The global digital oilfield market size is anticipated to reach of around US$ 35,000 Mn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.
Digital oilfield is the concept of industrial process management and the use of emerging technology to simplify interconnected processes to minimize oil and gas risk, to improve efficiency and reduce costs. The applications and data collection technology is advanced in order to improve productivity. Cloud computing, network cameras, artificial intelligence and Big Data Analytics are technologically advanced components. It is commonly used in the petroleum and gas sectors.
Economic growth in exploration and development (E&P) is a major source of growth in the global oilfield market. Additional essential factors are expected in the forecast period to fuel growth of the global digital oilfield market along with growing demand for minimizing production costs and rising health issues. However fluctuating crude oil prices coupled with growing demand for alternative fuels are key factors restricting global digital oilfield market. In fact, health risks to digital oilfields and emerging technology operators are another significant barrier to the global digital oilfield market over the projected period.
A digital oil field is a technology-based approach that helps companies to boost health, monitor the actions of reservoirs, schedule a cleaner digital infrastructure, manage equipment and exploit limited resources. The oil and gas industry faces a lack of skilled workers with this development and automation. Petroleum & gas companies need growing numbers of experts with specialized technology skills in operations to incorporate digital strategies. It is essential for new technical advancement that must be trained and oil fields must be optimized effectively. Therefore, there is a growing need for talent with skills to analyze data and innovation in the production of technology.
The market research study on “Digital Oilfield Market (By Process: Reservoir Optimization, Drilling Optimization, Production Optimization, Others; By Solutions: Hardware Solutions, Software Solutions, Data Storage Solutions; By Application: Onshore, Offshore) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global digital oilfield market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global digital oilfield market are process, solutions, application, and major geographic regions. The digital oilfield market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
Asia Pacific, North America, Europe, Latin America, the Middle East and Africa are the largest streaming oilfield market. One of the leading regions on the digital oilfield market is the North America region. Owing to the growing adoption of digital oilfield technologies, Asia Pacific region will be witnessing strong demand growth during forecast period. The Europe market is dominant in terms of sales in the global digital oil field market due to the existence of various oilfields, contributing to a increasing demand in countries in the region for digital solutions. The cost of production in the Middle East is also low and petroleum prices are also low, so investments in digital oilfield growth are more significant. In this region the oil and gas industry is growing; many mature oilfields are also projected to be digitalized over the next few years.
Major players included in this report Weatherford International plc, Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Siemens AG, National Oilwell Varco, Kongsberg Oil & Gas Technologies Inc., Rockwell Automation, Inc., Emerson Electric Co., and others are highly capable to give finest service in the industry. Schlumberge is the leading supplier for the global oil and gas exploration and development sectors with infrastructure, products, technology, information systems and integrated project management. The organization works in three segments: the characterization of the reservoir characterization drilling, and production. The product group consists of various products and services, including artificial lifts, well services, completion, well intervention, water services, advanced production services and manufacturing services. Additionally, the company provides development, drilling and reservoir management technologies and services solutions.
The global digital oilfield market is segmented as below:
Digital Oilfield Market By Process
Digital Oilfield Market By Solution
Digital Oilfield Market By Application
Digital Oilfield Market By Geography
Middle East & Africa
Digital oilfield is the concept of industrial process management and the use of emerging technology to simplify interconnected processes to minimize oil and gas risk, to improve efficiency and reduce costs.
Increasing exploration and production activities is the major drivers for the growth of the digital oilfield market.
The market value of digital oilfield is anticipated to be around US$ 35,000 Mn in 2027.
The digital oilfield market is anticipated to grow around 5% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Poor data quality and increased cyber security risk is a major factor expected to restraint the growth of the market.
Major players included in this report Weatherford International plc, Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Siemens AG, National Oilwell Varco, Kongsberg Oil & Gas Technologies Inc., Rockwell Automation, Inc., Emerson Electric Co., and others are highly capable to give finest service in the industry.