalculator.com, https://themortgagecalculator.com

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SOURCE The Mortgage Calcualtor

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Norck Expands Custom Manufacturing Services with Enhanced Precision CNC Machining, Engineering Support, and Curated Network of Select Manufacturing Partners

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Norck, a global leader in on demand manufacturing, has expanded its services to include precision CNC machining, custom component manufacturing, and on-demand solutions. The company’s curated network of trusted manufacturing partners and personalized one-on-one engineering support set it apart from automated platforms. Serving industries such as aerospace, defense, robotics, and medical, Norck delivers high-quality, precision-engineered components tailored to specific needs. With capabilities in CNC machining, 3D printing, and hybrid manufacturing, Norck empowers businesses to innovate and scale efficiently. Visit www.norck.com for more information.

IRVINE, Calif. and MANNHEIM, Germany, Nov. 16, 2024 /PRNewswire-PRWeb/ — Norck, a global leader in advanced manufacturing and custom component production, is proud to announce a major expansion of its services, focusing on precision CNC machining, custom component manufacturing, and on-demand CNC machining. A key highlight of this growth is the enhancement of Norck’s curated network of select manufacturing partners, ensuring clients benefit from the highest quality standards and consistent reliability.

By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.

Complementing its growing capabilities, Norck reaffirms its commitment to personalized, one-to-one engineering and design support, setting it apart from competitors with automated platforms. With a strategic combination of expert guidance and a carefully vetted partner network, Norck is revolutionizing the way businesses approach custom parts manufacturing.

Norck’s Motto: “Prototype. Manufacture. Scale Up. On Demand.”

This guiding principle reflects Norck’s dedication to delivering seamless, end-to-end solutions that meet the dynamic needs of modern industries. From initial prototyping to full-scale production, Norck empowers businesses to innovate and grow with speed and precision.

Expanding a Curated Network of Trusted Manufacturing Partners

Norck’s curated network of select manufacturing partners brings together top-tier facilities specializing in CNC machining, injection molding, and metal 3D printing. Each partner is carefully vetted for quality, reliability, and expertise, ensuring seamless collaboration and superior results.

Key Benefits of Norck’s Manufacturing Partner Network:

Consistent Quality Standards: Partners are selected based on strict adherence to global certifications such as ISO 9001 and AS9100.Diverse Capabilities: Access to advanced manufacturing technologies, including custom CNC machining, custom component manufacturing, and on-demand sheet metal fabrication.Streamlined Project Management: Norck acts as a single point of contact, managing every aspect of production and ensuring seamless coordination across its network.

“Our curated network is an integral part of delivering exceptional results to our clients,” said Faruk Guney, CEO of Norck. “By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.”

Personalized Engineering and Design Support

Unlike platforms that rely heavily on automation, Norck emphasizes a one-on-one collaboration model with clients. This personalized approach ensures that designs are optimized for manufacturability, cost-efficiency, and performance before production begins.

Key Features of Norck’s Engineering and Design Support:

Dedicated Design Consultants: Clients work with experienced engineers who understand their unique requirements and industry challenges.

Seamless Iteration: From concept refinement to rapid prototyping, Norck supports clients at every step to perfect their designs.

Material Selection Guidance: Expert advice to choose the best materials for durability, performance, and cost-effectiveness.

Feasibility Analysis: Comprehensive evaluations to ensure manufacturability and optimal production outcomes.

Precision CNC Machining and Custom Component Manufacturing

Norck’s precision CNC machining services are at the forefront of its manufacturing offerings. With a focus on high-quality production and design optimization, Norck delivers custom CNC parts and components that meet even the most complex specifications.

Key Highlights:

On-Demand CNC Machining: Rapid, efficient production tailored to client needs, from prototypes to large-scale production.

Wire EDM Services: Precision machining for intricate designs requiring tight tolerances.

Custom CNC Machining Near Me: Localized support through Norck’s extensive partner network for faster turnaround times and convenience.

Advanced Metal 3D Printing Services

Norck has also enhanced its metal 3D printing services, providing innovative solutions for lightweight and complex custom metal parts. These services are integrated with Norck’s engineering support to ensure clients achieve the perfect balance of creativity and manufacturability.

Key Features:

Custom Metal 3D Printing: Production of intricate and durable components for aerospace, automotive, and medical applications.Hybrid Manufacturing Solutions: Combining CNC machining and 3D printing for advanced design possibilities.Injection Molding and On-Demand Sheet Metal FabricationNorck’s comprehensive offerings include injection molding and on-demand sheet metal fabrication, enabling clients to produce high-quality custom parts at scale. By leveraging its curated network, Norck delivers consistent results across all manufacturing disciplines.

Industries Served

Norck proudly serves a diverse range of industries, providing tailored solutions to meet specific sector requirements:

Norck offers specialized manufacturing solutions across various industries, delivering precision-engineered components and services tailored to each sector’s unique requirements.

Aerospace: Norck provides high-precision components that meet stringent aerospace standards, ensuring safety and reliability in critical applications.

Defense: Supplying robust and reliable parts, Norck supports mission-critical defense systems and equipment, adhering to rigorous quality and performance criteria.

Robotics: Norck creates intricate components essential for the efficient operation of robotic systems and automation technologies, enhancing performance and precision.

Automotive: Manufacturing custom parts, Norck enhances vehicle performance, durability, and safety across various automotive applications.

Medical: Producing biocompatible and precision-engineered components, Norck supports medical devices, surgical tools, and healthcare technologies, ensuring safety and efficacy.

Consumer Products: Producing high-quality, durable components, Norck serves a wide range of consumer goods, from electronics to appliances, ensuring product longevity and reliability.

Industrial: Providing durable and reliable parts, Norck supports machinery, tools, and industrial systems, ensuring operational efficiency and longevity.

Hardware: Crafting precision hardware components, Norck caters to construction, infrastructure, and various manufacturing applications, meeting specific project needs.

Electronics: Delivering custom components, Norck supports electronic devices, ensuring compatibility and performance in advanced systems.

Energy: Supplying high-performance parts, Norck serves renewable energy, oil and gas, and power generation applications, contributing to efficient energy solutions.

Norck’s tailored solutions ensure each industry’s unique requirements are met with precision and reliability, reinforcing its commitment to quality and innovation.

About Norck

Norck is a global leader in advanced manufacturing, specializing in precision CNC machining, custom component manufacturing, metal 3D printing, and injection molding. With a strong commitment to innovation, quality, and customer satisfaction, Norck delivers tailored manufacturing solutions to businesses worldwide. By combining personalized engineering support, cutting-edge technologies, and a curated network of trusted manufacturing partners, Norck empowers industries to achieve their most ambitious goals.

For more information about Norck’s services and solutions, visit www.norck.com

Media Contact

Dennis Weiss, NORCK INC – NORCK GMBH, 1 949-232-0251, ed@norck.com, www.norck.com

Ed Braun, NORCK INC – NORCK GMBH, www.norck.com

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SOURCE NORCK INC – NORCK GMBH; NORCK INC – NORCK GMBH

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